Summary answer: On a $700,000 home in Alexandria with 10% down at today's rates (around 6.65%), expect a total monthly payment of roughly $4,950–$5,250 including principal, interest, property taxes, insurance, and PMI. That's meaningfully more than the "principal and interest only" figure most calculators show — and if it's a condo, HOA fees stack on top separately.
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The full breakdown
| Cost Component | Estimated Monthly Amount |
|---|---|
| Principal & interest (10% down, $630,000 loan, 6.65%) | ~$4,050 |
| Property tax ($700K home, $1.135/$100) | ~$662 |
| Homeowners insurance (estimate) | ~$150 |
| PMI (10% down, conventional) | ~$220–$260 |
| Total (single-family, no HOA) | ~$5,080–$5,120 |
| HOA fee (if condo, typical range) | +$300–$600 |
Why the "principal and interest" number understates your real cost
A lot of online calculators only quote P&I — around $4,050/month in this example. That understates your actual obligation in Alexandria specifically, where property taxes alone add roughly $660/month and PMI (if under 20% down) adds another $220-plus. The gap between the calculator number and the real number matters more here than in lower-tax markets.
How your down payment changes this
- 20% down — eliminates PMI, saving $220–$260/month, but requires $140,000 upfront on a $700K purchase
- VA loan, 0% down — no PMI regardless of down payment, but a higher loan amount since you're financing the full price
- 5% down — lowers upfront cash need but increases both loan amount and PMI cost versus 10% down
If it's a condo instead of single-family
This is where Alexandria really diverges by neighborhood: a $700K condo in Carlyle or Potomac Yard carries all of the above, plus an HOA fee that can run $300–$600+ depending on the building and amenities. Two condos at the same purchase price can have meaningfully different total monthly payments purely from HOA differences — worth comparing carefully.
What this means for your budget
If $5,000+/month feels tight, the two biggest levers are down payment size (to eliminate PMI) and property type/neighborhood — Landmark and Cameron Station get you a lower purchase price at this budget tier, which changes the whole equation.
Get your exact number
These are solid estimates, but your actual payment depends on your specific rate, loan type, and the property's tax assessment and HOA. Reach out once we've identified a target property and I'll run your real numbers.