AVG heart rate doing sort of interval workout

Just wondering...

Say I walk at a rate/incline that gives me a heart rate of say...120 or 130 BPM for 5 minutes...and then bump up either the speed or incline to give me a heart rate of 165-170 for 2 minutes. I do about 40 min of this 5/2 minute interval....

Would you just take the avg heart rate that your Polar gives you and go by how many calories that burns? For example, today I had an avg heart rate of 140 BPM. That's a close enough estimate of calories burned right?