Savings Calculator
Calculate savings from your own entered figures.
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Currency: Amounts are calculated in the currency you select; this site does not convert between currencies and does not use live exchange rates.
What this tool does
Calculate savings from your own entered figures. Deposits are made at the end of each month and the rate stays fixed; taxes, fees and rate changes are not modelled.
How to use the Savings Calculator
- Enter or select initial deposit.
- Enter or select monthly deposit.
- Enter or select annual interest rate / apy (%).
- Enter or select years.
- Read the calculated result; change any measurement to compare alternatives.
Formula
monthly rate i = annual rate/12; FV = P(1+i)^(12·years) + deposit·(((1+i)^(12·years) − 1)/i)
- initial
- Initial deposit
- monthly
- Monthly deposit
- rate
- Annual interest rate / APY (%)
- years
- Years
Deposits are made at the end of each month and the rate stays fixed; taxes, fees and rate changes are not modelled.
Worked example
For savings calculator, the following measurements illustrate the exact method: Initial deposit: 10000; Monthly deposit: 500; Annual interest rate / APY (%): 4; Years: 10.
Inputs
- Initial deposit10000
- Monthly deposit500
- Annual interest rate / APY (%)4
- Years10
Result
- Future value of savings$88,533.23
- Total deposits$70,000.00
- Interest earned$18,533.23
Results explained
- Future value of savings
- Future value of savings from the formula above. Deposits are made at the end of each month and the rate stays fixed; taxes, fees and rate changes are not modelled.
- Total deposits
- Total deposits from the formula above. Deposits are made at the end of each month and the rate stays fixed; taxes, fees and rate changes are not modelled.
- Interest earned
- Interest earned from the formula above. Deposits are made at the end of each month and the rate stays fixed; taxes, fees and rate changes are not modelled.
Frequently asked questions
monthly rate i = annual rate/12; FV = P(1+i)^(12·years) + deposit·(((1+i)^(12·years) − 1)/i)
Deposits are made at the end of each month and the rate stays fixed; taxes, fees and rate changes are not modelled.
No. All numbers are entered by you or come from the dated reference table shown on this page; calculations run locally.
This is an estimate, not financial, tax or legal advice. Verify the inputs and output with official sources and a qualified professional.
Check period consistency, currency, percentage inputs and the assumptions: Deposits are made at the end of each month and the rate stays fixed; taxes, fees and rate changes are not modelled.