Savings Calculator
Calculate how your savings will grow over time with regular monthly deposits and compound interest. See your future value, total contributions, and interest earned with detailed monthly projections.
Starting amount you have today
Amount to save each month
Annual Percentage Yield
How long you'll save
Goal Tracking
Set savings goals and calculate monthly deposits needed to reach them with compound interest.
Interest Calculations
See exactly how much you earn from deposits vs. interest with accurate compound interest calculations.
Progress Visualization
Watch your savings grow with visual charts and month-by-month timeline breakdown.
How It Works
Compound Interest Formula
FV = P(1 + r)^n + PMT × [((1 + r)^n - 1) / r]
Where:
- FV = Future value (total savings)
- P = Principal (initial deposit)
- r = Monthly interest rate (annual rate / 12)
- n = Number of months (years × 12)
- PMT = Monthly deposit amount
Example Calculation
If you start with $1,000 and save $200/month at 4.5% APY for 10 years:
- • Initial Deposit: $1,000
- • Monthly Deposits: $200 × 120 months = $24,000
- • Total Deposits: $25,000
- • Interest Earned: ~$6,457
- • Future Value: ~$31,457
That means your money grew by 25.8% through compound interest!
Monthly Compounding
Interest compounds monthly, meaning each month you earn interest on your deposits plus all previously earned interest. This creates exponential growth over time. The earlier you start saving, the more time your money has to compound and grow.
Frequently Asked Questions
How much should I save each month?
This depends on your goal and timeframe. Our calculator determines the exact monthly deposit needed to reach your target. For example, saving $500/month for 2 years reaches a $12,600 goal (not counting interest). Financial experts recommend saving 10-20% of income.
How does savings account interest work?
Banks pay interest (APY) on savings account balances. This calculator includes annual percentage yield in growth projections. Interest compounds monthly, meaning you earn interest on your interest. Higher APY accounts earn more - compare options to maximize returns.
How is compound interest calculated?
Interest is calculated using the formula: FV = P(1 + r)^n + PMT × [((1 + r)^n - 1) / r], where FV is future value, P is initial deposit, r is monthly interest rate, n is number of months, and PMT is monthly deposit. This formula accounts for interest earned on both your deposits and previously earned interest.
What's a realistic savings rate?
High-yield savings accounts typically offer 3-5% APY, while conservative investments might offer 5-7%. Start with what's comfortable and increase gradually. Even $100/month compounds significantly over years through interest earnings.
How long until I have $10,000 saved?
This depends on your monthly deposits and interest rate. The calculator shows exactly when you'll reach your target with different deposit amounts and account interest rates. For example, with $400/month at 4% APY, you'd reach $10,000 in about 24 months.
Is my financial data private?
Yes, absolutely! All calculations happen entirely in your browser. Your financial information is never sent to any server, ensuring complete privacy and security.