Savings Calculator

Grow a savings balance with monthly deposits and interest.

Savings Calculator

Worked example result

Projected balance	$2,295.23
Total deposits	$2,200.00
Interest earned	$95.23

Starting with $1,000 and adding $100 a month at 6% gives about $2,295 after one year — $95 of it interest.

See what regular saving adds up to. Enter a starting balance, a monthly deposit and an interest rate, and get the projected balance, total deposits and interest earned.

Interest is compounded monthly and deposits are assumed at the end of each month.

The formula

Balance = P(1+r)^n + D · ((1+r)^n − 1)/r, with r = annual rate ÷ 12

Worked example

Starting with $1,000 and adding $100 a month at 6% gives about $2,295 after one year — $95 of it interest.

The example is pre-loaded in the result panel — press Calculate with your own numbers to replace it.

Frequently asked questions

What rate should I enter?

Use the account's APY. High-yield savings accounts publish an APY that already reflects compounding.

How do I find the monthly deposit for a target amount?

Use the Savings Goal Calculator — it solves for the deposit needed to reach a specific goal by a specific date.

Category: Finance calculators

Savings Calculator