i'm electrically illiterate, but my neighbor is an electrical engineer
when i asked him to help me pick a psu, he gave me some simple guidelines
a) the average max usage should not exceed 50% of the PSU's max output
b) momentary spikes up to 75% were acceptable
on the system i'm building, my cpu's total draw (on paper) is 140W, my GPU (GTX 1070 is 150W) and the mobo with ram is in the neighborhood of 50W
For the hey of it, i've got a CyberPower UPS which has a wattage meter widget you can run on your desktop and displays wattage at any given moment. I disconnected my monitor from the UPS so that wouldn't affect wattage readings (the monitor isn't drawing power from the PSU but the UPS).
I do a lot of video rendering - Running videos my current draw was 145 watts max, rendering videos (program i use is a core hog and runs them at 98-100% load) came in at 212 watts. Watching or displaying videos, even at 3840 x 2160, is not very intensive, power wise, on the CPU. Rendering them is. But still, at 212 watts divided by 550W, which is what i went with, is still only 38% if the PSU's max output, which is a "sweet" spot for me, when i look at the PSU's specs.
Folks seem to overpower their rigs, and while i'm not a gamer, do the math - when gaming, your 1070's max draw is 150 watts, plus your CPU (google it's specs and check them at Intel Ark's web) + allow 50 watts for your mobo and ram - if in the 50 - 55% range of your PSU, you'll be fine
but do go with a quality PSU
hope that helps