Can I back out my contract?

[Simon Obas]

Peace! I got an offer accepted & I, and the seller signed the purchase agreement. After crunching some numbers, the deal doesn't make sense for me. I'm trying to BRRRR. I'm supposed to send the earnest deposit money tomorrow. I plan on telling my agent that I am not going through with this deal. I feel awful however, it just doesn't make sense to me. Can I back out of the deal or do I have to go through with it now? I don't wanna wait for an inspection etc. I just want to back out now and not waste anyone's time.