Savings Calculator
See how your savings grow — or how much to save to hit a goal. In project mode, enter a starting amount, a monthly contribution and a return to get the future value. In goal mode, enter a target and timeframe and it solves the monthly amount you need, with a growth chart and yearly breakdown.
$45,666 in 10 years
Deposited: $37,000 · Interest earned: $8,666
Year-by-year
| Year | Contributed | Interest | Balance |
|---|---|---|---|
| 1 | $3,600 | $107 | $4,707 |
| 2 | $7,200 | $366 | $8,566 |
| 3 | $10,800 | $782 | $12,582 |
| 4 | $14,400 | $1,361 | $16,761 |
| 5 | $18,000 | $2,111 | $21,111 |
| 6 | $21,600 | $3,038 | $25,638 |
| 7 | $25,200 | $4,149 | $30,349 |
| 8 | $28,800 | $5,452 | $35,252 |
| 9 | $32,400 | $6,955 | $40,355 |
| 10 | $36,000 | $8,666 | $45,666 |
Assumes monthly compounding and constant contributions; returns are not guaranteed. How we calculate →
How your savings grow
Savings grow from two things: the money you add, and the interest that money earns — which itself earns interest (compounding). The calculator projects this month by month: each month your balance earns a slice of the annual rate, then your contribution is added. Over years, the interest portion becomes a large share of the total, which the growth chart makes obvious.
Switch to “Reach a goal” mode and the calculator works backwards instead: tell it your target and timeframe and it solves the monthly amount you need to save.
Future value of regular deposits
Each monthly deposit compounds from the moment you make it, so earlier deposits grow more. With a starting balance P, a monthly deposit, a monthly rate i and n months, the future value is P(1+i)ⁿ + deposit × ((1+i)ⁿ − 1) ÷ i. You don't need the formula — enter your numbers above and the result and yearly table update instantly.
How much to save each month to hit a goal
Working back from a goal is the more useful question for most people. In goal mode, the calculator subtracts what your starting balance will grow to on its own, then divides the rest across your saving period to find the required monthly contribution. Raise the years or the return and the monthly amount drops.
APY vs interest rate
The interest rate (APR) is the simple annual rate; the APY includes the effect of compounding within the year, so it's slightly higher. A 4% rate compounded monthly is about a 4.07% APY. Banks quote savings accounts in APY; enter the rate your account pays and the calculator compounds it monthly.
Frequently asked questions
How much will my savings grow?
It depends on your starting amount, monthly contribution, return and time. For example, $1,000 plus $300/month at 4% for 10 years grows to about $45,000 — of which roughly $8,000 is interest. Enter your own numbers above to see the projection and yearly breakdown.
How much do I need to save each month to reach my goal?
Switch to “Reach a goal” mode and enter your target, timeframe and expected return. The calculator solves the monthly contribution needed — for instance, reaching $50,000 in 10 years at 4%, starting from $1,000, takes about $330 a month.
What is the difference between APY and interest rate?
The interest rate is the simple annual rate; APY includes compounding, so it's a bit higher. A 4% rate compounded monthly is about 4.07% APY. Banks advertise savings accounts in APY.
How is compound interest on savings calculated?
Each period your balance earns the periodic rate, then your contribution is added, and the new balance earns interest next period. The calculator compounds monthly and shows the interest separately from what you deposited.
Does saving earlier really matter?
A lot. Because each deposit compounds from when it's made, money saved earlier grows more. Starting a few years sooner can outweigh saving a larger amount later — the growth chart above shows the effect.
What return should I assume for savings?
Use the APY your account actually pays — high-yield savings accounts have recently been around 4%, while a regular account may be near 0.5%. For long-term investing, people often model 5–7%, but returns aren't guaranteed.
Researched & verified by the Calcuris Data & Research Team. How we build and check our tools →