As you can see, your payment will vary depending on how much you will be borrowing, the interest rate, and the length of your loan.
Just as an example, letís say you are borrowing $250,000.00 for 30 years with an interest rate of 5.000%. If the value of your home is $300,000.00, you can expect to be making a total payment of $1,342.05.
As your Loan to Valuation Ratio is 83.33%, you will also have to pay Lenders Mortgage Insurance at the time of settlement. This insurance only protects the lender in the event of a default by you. It does however encourage lenders to lend to people who do not have a 20% deposit. The rate of Lenders Mortgage Insurance increases as the LVR increases and you should carefully assess this cost.