New home with $188k combined

We place offer to spec home for $805 for $680k. After few negotiations we accepted at $691. Monthly payment will be $5300 to $5500 with insurance and taxes with 20% down payment at 6.5%. Our rent is $2700. We make $188k and take home is $10500 per month after 401k and insurances. Also have a rental property mortgage $1750 and get rent $2500. I am concerned we might be house poor. Planning to back off but my friends are telling it is good deal and if I can mange for 2 years. Not sure what to do. Really love the plan and home.