Savings Calculator
Project your savings balance over time with an initial deposit, monthly contributions, and interest rate.
About the Savings Calculator
Most real savings plans are not a single lump sum left untouched — they are a starting balance plus regular monthly deposits, growing together at whatever rate the account pays. This calculator projects your ending balance, total contributions, and total interest earned across the years you plan to save.
How It Works
Starting from your initial deposit, the calculator steps forward one month at a time: it applies the monthly-equivalent growth from your annual rate, then adds your monthly contribution, repeating for every month across the number of years you specify. A year-by-year table shows the running balance, contributions, and interest at each anniversary.
Each month: Balance = Balance × (1 + monthly rate) + Monthly Contribution, compounded monthly over the full period.
Example
Scenario: Starting with $1,000, adding $200 every month, at a 4% annual rate, for 5 years.
Result: Ending balance of about $14,061, from $13,000 in total contributions and roughly $1,061 in interest earned.
Assumptions & Limitations
- Monthly contributions are assumed to be made consistently, on time, every month of the period.
- Interest compounds monthly at the given annual rate.
- Does not account for account fees, contribution limits, or promotional rate changes over time.
- Assumes contributions never change — use a higher rate scenario to model raises being saved.