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This economy looks like it's heading for inflation. The best defense against inflation is owning a house. The price of everything else goes up, along with your pay, but your mortgage stays the same.
If you look at all that's written about how much of a pecentage of your income your housing cost should be, you will see that $1800/month is well within reason for a 70K income.
Many people today are spending as much as 50% of their income on housing. That's crazy. You would be spending 30%. That's right on target.
Now, I don't know what your wife's portion of that is, and how long she will be out of the workforce raising kids. But you are in much better shape than most people.
Remember that financial advice from strangers on the internet is the best advice you can get.
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