Savings Calculator

Project your savings balance from a starting amount, monthly deposits, and an interest rate, and see how much comes from interest.

Savings Calculator

Project future savings value from an initial balance, monthly contributions, rate, and years.

Initial savings

Monthly contribution

Annual interest rate

Years

years

Future value

$544,796

Total contributions

$265,000

Estimated growth

$279,796

Savings composition

Category	Value	Share
Contributions	265,000	48.64%
Growth	279,796.01	51.36%

Results are estimates for informational purposes only.

How to use this calculator

How your savings grow

This calculator projects a savings balance from a starting amount, a fixed monthly deposit, an annual interest rate, and a number of years. Interest compounds monthly, and each deposit is added at the end of the month, which matches how most savings accounts credit interest.

The results split your balance into what you deposited and what interest added. Early on, deposits make up almost all of the balance. Over longer periods, interest earned on earlier interest takes a bigger share; with the default inputs, interest makes up just over half of the final balance after 20 years.

The rate matters, but deposits matter more at first

Saving $500 a month for 10 years with $5,000 to start produces about $83,434 at a 4.5% rate, versus about $66,768 at 0.5%. The higher rate is worth about $16,700 over the decade, so it pays to compare what banks offer.

Over shorter periods, the amount you deposit does most of the work. In the table below, doubling the monthly deposit doubles the ending balance, while even a good rate adds a fairly modest amount in the first few years.

Choosing a realistic rate

Savings rates move with Federal Reserve policy, so today’s rate may not last for 10 or 20 years. For long projections, run a lower rate as well to see a more conservative outcome.

For money you will need soon, such as an emergency fund or a down payment, use insured savings accounts, money market accounts, or CDs, and enter the rate you are actually paid. Returns well above what banks pay usually come from investments whose value can fall, which the investment growth calculator models better. Interest in a regular savings account is also taxable income, so your after-tax growth will be a little lower than shown.

You can also review Compound Interest Calculator and Investment Growth Calculator to compare scenarios.

Formula

Monthly rate r = annual rate ÷ 12; number of months n = years × 12
Future value = starting balance × (1 + r)^n + monthly deposit × ((1 + r)^n − 1) ÷ r
Total contributions = starting balance + monthly deposit × n
Estimated growth = future value − total contributions

Example: $500 a month for 10 years

Start with $5,000 and deposit $500 at the end of each month for 10 years (120 deposits).
At a 4.5% annual rate, the monthly rate is 0.375%.
Ending balance: about $83,434, of which $65,000 is your money and $18,434 is interest.
At 0.5% instead, the same deposits grow to about $66,768, earning only $1,768 in interest.

Savings by monthly deposit and time

Starting from $0 at a 4.5% annual rate, compounded monthly.

Monthly contribution	Years	Future value	Total contributions	Estimated growth
$200	5 years	$13,429	$12,000	$1,429
$200	10 years	$30,240	$24,000	$6,240
$500	5 years	$33,573	$30,000	$3,573
$500	10 years	$75,599	$60,000	$15,599
$500	20 years	$194,062	$120,000	$74,062
$1,000	10 years	$151,198	$120,000	$31,198
$1,000	20 years	$388,124	$240,000	$148,124

Frequently asked questions

How much will I have if I save $500 a month?

At a 4.5% annual rate with nothing to start, about $33,573 after 5 years, $75,599 after 10 years, and $194,062 after 20 years. Of the 20-year total, $120,000 is your deposits and about $74,062 is interest.

Should I enter the APY or the interest rate?

Enter the stated interest rate if you know it. APY already includes compounding; a 4.5% rate compounded monthly is an APY of about 4.59%. Entering the APY here would compound it a second time and slightly overstate the result.

Is interest on savings taxed?

Yes. In the US, interest from savings accounts, money market accounts, and CDs is taxed as ordinary income in the year it is paid. Tax-advantaged accounts such as IRAs follow different rules.

Does daily or monthly compounding make a big difference?

No. At typical savings rates, daily compounding adds less than a dollar a year per $10,000 compared with monthly compounding. The rate itself and how much you deposit matter far more.