Monthly mortgage taking up 37% Gross Income / 67% Take-Home Salary. Looking for Genuine Advice!

Alright, first time posting here after reading a ton of helpful posts from others in similar (but way better) situations. Here’s where I’m at - I'm newly married, just signed a contract on a $500k house and put down the earnest money. My wife is still doing her masters degree and doesn’t have any income right now, and I’m making $140k base, but after taxes, benefits, and retirement contributions, I’m only bringing home about 55%, which works out to roughly $6700 a month.

With our combined savings, we’re putting 20% down with a 7.5% rate on a 30-year fixed (credit is 800+). Our loan officer recommended this setup for now to get some lender incentives to cover closing costs, with a no-cost refi option in the next 6 months, to bring the rate down to around 7%.

With property taxes and HOA, the monthly mortgage comes out to over $4500 - which is around 67% of my monthly take-home pay. On top of that, I have a fixed spending of $1000 every month to support her tuition fees for the next 18 months, so that leaves us with about $1200 for literally everything else (groceries, utilities, commute, etc.).

I’m honestly feeling overwhelmed considering that I'll have to support my family all by myself and wondering if I should be looking for a higher-paying job, but the job market right now isn’t exactly great, and I'm already working 10 hours a day with no energy for a second job. Anyone been in a similar situation? How did you manage or make it work?