Savings Calculator
Calculate how your savings will grow over time with regular contributions and compound interest.
Plan your financial goals.
Total Savings
Savings growth combines your initial deposit, regular contributions, and compound interest:
Future Value = P(1+r)^n + C × [((1+r)^n - 1) / r]
Where:
- P = Initial deposit (principal)
- C = Monthly contribution
- r = Monthly interest rate (annual rate / 12)
- n = Total number of months (years × 12)
The first part calculates growth of your initial deposit. The second part calculates the growth of your recurring contributions (future value of an annuity).
For example, $5,000 initial deposit + $500/month at 5% for 10 years:
- Total contributions = $5,000 + ($500 × 120) = $65,000
- Interest earned = $12,720
- Total savings = $77,720
Tips:
- Start early — compound interest rewards time more than amount
- Even small monthly contributions add up significantly over decades
- Higher-yield savings accounts or index funds can dramatically improve returns