Savings Calculator
The Savings Calculator projects the future value of a savings account or investment based on your starting balance, monthly contributions, interest rate, and time horizon. It's especially useful for comparing how different monthly contribution amounts or interest rates change your long-term outcome — for example, deciding whether to accelerate an emergency fund or let a high-yield savings account grow on autopilot. Because it applies one fixed rate across the entire timeline, treat the result as a planning estimate rather than a precise forecast for accounts with variable APYs or market-linked returns.
How This Tool Works
Enter your starting balance, planned monthly contribution, expected annual interest rate, and number of years to project your future balance.
Formula & Method
Future value = initial balance × (1+r)^n + monthly contribution × (((1+r)^n − 1) ÷ r), where r is the monthly interest rate and n is the number of months.
Example Calculation
Starting with $2,000, contributing $300/month at 4.5% annual interest for 10 years grows to about $48,500, with roughly $10,500 of that being interest earned. Over a longer horizon the compounding effect grows sharply: $5,000 starting, $250/month at 5% for 20 years reaches about $116,300 — of which only $65,000 came from your own contributions ($5,000 initial + $250 × 240 months), with the rest, roughly $51,300, being interest.
Frequently Asked Questions
Does this assume monthly compounding?+
Yes, interest is compounded monthly and contributions are assumed to be made at the end of each month, which matches how most savings accounts work.
What interest rate should I use?+
Use your account's current APY for a savings account, or a conservative estimated average annual return if projecting investment growth.
Is this a guarantee of future returns?+
No — this is a projection based on a constant rate you enter. Actual returns, especially for investments, vary and are never guaranteed.
Does this account for taxes on the interest I earn?+
No, the projection shows growth before any taxes on interest or investment gains. If your savings sit in a taxable account, your real-world growth will be somewhat lower than shown; tax-advantaged accounts like a 401(k), IRA, or HSA aren't affected since taxes are deferred or avoided inside the account.
What if I contribute at the start of the month instead of the end?+
This calculator assumes contributions land at the end of each month, which is the standard convention for savings projections. If you actually contribute at the start of the month, your real balance will end up very slightly higher, since each deposit then earns an extra month of interest.
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<a href="https://everyfix.net/tools/savings-calculator/">Savings Calculator</a> by <a href="https://everyfix.net">EveryFix</a>Related Tools
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