For me the RAM system in conjunction with the Bruudt mount was the best option. Basically the parts list is as follows:
BRUUDT mount for MT-07, eBay link BRUUDT Montagekugel f.
RAM double socket arm short, part number RAM-B-201-A.
RAM diamond base to 1” ball, part number RAM-B-238.
RAM mount for iPhone 5, part number RAM-HOL-AP11.
Mine was for the iPhone 5. For the iPhone 6 RAM provide the following mounts: RAM-HOL-AP18 for the iPhone 6, RAM-HOL-AP19 for the iPhone 6 Plus.
Also if you want the phone mounted higher up then you can buy the longer RAM arms, either RAM-B-201 or RAM-B-201-C.
BRUUDT mount for MT-07 £25.65 from eBay
RAM double socket arm short, part number RAM-B-201-A £12.49 from Amazon
RAM diamond base to 1” ball, part number RAM-B-238 £6.99 from Amazon
RAM mount for iPhone 5, part number RAM-HOL-AP11 £10.99 from Amazon
All include postage or free delivery. Total was £56.12, so yeah your estimate is about right. But consider that the official Yamaha iPhone 5 mount for the MT-07 costs in the region of £90 for what I think is an inferior product. The beauty of the RAM mount is that the components can be easily transferred to another bike when you swap, the only part that is MT specific is the Bruudt mount.
I bought all the kit and it all fits very nicely. If you want to take videos from your phone I would recommend getting a longer socket arm. The short one means you can't get the phone high enough to get a decent view of the road.
This is the best I could get it (sorry for cr@p quality - it was good on the phone but photobucket ruined it)