Savings Calculator
Project how your savings and monthly deposits will grow with interest over time.
The Savings Calculator projects how much your money will be worth in the future. It combines a starting balance, regular monthly deposits and an annual interest rate (compounded monthly) to show your projected balance, the total you deposited with your own money, and the interest your savings earned along the way.
This is the classic tool for setting and checking savings goals: an emergency fund, a house down payment, a vacation, or simply building a habit of saving every month. The year-by-year projection table lets you watch the snowball grow — deposits alone grow in a straight line, while the interest curve bends upward over time thanks to compounding.
Results assume deposits are made at the end of each month and earn the same interest as the balance, and that the interest rate stays constant for the whole period. Real bank rates change over time and may be taxed, so treat the projection as a planning estimate. The calculation runs entirely in your browser.
Compounded monthly.
Projected balance
$30,940.79
Your total deposits
$25,000.00
Interest earned
$5,940.79
Deposits are assumed to be made at the end of each month and earn the same interest as the balance.
Year-by-year projection
| Year | Deposited | Interest | Balance |
|---|---|---|---|
| 1 | $3,400.00 | $85.23 | $3,485.23 |
| 2 | $5,800.00 | $271.72 | $6,071.72 |
| 3 | $8,200.00 | $563.58 | $8,763.58 |
| 4 | $10,600.00 | $965.12 | $11,565.12 |
| 5 | $13,000.00 | $1,480.79 | $14,480.79 |
| 6 | $15,400.00 | $2,115.25 | $17,515.25 |
| 7 | $17,800.00 | $2,873.35 | $20,673.35 |
| 8 | $20,200.00 | $3,760.10 | $23,960.10 |
| 9 | $22,600.00 | $4,780.77 | $27,380.77 |
| 10 | $25,000.00 | $5,940.79 | $30,940.79 |
How to use the Savings Calculator
- Enter the balance you already have saved as the starting point.
- Type how much you plan to deposit every month.
- Enter the expected annual interest rate as a percentage (compounded monthly).
- Choose the number of years you want to project.
- Read your projected balance, total deposits and interest earned, and scan the year-by-year table.
Frequently asked questions
What interest rate should I use?
Use the rate you actually earn. High-yield savings accounts and money-market funds often pay a few percent, while certificates of deposit (CDs) may pay more in exchange for locking your money away. If you are unsure, try a conservative rate like 3–4% and compare with a higher one to see the range.
How does compounding monthly affect my savings?
With monthly compounding, the interest you earn each month is added to your balance and starts earning interest itself the next month. Over long periods this can add up to significantly more than simple interest — which is exactly why starting early and saving consistently matters.
Is this calculator suitable for retirement planning?
It can model tax-advantaged or brokerage accounts where you contribute monthly, but it assumes one constant rate of return. Retirement portfolios fluctuate year to year, so many people use an average return around 6–8% as an estimate — or use the FIRE calculator on this site for a retirement-focused view.
What about taxes on the interest?
The projection shows gross growth before income tax on interest (and before inflation). In many countries, interest above a small threshold is taxable, so your after-tax balance will be somewhat lower. Adjust your rate down if you want a rough after-tax figure.
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