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Are we stretching our budget too thin with a house purchase?

Information: $180k pretax $7000 take home per month after taxes, health insurance, ESPP, etc. We each put about 13% in our 401k and I put 10% after tax into my companies ESPP.

Other assets: We have about $60k in our savings accounts that we don’t touch. About $150k in our individual stock investment account (even after the stock bloodbath) as well as about 12k in a Roth IRA and about $7k in HSA.

We own a house right now and would want to sell. Comps are showing that we can have about a 200k profit after closing expenses which we would put towards the new house.

New house is at around $630k to $660k depending on what we want to offer based on comps. It would be our forever home.

We are preapproved at 4.375% for up to $850k.

Right now we are paying $2200 a month for our mortgage with a new mortgage of up to $3600 if we go on the higher end. This is including property tax and insurance. Utilities are not configured in this number.

We have a baby on the way, but our parents live in the same state so they can provide support.

We are looking in northern Massachusetts if that makes a difference.

Thanks!

submitted by /u/S3nseiCY
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source https://www.reddit.com/r/RealEstate/comments/vgnkmp/are_we_stretching_our_budget_too_thin_with_a/
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