How can we decide if I can stay at home with our new baby?

My husband makes $5K/mth & I make $2.5K/mth. Our major bills (not including groceries) with daycare will total almost $4K/mth & without $3K/mth. We are currently living off of his paycheck & saving mine to see if we can swing it. Any thoughts/suggestions before making such an important decision? Our baby is due in Feb. & I need to decide by June/July.