For 490K with 30% down (a 343K first trust deed at 3.75%), my spreadsheet puts out $2,507 in total monthly cost of ownership (PITI + Maintenance set-aside), plus I’d need ~193K cash to close (including down, closing costs, and rainy day fund/remaining savings). So to me, that looks a little more like 30% of income going to housing.

For retirement, we’ve been maxing the 401K and Roth(s), and skimping on the college savings for now. (We plan to make up for it later, possibly by skimping on retirement; as a friend of mine says, you can take out a loan for college, but not for retirement. Also, there’s that whole higher education bubble that needs to work itself out in the next 15 years, hopefully…)

Otherwise, things seem to add up reasonably. However, discretionary is mighty small, and general, non-tax-deferred savings is missing entirely (is that accurate?). Are you comfortable skimping on the charity component if times get tough?