Money Market Account Calculator
Project the balance of a money market account from its APY, an opening deposit, and your monthly contributions.
Independently verified for accuracy
Calculator by Toolsloft ↗- Future value
- 29209.76
- Total contributed
- 25000
- Total interest
- 4209.76
This calculator projects what a money market account will be worth from its quoted APY, an opening deposit, and a steady monthly contribution. Enter your numbers to see the ending balance, how much of it you put in, and how much came from interest.
How this is calculated
The quoted APY is treated as an effective annual yield, so it is converted to an equivalent monthly growth factor before any compounding. The opening deposit and each monthly contribution are then compounded forward across every month in the term, and the totals are split into the amount you contributed and the interest earned.
How to use
- Enter your opening deposit.
- Enter the amount you plan to add each month.
- Enter the account APY and how many years you will keep the money invested.
- Read the future value, the total you contributed, and the interest earned.
Examples
- $10k deposit, $250/mo, 4.5% APY, 5 yr:
future value $29,209.76 - 0% example:
$5,000 held for 3 years stays at $5,000
FAQ
- What is APY?
- APY, or annual percentage yield, is the effective rate of return after compounding is taken into account over a full year. It already reflects how often interest is added, so two accounts with the same APY grow to the same amount over a year regardless of their stated compounding schedule.
- How does this differ from a simple interest rate?
- A simple rate is a flat percentage applied to the principal and does not account for interest earning interest. This calculator uses APY, an effective annual yield, and converts it to a monthly growth factor so your balance compounds month over month.