Savings Calculator
Project the future value of your savings based on an initial amount, monthly contributions, and interest rate, instantly in your browser.
How to use the Savings Calculator
- Enter your initial savings or opening deposit.
- Enter how much you will add each month.
- Enter the annual interest rate your savings earn.
- Enter the number of years you plan to save.
- Click Run to see the future balance, total contributions and total interest earned.
How the Savings Calculator works
Interest is compounded monthly. The opening balance grows as P × (1 + r)n, where r is the monthly rate and n the number of months. Each monthly contribution is added at the end of the month and then earns interest for the remaining months, which is the future value of an annuity: C × ((1 + r)n − 1) ÷ r.
The final balance is the sum of the two. Comparing total contributions with the final balance shows how much of your savings came from compound interest; the longer you save, the larger that share becomes.
Frequently asked questions
- Is this savings calculator free?
- Yes. Project your savings growth at no cost, with no account required.
- How is interest compounded?
- Interest is compounded monthly, and monthly contributions are added at the end of each month.
- Does this account for taxes or inflation?
- No. This calculates nominal growth only; use the Inflation Calculator to estimate the effect of inflation separately.