It is important to weigh in many factors. The easiest to grasp is debt to income ratio. (Debt/Income)100. Student loans, phone bills, internet, netflix, insurance, etc. Tally it all in. Divide it by your monthly income.

For example: $650 student loans,$100 cellphones,$90 car insurance,$300 food,$250 gas,$150 electric (average over 12 months),$80 water/sewage/trash ---- $1620

($1620/$4000) 100 = 40.5% recurring debt to credit ratio

Note: Most lenders do not factor in utilities. You should. They will let you drown.

It is always wise to take your Good Faith Estimate and refactor your d/c ratio.

$1620 recurring,$350 mortgage,$120 home insurance,$150 taxes,$80 mortgage insurance ---- $2320 (2320/4000)*100=58% 42% of your income remains to be spent on fed taxes, benefits at work, non recurring debt, random quirks of life.

I really think 2x Household salary is pushing the limit of what you can afford. Vehicles break, pipes bust, utilities are going to have fees/unexpected jumps, people get sick, etc, etc.

Don't waste your life preparing for the unknown. Just don't dig yourself into a hole that you can't swim out of once the floods come.