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.
Worked example
Scenario: Starting with $1,000, adding $200 at the end of every month, at 4% a year compounded monthly, for 5 years.
- The first $1,000 grows to 1,000 × (1 + 0.04/12)^60 = $1,221.00.
- The 60 deposits of $200 grow to 200 × [(1.003333^60 − 1) ÷ 0.003333] = $13,259.80.
- Final balance: $1,221.00 + $13,259.80 = $14,480.79 (rounded).
- You deposited $13,000 in total, so interest earned is $1,480.79.
Result: About $14,481 after 5 years, including roughly $1,481 of interest.
Turning a savings estimate into a plan
Use the result as a planning scenario. Regular contributions and time can matter as much as the starting balance, while the assumed interest or return may change in real life. Testing conservative and optimistic rates can show a more useful range of outcomes.
Tips and common mistakes
- Enter the account's nominal rate; if the bank only lists an APY, the result will be very slightly high.
- Deposits are assumed at the end of each month. Depositing at the start of the month adds about one month of extra interest.
- Raising the deposit usually beats chasing a slightly higher rate over short periods like five years.
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.
Sources and review
Method: Compound growth of the starting balance plus the future value of end-of-month deposits (ordinary annuity), compounded monthly.
Sources:
- U.S. Securities and Exchange Commission, Investor.gov guidance on compound interest and saving.
Last reviewed: October 2026 by Faheem Ali, founder of CalculatorAnything. The method and examples are provided for transparency; results remain estimates and may contain errors.
Results are estimates for planning and comparison, not financial advice or a lender's quote. Rates, fees, tax rules and regulations vary by country and change over time; confirm figures with your lender or a licensed adviser. Spotted an error? Tell us — see our editorial policy for how corrections are handled.