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I am looking for a condo in Toronto and currently have a down payment of $40K which would be less than 20% down and would afford me a purchase of a $334-$350K condo on the resale market.

I am interested in a new condo development whereby after continuing to save and make deposits I'd be putting 20% down on a $389K condo.

I had found this Buy Now or Later calculator which was created to analyze whether to delay a purchase should the price be expected to go down a couple of years later. I piggybacked off it, added a calculation for mortgage default insurance on a resale unit and added a calculation for occupancy fees on a new unit. My hope is to determine what is a more financially prudent buying decision.

It calculates the cost of each alternative over the next 5 years. Interest, expenses, and property tax on a resale condo and continuing to pay rent and then occupancy fees before the mortgage kicks in on a new condo.

My question is is this the right way to look at things? Are there flaws in this calculator? Am I out to lunch in calculating a lower cost on the new condo by continuing to pay rent for a couple of years and then occupancy fees before the condo registers? Or is this payment of rent and occupancy fees before the mortgage begins on the new condo actually financially beneficial to paying interest, expenses, and property taxes immediately on the resale condo today?

Here's a link to the spreadsheet... hope you have no problem accessing it...

Thanks for your help in advance.
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