Savings Calculator

What it does

This savings calculator shows how a starting amount and a monthly deposit grow with compound interest, year by year: how much you put in, how much interest you earn and the final balance. You can raise the deposits every year, and if you type a goal it finds the monthly deposit needed to reach it in the time you chose. The rate is the yearly effective rate (APY) that banks advertise, turned into the equivalent monthly rate.

How to use it

1. Type the amount you already have and how much you will deposit each month.
2. Type the yearly interest rate and the number of years; optionally, a yearly raise in the deposits.
3. Type a goal to see the monthly deposit that reaches it, and follow the balance in the table.

The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.

Frequently asked questions

How much should I save each month?
A common rule is 20% of your take-home pay, as in the 50/30/20 budget. Start with an emergency fund of three to six months of expenses, then save for goals and retirement.

What is compound interest?
Interest that is added to the balance and then earns interest itself. Over long periods it makes a big difference: the earlier you start, the larger the share of the final balance that comes from interest rather than deposits.

What rate should I use?
The rate your account really pays, after fees. Savings accounts and deposits pay a known rate that can change; for investments, use a conservative average and remember that inflation reduces what the money will buy.

Are taxes included?
No. In many countries interest is taxed, which lowers the real growth. If your interest is taxed, you can use the rate after tax, for example 4% × (1 − 20%) = 3.2%.

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Investor.gov (SEC) — Compound interest calculator