Savings Calculator
Enter an initial deposit, monthly contribution amount, annual interest rate, and number of years to see exactly how much your savings will grow — broken down into total contributions and interest earned. This calculator uses monthly compounding, which matches how most savings accounts and investment accounts work. If you're saving toward a house deposit, pair this with the mortgage calculator to see how your deposit size affects the monthly payment you'll owe. If you only have a lump sum to invest with no ongoing contributions, the compound interest calculator is more appropriate.
When to use this calculator
Use this when planning a savings goal — whether that's an emergency fund, a house deposit, college funds, or retirement — to find out how long it will take to reach a target amount, or how much you need to save monthly to get there.
Future Value
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Total Contributions
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Interest Earned
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Results are instant — nothing is stored and no account is needed.
Related Calculators
How to Calculate
- Enter your initial deposit — or 0 if starting from scratch.
- Enter the amount you plan to save each month.
- Enter the expected annual interest or return rate.
- Enter the number of years you'll be saving.
- Future value, total contributions, and interest earned appear instantly.
Formula
P is the initial deposit, C is the monthly contribution, r is the monthly rate (annual rate ÷ 12 ÷ 100), and n is the total months (years × 12). The first term grows your initial deposit; the second term compounds your monthly contributions.
Examples
$5,000 initial, $200/month, 5%, 10 years
$39,818 total — $11,668 interest earned
$0 initial, $500/month, 7%, 20 years
$261,012 total — $141,012 interest earned
$10,000 initial, $300/month, 4%, 15 years
$84,696 total — $20,696 interest earned
Use Cases
- Planning an emergency fund or house deposit
- Projecting retirement savings over decades
- Comparing the impact of saving $100 vs $300/month
- Seeing how much a higher return rate changes the outcome
- Calculating how long it takes to reach a savings goal
FAQ
How much will $200/month at 5% grow over 10 years?
Starting from $0, saving $200/month at 5% annual rate gives you approximately $31,056 after 10 years. Of that, $24,000 is your own contributions — interest accounts for $7,056.
What is the difference between this and a compound interest calculator?
The compound interest calculator assumes a single lump-sum deposit. This savings calculator also adds monthly contributions on top — which is more realistic for most people building savings over time through regular deposits.
How does the interest rate affect long-term savings?
Dramatically. $500/month for 30 years: at 4% you accumulate $346,000; at 7% you accumulate $608,000. The extra 3% more than doubles the outcome because compounding accelerates over time.
What if I start with nothing and just save monthly?
Set the initial deposit to 0 and enter only your monthly contribution. For example, $300/month at 7% for 30 years grows to approximately $364,000 — from just $108,000 in contributions.
What annual return rate should I use for my savings?
High-yield savings accounts: 4–5%. Conservative bond funds: 4–6%. Balanced portfolio: 6–7%. Stock index funds (historical average): 7–10% before inflation. Use a conservative rate for planning — it's better to be pleasantly surprised than to undershoot your goal.
How is interest earned calculated?
Interest earned = Future Value − Total Contributions. Total contributions = initial deposit + (monthly × months). Use the compound interest calculator if you want to model a one-time lump sum without ongoing contributions.
Example Savings Scenarios
| Initial | Monthly | Rate | Years | Future Value |
|---|---|---|---|---|
| $1,000 | $100/mo | 4% | 10yr | $16215.81 |
| $5,000 | $200/mo | 5% | 10yr | $39291.50 |
| $10,000 | $500/mo | 6% | 20yr | $264122.49 |
| $0 | $300/mo | 7% | 30yr | $365991.30 |