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.
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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 $46,600, with $9,600 of that being interest earned.
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.
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