675K house, 140K income

I’m considering purchasing a house priced at $675,000, and I’m trying to figure out if this is a smart move based on my financial situation. Here are my details:

• Gross combined annual income: $140,000 (with an additional 80K next year) so $220,000
• Monthly gross: ~$11,667
• Target mortgage payment: $4,500/month
• Other monthly expenses: ~$1,500 (utilities, groceries, misc.)
• Estimated interest rate: 6.8% (fixed)

Down Payment:
I can afford to put down 20% on the house so 135,000

• Debt-to-Income Ratio (DTI): Based on my calculations, my DTI would be around 33–42%, depending on how I factor in current rent and other expenses.

Emergency Fund:
I have about $60,000 saved, which isn’t ideal but enough for a 6-month cushion.

I’d love to hear from people who’ve been in a similar situation or anyone with insight into whether this setup is sustainable.

What would you do in my position?