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.
For example, if 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 an approximate total monthly 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.