Savings Calculator
Estimate how much your savings will grow with regular monthly deposits and compound interest.
Example
Start with $1,000, add $200 per month at 5% annual interest for 10 years (compounded monthly).
Your balance grows to about $32,703.46. You contributed $25,000.00 ($1,000 initial + $24,000 in deposits), so you earned roughly $7,703.46 in interest.
How it works
Enter a starting balance, monthly deposit, annual interest rate and number of years. The tool compounds monthly to show your projected balance, total contributions and interest earned.
Good to know
This Savings Calculator projects how a savings balance grows over time when you combine a one-time starting deposit, fixed monthly contributions, and compound interest. You enter four values — initial deposit, monthly deposit, annual interest rate, and number of years — and it returns your projected ending balance, your total contributions, and the interest earned. It's aimed at anyone planning an emergency fund, a down payment, a vacation fund, or any goal funded by steady monthly saving rather than lump-sum investing.
Reach for it when you want to test "what if" scenarios before committing to a savings habit: how much an extra $50 a month adds over a decade, whether a higher-yield account meaningfully changes the outcome, or how many years it takes to hit a target balance. Because it updates instantly as you type, it works well for sliding one input at a time to see which lever — deposit size, rate, or time horizon — moves your result the most.
The output separates two things that are easy to confuse. "Total contributions" is the actual money you put in (initial deposit plus every monthly deposit), while "interest earned" is the balance minus those contributions — the growth the account generated on its own. The two side-by-side bars show their relative share, so a thin interest bar early on and a fatter one over longer horizons illustrates how compounding rewards time.
A practical caveat: the model assumes a single fixed rate that compounds monthly, with deposits made at the end of each month, and it does not account for taxes, fees, inflation, or variable returns. Real savings accounts have rates that change, and investment returns are not constant, so treat the figure as an order-of-magnitude estimate rather than a guarantee. To gauge purchasing power rather than raw dollars, subtract an inflation assumption from the interest rate before entering it.
Frequently asked questions
Does this calculator assume deposits are made at the start or end of the month?
Deposits are treated as ordinary annuity payments made at the end of each month, and interest compounds monthly. If you deposit at the start of each month your balance would be slightly higher.
How is interest earned calculated?
Interest earned is the projected balance minus your total contributions (your initial deposit plus all monthly deposits). It reflects compound growth on both your starting balance and ongoing deposits.
Is my data uploaded anywhere?
No — this calculator runs entirely in your browser; nothing is uploaded.
Is this financial advice?
No. These are educational estimates — consult a qualified financial professional before making decisions.
People also ask
How much will I have if I save $200 a month for 10 years?
With a $1,000 starting balance and 5% annual interest compounded monthly, $200 a month for 10 years projects to about $32,703, of which roughly $7,703 is interest. The exact figure depends on your starting amount and interest rate.
What is the difference between a savings calculator and a compound interest calculator?
They overlap heavily; this savings calculator is a compound interest calculator built around regular monthly deposits. A pure compound interest tool may only grow a single lump sum, while this one also factors in ongoing contributions.
Does a higher interest rate or saving longer make a bigger difference?
Both matter, but time usually has the larger effect because compounding builds on itself, so later years grow faster than early ones. You can test this by changing one input at a time and watching the interest-earned figure.
What interest rate should I enter for a savings account?
Use the annual percentage yield (APY) advertised by your account; high-yield savings accounts and CDs differ from standard accounts, and rates change over time. The calculator does not pick a rate for you.
Does this calculator account for taxes or inflation?
No. It shows nominal balances before any taxes on interest and without adjusting for inflation, so the real purchasing power of the result will be lower than the dollar figure shown.
How does monthly compounding affect my savings?
Monthly compounding means interest is calculated and added twelve times a year, so each month's interest earns its own interest sooner than with annual compounding. This produces a slightly higher balance than compounding once per year at the same rate.
Can I use this to figure out how much to save each month for a goal?
Indirectly, yes. The tool calculates an ending balance from your inputs rather than a required deposit, so you adjust the monthly deposit up or down until the projected balance matches your target.
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