Savings Calculator

Calculate future value of savings with contributions

About Savings Calculator

A savings calculator projects the future value of your savings account based on a starting balance, regular contributions, interest rate, and time horizon. It's used to plan for goals like an emergency fund, a large purchase, or a specific savings target.

Formula

Future Value = P(1 + r)^n + PMT × [((1 + r)^n − 1) / r], where P = starting balance, PMT = regular contribution, r = interest rate per period, n = number of periods

How It Works

Enter your starting balance, regular contribution amount, and how often you contribute
Enter the expected annual interest rate and the number of years you plan to save
The calculator compounds your starting balance and adds the growing value of each contribution
Result shows your projected future balance and total interest earned

Tips

Contributing more frequently (monthly vs. annually) results in slightly more growth due to more frequent compounding
Starting early matters more than contributing more — an extra 5 years of compounding often outweighs a higher monthly contribution
Use a conservative interest rate estimate for savings accounts, since rates can change over your time horizon

Frequently Asked Questions

How does compound interest affect my savings?

Compound interest means you earn interest on your interest, not just your original deposits — the earlier you start, the more time your money has to compound, which is why starting early often matters more than the amount you contribute.

How much will my savings grow with monthly contributions?

The calculator adds the future value of your starting balance to the future value of a series of regular contributions (an annuity), using your interest rate and time horizon — both amounts compound together to build your total future balance.

What interest rate should I use for a savings goal?

Use the actual rate for a savings account or CD, or a conservative estimate (based on historical averages) for an investment account, since actual market returns vary year to year.

How long will it take to reach my savings goal?

Enter your goal as the future value target and adjust your contribution amount or time horizon until the projected result matches your goal.

Does contribution timing matter?

Contributing at the start of each period rather than the end results in slightly more growth, since that contribution compounds for one additional period.