Enter your deposit details above to project your savings growth.
How to Use the Savings Calculator
- Enter your starting balance (can be 0 if starting fresh).
- Enter your monthly contribution amount.
- Enter the annual interest rate your savings will earn.
- Set the number of years you plan to save.
- Results and a year-by-year table appear instantly.
Frequently Asked Questions
How is the future value calculated?
The calculator uses the future value of a growing annuity formula: FV = P(1+r)ⁿ + PMT × [((1+r)ⁿ − 1) / r], where r is the monthly rate and n is total months. Interest compounds monthly.
What interest rate should I use?
Use the annual interest rate your savings account or investment offers. High-yield savings accounts currently offer around 4–5%. Long-term stock market index funds have historically averaged around 7–10% annually.
Does this account for inflation?
No — the result is in nominal (not inflation-adjusted) dollars. To estimate real value, subtract the expected annual inflation rate (typically 2–3%) from your interest rate input.