Savings Calculator
See how regular deposits and interest grow a balance over time.
Balance at the end
$39,794.12
- Total you put in
- $32,000.00
- Interest earned
- $7,794.12
Interest is added monthly. Taxes, fees and inflation are not included.
Year-by-year growth
| Year | Total put in | Interest so far | Balance |
|---|---|---|---|
| 1 | $5,000.00 | $137.10 | $5,137.10 |
| 2 | $8,000.00 | $402.01 | $8,402.01 |
| 3 | $11,000.00 | $799.93 | $11,799.93 |
| 4 | $14,000.00 | $1,336.30 | $15,336.30 |
| 5 | $17,000.00 | $2,016.74 | $19,016.74 |
| 6 | $20,000.00 | $2,847.12 | $22,847.12 |
| 7 | $23,000.00 | $3,833.57 | $26,833.57 |
| 8 | $26,000.00 | $4,982.42 | $30,982.42 |
| 9 | $29,000.00 | $6,300.31 | $35,300.31 |
| 10 | $32,000.00 | $7,794.12 | $39,794.12 |
Enter what you have now, how much you add each month, the annual interest rate and how long you will save. The calculator projects the final balance and splits it into what you put in and what interest added.
It is a projection, not a promise. Real rates change, and this tool ignores tax and inflation.
How savings calculator works
Interest is added every month at the monthly equivalent of the annual rate, and each deposit is added at the end of the month, or the start if you choose. The yearly table shows the balance after each year.
Inflation reduces what a future balance can buy. If you want a rough real-terms view, use the interest rate minus your expected inflation.
The formula
Balance after each month = (previous balance × (1 + r)) + deposit
r = annual rate ÷ 12With deposits at the end of each month the total has a closed form: P(1 + r)^n + D × ((1 + r)^n − 1) ÷ r.
Worked example: 1,000 to start and 200 a month at 4% for 5 years
Deposits total 1,000 + 200 × 60 = 13,000.
With monthly interest the balance reaches about 14,480.79.
Interest earned is about 1,480.79.
A steady 300 a month at 5% for 10 years, starting from zero, reaches about 46,584.68 on 36,000 of deposits.
When to use this tool
- Setting a savings target for a deposit, holiday or emergency fund.
- Seeing how much starting early matters compared with saving more later.
- Comparing two savings rates.
Common mistakes to avoid
- Assuming the interest rate will stay the same for the whole period.
- Ignoring tax and account fees.
- Confusing the total of deposits with the final balance. The gap between them is the interest.
Frequently asked questions
- How do I calculate savings growth with monthly deposits?
- Each month, multiply the balance by one plus the monthly rate, then add the deposit. The calculator repeats this for every month.
- How much interest will I earn?
- It is the final balance minus everything you deposited. The results panel shows it separately.
- Does the calculator account for inflation?
- No. To approximate real growth, enter the interest rate less the expected inflation rate.
- What is the difference between this and the compound interest calculator?
- The savings calculator adds regular deposits. The compound interest calculator focuses on a single lump sum and lets you choose the compounding frequency.
Learn more
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Results are for information only and are not financial, legal or medical advice. The calculation logic is covered by automated tests, and examples on this page are worked out and re-checked before publishing. Spotted a mistake? Tell us.