Savings Calculator
See how much your savings will grow with a starting balance, monthly deposits, and a fixed interest rate, with total contributions and interest earned.
Independently verified for accuracy
Calculator by Toolsloft ↗- Future balance
- $30,940.79
- Total deposited
- $25,000.00
- Interest earned
- $5,940.79
This calculator projects what a savings balance grows to when you add a fixed amount every month and earn a steady rate. Use it to plan an emergency fund, a down payment, or any goal you fund with regular deposits.
How this is calculated
It uses the future value formula for a lump sum plus an ordinary annuity of monthly deposits, compounded monthly at the annual rate divided by twelve. Deposits are added at the end of each month. At a 0% rate the balance is simply the starting amount plus every deposit.
How to use
- Enter your starting balance.
- Enter your monthly deposit, the annual interest rate, and the number of years.
- Read the projected balance, total deposited, and interest earned.
Examples
- $1,000 + $200/mo at 4% for 10 yr:
$30,940.79 - $5,000 lump sum at 5% for 5 yr:
$6,416.79
FAQ
- When are the monthly deposits added?
- At the end of each month (an ordinary annuity). Interest then compounds monthly at the annual rate divided by twelve.
- What counts as interest earned?
- The projected balance minus everything you put in. It is the growth from compounding, not your own deposits.
- Does it account for taxes or inflation?
- No. The result is a nominal, pre-tax balance. Your spending power will be lower after inflation, and interest in a taxable account may be taxed.