How about 45 minutes a day at the faster pace?

It is good to alternate but as you get more fit your body will go into cruise control and not work as hard, so it's important to mix things up and to raise your intensity from time to time. Try to find some hills to walk up, or do some backwards walking, or do some jumping jacks.
Don't keep yourself in the lower zone thinking you will burn more fat and therefore lose more weight, though - it doesn't work that way. The more calories you burn, the more fat calories you will burn, and the more total calories you burn off, the more weight you will lose. See, e.g.,
http://www.thefitmap.com/women/featu...ning_zones.htmhttp://www.bellaonline.com/articles/art596.asp
A heart rate monitor is a great investment to help you figure out how you're doing in keeping yourself in a particular target zone, and it also helps you see over time how your cardiovascular fitness has improved.