My parents can’t afford the house long term that they are about to buy

So my Asian parents are in their mid 50s. I'm 24 and will finish my second degree this fall. The seller accepted our offer and we are currently in contract though we haven't paid the earnest deposit yet. They currently live in a mobile home. We sold our house last year they bought pre 2008 and only got $40k out of it after paying off the mortgage and my dad used it to buy a new luxury car. You can see they are not great at making financial choices. Their decision to buy a house is a pure emotional one rather than a sound financial one. Their mortgage rate will be 30 year fixed term and they'll rely on me to help with the mortgage too. Their job is physical and I see only another 5 years of them working like this. I told them what will happen if they can't afford it. They say they'll downgrade and live in an apartment or live with me. All my cousins have their parent live with them because it's culture. My friend's parents are investing in real estate now to not depend on their children. That's what I'm hoping they do instead to invest in property and I'm willing to help with that. Right now I do want them to be happy to live in a home but not end up broke with me and them trying to pay off this mortgage. We will be discussing it tonight to see what to do. Any advice for me to add to the discussion with them is appreciated.

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