Savings Calculator
See how your savings grow over time with regular monthly deposits and compound interest.
Formula
About this calculator
A savings calculator shows what a habit of regular saving actually becomes over time once compound interest is doing its work. By combining a starting balance, a fixed monthly deposit, an interest rate and a time frame, it projects the balance you'll reach and — crucially — separates how much of that came from your own contributions versus interest earned on top of them.
The engine compounds your money month by month. Your opening balance grows at the assumed rate, and every monthly deposit you add begins earning from the moment it lands, so earlier deposits have more time to grow than later ones. This is why starting sooner matters so much: the first dollars you save do the heaviest lifting because they compound for the longest.
Watching the split between contributions and interest is the most instructive part. In the early years the balance is almost entirely money you put in, but as the years accumulate the interest portion swells and eventually, over long horizons, can rival or exceed what you contributed. That crossover is the whole point of saving early and consistently rather than trying to catch up later.
The projection assumes a steady rate for simplicity, which suits savings accounts, CDs and conservative goals well; real returns on market investments fluctuate year to year. Use a realistic rate for the type of account you hold, and revisit the numbers as your deposit amount or interest rate changes.
Frequently asked questions
How is savings growth calculated?
Your starting balance grows at the interest rate while each monthly deposit compounds from the date it's added. The final balance minus your total deposits equals the interest earned.
Why does starting early matter?
Because early deposits compound for longer. The first money you save earns interest year after year, so a small amount saved sooner often beats a larger amount saved later.
What interest rate should I use?
Use a rate that matches your account — savings accounts and CDs offer modest, steady rates, while market investments average more but vary. A conservative rate gives a safer projection.
Is this the same as a compound interest calculator?
It's closely related. This tool focuses on regular monthly deposits toward a goal; a general compound interest calculator offers more flexibility on compounding frequency and contribution timing.
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⚠️ Projections assume a constant interest rate and are for planning only, not financial advice. Actual returns vary, especially for market-based investments — results are estimates.