Summary answer: On a $700,000 home in Arlington with 10% down at today's rates (30-year fixed around 6.65%), expect a total monthly payment of roughly $5,000–$5,400 once you include principal, interest, property taxes, insurance, and PMI. That's meaningfully more than the "principal and interest only" number most online calculators show — and if it's a condo, HOA fees stack on top of that separately.
I'm Johnny with JQ Real Estate. Let me break down every piece of that number so there's no surprise at closing.
The full breakdown
| Cost Component | Estimated Monthly Amount |
|---|---|
| Principal & interest (10% down, $630,000 loan, 6.65%) | ~$4,050 |
| Property tax ($700K home, ~$1.04/$100) | ~$605 |
| Homeowners insurance (estimate) | ~$150 |
| PMI (10% down, conventional) | ~$220–$260 |
| Total (single-family, no HOA) | ~$5,000–$5,100 |
| HOA fee (if condo, typical range) | +$300–$600 |
Why the "principal and interest" number is misleading
A lot of online mortgage calculators, and honestly a lot of casual conversations about affordability, only quote principal and interest — in this example, around $4,050/month. That's a real understatement of your actual monthly obligation in Arlington specifically, where property taxes alone add roughly $600/month and PMI (if you're under 20% down) adds another $200-plus. The gap between the "calculator number" and your "real number" is bigger here than in lower-tax, lower-price markets.
How your down payment changes this
- 20% down — eliminates PMI entirely, which saves you $220–$260/month but requires $140,000 upfront on a $700K purchase
- VA loan, 0% down — no PMI regardless of down payment, but your loan amount (and therefore your P&I) is higher since you're financing the full price
- 5% down — lowers your upfront cash need but increases both your loan amount and your PMI cost compared to 10% down
If it's a condo instead of single-family
This is where Arlington really diverges from a lot of markets: a $700K condo purchase carries all of the above, plus an HOA fee that can run anywhere from $300 to $600+ depending on the building and its amenities. Two condos at the identical purchase price can have meaningfully different total monthly payments purely based on HOA fees — this is worth comparing carefully, not just assuming a lower list price means a lower total cost.
What this means for your budget
If $5,000–$5,400/month feels tight, the two biggest levers are down payment size (to eliminate PMI) and property type (single-family vs. condo, and which building's HOA fee structure). Both are worth working through with real numbers before you commit to a target price range.
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 (if applicable). I can run your real numbers once we've identified a target property or price range. Reach out and let's get specific.