$1.25M house on $320k base…reasonable or crazy?

I think we can afford this but would love to hear what the community thinks.

35. Married. HCOL-VHCOL. 1 young kid. One on the way.

My HHI ~$600k. I work in tech, ~$500k TC which breaks down to $220 base, $40 bonus, ~$250 equity. Stock has appreciated so probably safer to plan for my TC to be $400k. Comp will always be higher variable as I’m in leadership (base doesn’t grow a ton from here)

Wife in healthcare, ~$100k. All fixed. Has masters degree from top university and could get industry job if needed.

We spend $12-15k/mo and have no other debt beyond our mortgage, which is currently $4.7k/mo

1.4m NW, which breaks down like: -$960 invested ($610 in retirement accounts, $350 in indexes). That’s coast FIRE to $5M at 65 if I never invested another dollar.

• $200k in current home, $200k in money market. $50k in 529s
• Would have $100k left over after purchase, and would put 20% down.