Savings Calculator
Calculate how much your savings will grow over time with regular contributions and compound interest.
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How to use this calculator
FV = future value, P = initial deposit, r = periodic rate, n = periods, PMT = regular contribution.
- 1
Enter your initial lump-sum deposit.
- 2
Enter how much you will add each month.
- 3
Enter the expected annual interest rate.
- 4
Enter how many years you plan to save.
- 5
See the projected final balance and how much interest you will earn.
Frequently asked questions
What formula does this tool use?
This tool uses FV = P(1 + r)^n + PMT × ((1 + r)^n − 1) ÷ r, with r equal to the annual rate ÷ 12 and n equal to the years × 12, rounded to whole months. Interest is credited monthly and the same rate applies throughout.
When is each monthly deposit made?
Each deposit goes in at the close of its month. The deposit for month 1 earns interest from month 2 onward and the final deposit earns none. Moving every deposit to the start of its month would add one month of interest to each, so this tool’s balance is a little lower than a start-of-month schedule.
Is the rate an APY or a nominal rate?
It is treated as a nominal yearly rate compounded monthly. If your bank quotes an APY, the nominal rate that produces that APY with monthly compounding is slightly lower than the APY, so entering the APY directly will overstate the balance a little.
What does Return on Savings mean?
Return on Savings is interest earned divided by total deposited, times 100, over the whole period. The default plan shows 30.8% across 10 years. It is not a yearly rate, and it compares interest to deposits rather than to the final balance.
What happens at 0% interest?
Deposits simply add up. A $1,000 start with $200 a month for 10 years finishes at $25,000.00 with $0.00 of interest and a return of 0.0%. If both the starting deposit and the monthly amount are 0, the return shows n/a.
Can I use it with no monthly contribution?
Yes. A single $2,000 deposit at 4% for 8 years grows to $2,752.79, which is $752.79 of interest and a 37.6% return on the amount deposited.
Are taxes, fees or inflation included?
No. The result ignores tax on interest, account fees, minimum balances, promotional rates that expire, and the loss of purchasing power over time. The rate is one fixed number for every month.
How is this different from the savings goal calculator?
This tool takes a time period and shows the balance. The savings goal calculator takes a target and shows how many months it takes. Use whichever matches the question you have.
Savings calculator: balance after regular monthly deposits
Monthly credit, end-of-month deposits
The balance is built one month at a time. Interest at one-twelfth of the annual rate is credited on whatever is in the account, and the monthly deposit is added at the end of the month. The initial deposit has the whole period to compound, while each later deposit has one month less than the one before it. The final balance, total deposited and interest earned all come from that single schedule.
Worked example: the built-in plan
The figures built into this tool are a $1,000 initial deposit, $200 a month, a 5% yearly rate and 10 years. Running them gives a final balance of $32,703.47 from $25,000.00 deposited, so $7,703.47 is interest and the return on savings is 30.8%. Try a smaller case: no starting deposit, $250 a month at 3.5% for 5 years ends at $16,366.53 on $15,000.00 deposited, with $1,366.53 of interest. Read these as illustrations of the numbers typed in, not as forecasts or advice.
Raising the monthly amount
The table fixes a $1,000 start, a 5% rate and 10 years and changes only the monthly deposit. Interest rises with each step, but the return column slips slightly because larger deposits spend a smaller share of their life earning interest than the starting deposit does.
| Monthly deposit | Final balance | Total deposited | Interest earned | Return |
|---|---|---|---|---|
| $100 | $17,175.24 | $13,000.00 | $4,175.24 | 32.1% |
| $200 | $32,703.47 | $25,000.00 | $7,703.47 | 30.8% |
| $300 | $48,231.69 | $37,000.00 | $11,231.69 | 30.4% |
| $400 | $63,759.92 | $49,000.00 | $14,759.92 | 30.1% |
A single deposit and a zero rate
Two edge cases show what each ingredient contributes. With only an initial $2,000 at 4% for 8 years, there are no deposits to add, and the balance is $2,752.79. With a 0% rate the opposite happens: the $1,000 start and $200 a month turn into $25,000.00 with no interest at all. The gap between those cases and the main example is a direct picture of how much work the monthly deposits do compared with the interest.
What the balance does not include
Tax on interest, account charges, changes in the rate and withdrawals are all absent. Treat the final balance as a mechanical result of the four numbers entered. If your account pays a different rate after an introductory period, run the calculator twice and use the first result’s balance as the second run’s initial deposit.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →