Ever considered purchasing an apartment instead of renting one?

Buying instead of renting is definitely a placemark on the path to adulthood.

But how do you know which is more fiscally responsible: to spend a little bit of money every month (comparatively; we know rent is astronomical either way) or take out a loan, spend a huge sum outright, and pay a monthly mortgage.

The difference between a rent and a mortgage is that rent is for those who are living in the moment. It won't help you in the future. But paying a mortgage does help you for your future.

So what it basically comes down to is, which do you value more? Future freedom or long-term stability and comfort?

Well, thanks to this new calculator from The New York Times, you can input a series of data, like the price of your home and how long you plan to stay, and it will spit back out the equivalent rent.

You can instruct this nifty calculator to consider a multitude of factors like taxes, renting costs (brokers, security deposits, etc.), inflation, and home growth. Basically, it's downright awesome and pretty much as close to psychic as you're going to get.

So if you've been stressing over this decision, it's time to stop and let this calculator figure it all out for you.

Check out 2015’s Cheapest (and Most Expensive) 'Hoods to Rent an Apartment in NYC. 

[via The NY Times]