Looking to build affordable PC to stream Console Gaming (First time build)

So yeah I never made a PC before so this is going to be all new for me, however I have decent knowledge on computers so I should be fine.

I want a streaming PC so I can stream Call of Duty in 720p without overheating/ lagging.

My current CPU can't even stream on 420p :(

Approximate Purchase Date: In a month

Budget Range: 500-650

System Usage from Most to Least Important: Streaming/ Internet

Are you buying a monitor: Yes

Parts to Upgrade: (e.g.: CPU, mobo, RAM) **Include Power Supply Make & Model If Re-using**

Do you need to buy OS: Yes

And Most Importantly, Why Are You Upgrading: Because my current PC cannot handle even basic streaming :(
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  1. Best answer
    PCPartPicker part list / Price breakdown by merchant / Benchmarks

    CPU: Intel Celeron G1610 2.6GHz Dual-Core Processor ($34.99 @ Microcenter)
    Motherboard: ASRock B75M-DGS R2.0 Micro ATX LGA1155 Motherboard ($54.98 @ SuperBiiz)
    Memory: Corsair Vengeance 8GB (2 x 4GB) DDR3-1600 Memory ($56.99 @ Newegg)
    Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($59.98 @ Outlet PC)
    Video Card: MSI Radeon HD 7870 GHz Edition 2GB Video Card ($166.10 @ Newegg)
    Case: Fractal Design Core 1000 USB 3.0 MicroATX Mid Tower Case ($19.99 @ Newegg)
    Power Supply: Corsair CX 500W 80 PLUS Bronze Certified ATX12V Power Supply ($34.99 @ Newegg)
    Operating System: Microsoft Windows 8 (OEM) (64-bit) ($89.73 @ Outlet PC)
    Monitor: Asus VH238H 23.0" Monitor ($119.99 @ Newegg)
    Total: $637.74
    (Prices include shipping, taxes, and discounts when available.)
    (Generated by PCPartPicker 2013-07-29 21:12 EDT-0400)
  2. For streaming (not while playing, just in general), a Celeron is fine. If OP refers to Streaming while gaming, a better computer is required.

    Either way, I would recommend a 1080P monitor.
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