5% or 20% down in today's market?

If I'm pre-approved for $650k but can't afford a mortgage over $3100/mo, that leaves my budget with $450k homes. This is for the Dallas DFW area. High property taxes and high home insurance.

Should I do 5% down or 10 or 20%? But anything less than 15% will make my mortgage $4500+/mo.

Am I over leveraging myself with 20% down? We have $110k saved up. Combined household income is $200k/yr. We're DINK. I'm nervous and having the same anxiety just as you are.

I'm going into the war optimistic that whatever happens I will not lower my standards into buying something where there's foundation issues, waive inspection or over bid. Just gonna be normal about the whole process.

Edit: credit score 780

submitted by /u/chknchasr
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source https://www.reddit.com/r/RealEstate/comments/sxoeks/5_or_20_down_in_todays_market/