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Is this irresponsible?

Bought a starter house April 2021 for $412k 3.125% rate and 20% down, mortgage/insurance/taxes are $1780/month and the house would sell between $450-$480k with $320k left on the loan. We have an opportunity to buy a house that better suits us for $550k before it goes on the market and the seller is willing to make it contingent on the sale of our house. New mortgage/taxes/insurance would be ~$3200/month. Gross household income is $12k/month, $8.5k after tax. No other debt, childcare is about $1400/month and could go up to $2500 in two years. The new house would need serious aesthetic updates over time but is solid mechanically. Besides giving up a great rate, is this affordable for us?

submitted by /u/observationlounge
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source https://www.reddit.com/r/RealEstate/comments/z5uf4n/is_this_irresponsible/
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