Savings Calculator

To use this savings calculator:

1. Enter your initial deposit (the amount you are starting with).
2. Enter your planned monthly contribution (the amount you will add each month).
3. Set the annual interest rate (the APY of your savings account or expected return).
4. Enter the time period in years.
5. Select the compounding frequency (how often interest is calculated and added).

The calculator instantly shows the projected future value, total contributions, interest earned, and effective annual yield.

A savings calculator projects the future value of your savings based on an initial deposit, regular monthly contributions, an annual interest rate, and a selected compounding frequency. It shows exactly how your money grows over time through the power of compound interest.

Whether you are building an emergency fund, saving for a down payment, or planning for a long-term goal, this calculator helps you visualize the impact of consistent saving and the benefit of earning interest on your interest.

The compound savings formulas:

• Future Value of Lump Sum: FV = P × (1 + r/n)^n×t
• Future Value of Contributions: FV = PMT × [((1 + r/n)^n×t − 1) / (r/n)]
• Total Future Value: FV_total = FV_{lump sum} + FV_{contributions}
• Total Interest Earned: Interest = FV_total − Total Contributions
• Effective Annual Yield: EAY = (1 + r/n)ⁿ − 1

Where P = initial deposit, PMT = contribution per compounding period, r = annual rate (decimal), n = compounding periods per year, t = number of years.

Example 1: $5,000 initial deposit, $200/month, 5% APY compounded monthly for 10 years: Future value = approximately $37,529. Total contributions = $29,000. Interest earned = approximately $8,529.

Example 2: $10,000 initial deposit, $500/month, 4.5% APY compounded daily for 20 years: Future value = approximately $207,274. Total contributions = $130,000. Interest earned = approximately $77,274.

Example 3: $1,000 initial deposit, $100/month, 5% APY compounded monthly for 30 years: Future value = approximately $87,589. Total contributions = $37,000. Interest earned = approximately $50,589 (more than your deposits).