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Studio headphones reproduce the sound as accurately as studio monitors, but the bass on headphones is... different. Some headphones do okay with bass in terms of accuracy but it's just not the same as a real sub or a set of good monitors.
However, crappy monitors without a sub won't help you there either, so keep that in mind. For a max budget of $400 I wouldn't bother with monitors at all since you just can't get really good ones at that price.
Headphones are also going to create more listening fatigue, and you have to keep in mind that no matter how good your headphones are, most people are going to be listening on speakers which will sound different.
What you and every producer should really be doing is using several sets of outputs and switching between them fairly frequently. That really isn't necessary at the "noob" level though - focus on the arrangement first, worry about the sound quality later. 
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