Basic Savings Calculator
Calculate savings growth with regular deposits and compound interest
Savings Details
%
Future Value
$85,876
Total savings after compound interest
Total Deposits
$65,000
Your total contributions
Interest Earned
$20,876
Growth from compound interest
Total Growth
32.12%
Percentage increase
Deposits vs Interest
Savings Summary
Initial Deposit$5,000
Monthly Deposits (120 months)$60,000
Total Interest Earned+$20,876
Future Value$85,876
Year-by-Year Breakdown
| Year | Starting Balance | Annual Deposits | Interest Earned | Ending Balance |
|---|---|---|---|---|
| Year 1 | $5,000 | $6,000 | +$421 | $11,421 |
| Year 2 | $11,421 | $6,000 | +$749 | $18,170 |
| Year 3 | $18,170 | $6,000 | +$1,095 | $25,265 |
| Year 4 | $25,265 | $6,000 | +$1,458 | $32,722 |
| Year 5 | $32,722 | $6,000 | +$1,839 | $40,562 |
| Year 6 | $40,562 | $6,000 | +$2,240 | $48,802 |
| Year 7 | $48,802 | $6,000 | +$2,662 | $57,464 |
| Year 8 | $57,464 | $6,000 | +$3,105 | $66,568 |
| Year 9 | $66,568 | $6,000 | +$3,571 | $76,139 |
| Year 10 | $76,139 | $6,000 | +$4,060 | $86,200 |
Savings Tips
•
Start Early: The power of compound interest works best over time. Starting to save even a small amount early can make a huge difference.
•
Be Consistent: Regular monthly deposits, even small ones, add up significantly over time. Set up automatic transfers to make saving effortless.
•
Increase Gradually: Try to increase your monthly savings by 5-10% each year, especially when you get a raise or bonus.
•
Shop for Better Rates: Even a 1% difference in interest rate can mean thousands of dollars more over time.
How it works
A basic savings calculator grows a starting balance plus regular deposits at your account's interest rate, compounding each period. Because interest earns interest, steady contributions build a balance noticeably above the sum you put in.
Future value of savings
FV = PV(1 + r)ⁿ + PMT · [(1 + r)ⁿ − 1] / r
- PV
- starting balance
- PMT
- regular deposit
- r
- rate per period
- n
- number of deposits
Worked example
- Start $0, deposit $200/month
- 4% APY (~0.333%/month), 10 years
- FV = 200 × [(1.00333¹²⁰ − 1) / 0.00333]
Balance ≈ $29,450 from $24,000 deposited.
Good to know
- Automating deposits removes the monthly decision and lets compounding do the work.
- Compare accounts by APY, which already includes the compounding frequency.
- If your rate is below inflation, the balance grows but its buying power can still shrink.