Savings Calculator
Calculate savings growth with regular contributions, interest rates, and time horizons.
How to Use the Savings Calculator
- Enter your initial deposit and monthly contribution amount.
- Input the annual interest rate and number of years.
- Select the compounding frequency (monthly, quarterly, or annually).
- Click Calculate Savings to see final balance, total contributions, and interest earned.
Formula & Method
Compound Interest:A = P(1 + r/n)^(nt) + PMT × [((1 + r/n)^(nt) - 1) / (r/n)]
Where P = initial deposit, r = annual rate, n = compounds per year, t = years, PMT = monthly contribution.
Examples
| Initial | Monthly | Rate | Years | Final Balance | Interest |
|---|---|---|---|---|---|
| $1,000 | $200 | 5% | 10 | $32,578 | $7,578 |
| $5,000 | $500 | 7% | 20 | $280,000 | $115,000 |
Frequently Asked Questions
What is compound interest?
Interest earned on both your principal and previously accumulated interest.
How often should interest compound?
More frequent compounding (monthly vs annually) yields slightly higher returns.
Can I calculate for irregular contributions?
This calculator assumes regular monthly contributions; irregular deposits require manual calculation.
What is APY vs APR?
APY includes compounding; APR is the simple annual rate.
Should I pay off debt or save?
Compare interest rates: pay off high-interest debt before saving.
People Also Ask
How accurate is this calculator?
Our calculators use standard mathematical formulas and provide accurate results.
Can I use this on my phone?
Yes, all tools are fully responsive and work on any device.