Savings Calculator
Project your balance from an initial amount and monthly deposits.
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Savings Calculator by TheCalcTools
How the Savings Calculator works
Enter your starting balance, monthly deposit, interest rate and number of years.
Interest compounds monthly and deposits are made at the end of each month.
The balance is the sum of the grown starting amount and the grown stream of deposits.
The formula
Worked example
Using the default values shown in the calculator:
| Starting balance | $2000 |
|---|---|
| Monthly deposit | $250 |
| Annual interest rate (%) | 4.5 % |
| Years | 10 |
- Monthly rate = 0.375%, 120 months.
- Future balance = $40,934.
- You deposit $32,000 in total and earn $8,934 in interest.
Result:
| Future balance | $40,934 |
|---|---|
| Total contributions | $32,000 |
| Interest earned | $8,934 |
Frequently asked questions
How accurate is this?
It is an illustration. Interest rates change and accounts may compound at different intervals. Taxes and fees are not included.
Is it better to save more or earn more?
Early on, the amount you save matters most. Over longer periods, a higher return has a larger effect.
Sources and further reading
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This calculator gives estimates for information only. It is not financial advice, and your lender's or provider's figures will govern. Rates, fees and rules vary. See our disclaimer.