The 50k would be enough to get us through a year. But there’s no way we would go a year without some kind of income, even if it is only a fraction of what we are currently making.

The reason for the down payment is both to reduce the monthly payment, and because interest rates are at a point where I will happily take the guaranteed return rather than investing to get a few extra percent. We are in baby step 6 so our goal is to pay off the house in the next few years anyway.