Input parameters
- Starting Balance
- The account balance at the beginning of the projection.
- Monthly deposit
- Amount added at the end of each month.
- Annual interest rate
- Nominal yearly savings rate.
- Years to save
- Length of the savings plan.
Savings Calculator
Project a savings balance using the current balance, monthly deposits, annual interest rate, and savings period. The results separate money deposited from interest earned and show the number of monthly contributions included.
Estimated result
—Estimates are for planning only. Confirm the rates, taxes, fees, and contribution rules that apply to you.
Understanding the Savings Calculator
Review the inputs, outputs, calculation method, and formulas used by this tool.
Understanding the results
- Future balance
- Projected balance after deposits and interest.
- Total deposited
- Starting balance plus all monthly deposits.
- Interest earned
- Future balance minus total deposits.
Calculation principle
The starting balance compounds monthly and recurring monthly deposits form an ordinary annuity.
- Read and validate the entered values.
- Convert percentages and time periods into compatible units.
- Apply the formulas below and present the calculated results.
Formulas
Future balance
FV = PV(1 + r)^n + PMT × ((1 + r)^n − 1) / r
Interest earned
Interest = FV − PV − PMT × n
Symbols refer to the corresponding input and result labels shown above.
How to use this calculator
Enter your figures, choose any available options, and select Calculate. You can change the inputs as often as you like to compare scenarios.
Planning note
Results are estimates for education and planning. Taxes, lender rules, fees, and investment returns can vary, so verify important decisions with a qualified professional.