Calculate future value of savings with compound interest and regular contributions
Compound Interest Formula: FV = P(1+r)^n + PMT × ((1+r)^n - 1) / r
Where:
$611,848,694.49
$1,848,694.49
$610,000,000.00
0.3%
Our savings calculator helps you project the future value of your savings with compound interest and regular contributions. See how time and consistent saving can grow your wealth and help you reach your financial goals.
A savings calculator is a financial tool that projects how your savings will grow over time with compound interest and regular contributions. It helps you understand the power of time and consistent saving in building wealth.
Compound interest is often called the 'eighth wonder of the world' because it allows your money to grow exponentially over time. The earlier you start saving and the more consistently you contribute, the greater your wealth accumulation.
This calculator is essential for planning major purchases, building emergency funds, saving for retirement, or achieving any long-term financial goal. It shows you exactly how much you need to save regularly to reach your target amount.
Enter any existing savings you already have. This is your starting balance that will earn interest over time.
Tip: Even if you're starting from zero, this calculator is still valuable for planning future savings.
Enter how much you plan to save each month. Consistent monthly contributions are key to building wealth over time.
Tip: Try increasing your monthly contribution by small amounts to see the dramatic impact on your future savings.
Input the expected annual interest rate or return on your savings. For savings accounts, this might be 1-3%. For investments, it could be 6-10% or more.
Tip: Higher interest rates significantly boost your savings growth, but also come with higher risk for investments.
Select how many years you plan to save. The longer your time horizon, the more compound interest works in your favor.
Tip: Time is your greatest ally in saving. Even small amounts saved over long periods can grow substantially.
Check this if you make contributions at the beginning of each month (earns more interest) vs. end of month.
Result: After calculating, you'll see your future savings total, total interest earned, total contributions made, return on investment percentage, and charts showing growth over time and value breakdown.
The savings calculator uses compound interest formulas to project future value. It accounts for both your initial lump sum and regular monthly contributions, with interest compounding monthly.
FV = P(1+r)^n + PMT × [(1+r)^n - 1] / rYou want to build a $50,000 emergency fund. You start with $5,000 and save $500 per month at 2% annual interest.
Interpretation: After 7 years, you'll have approximately $50,000. You'll have contributed $47,000 total ($5,000 initial + $42,000 in monthly contributions) and earned about $3,000 in interest. This shows the power of consistent saving.
Starting at age 25, you save $300 per month in a retirement account earning 7% annual returns until age 65.
Interpretation: After 40 years, you'll have approximately $720,000. You'll have contributed only $144,000 total, but earned $576,000 in returns! This demonstrates how starting early and letting compound interest work can dramatically grow your wealth.
Results are projections based on assumed interest rates. Actual returns may vary, especially for investments.
This calculator assumes consistent monthly contributions. Missing contributions will reduce your final amount.
For investments, returns are not guaranteed and can be negative in some years. Past performance doesn't guarantee future results.
Inflation is not accounted for. Your future savings may have less purchasing power than projected.
Tax implications of interest earnings are not included in the calculation.
For traditional savings accounts, 1-3% is typical. High-yield savings accounts may offer 4-5%. For long-term goals, investments in stocks/bonds historically average 6-10% annually, but with higher risk and volatility.
The more frequently you contribute, the more compound interest works in your favor. Monthly contributions are practical and effective. Contributing at the beginning of each month (vs. end) earns slightly more interest.
Both matter, but saving more typically has a bigger impact than chasing slightly higher interest rates. For example, increasing monthly contributions by 20% often grows your savings more than increasing interest rate by 1%. Focus on what you can control: your savings rate.
Compound interest means you earn interest on both your principal and previously earned interest. Over time, this creates exponential growth. The longer your time horizon, the more powerful compound interest becomes.
Simple interest is calculated only on the principal amount. Compound interest is calculated on principal plus previously earned interest. Compound interest grows your savings much faster, especially over long periods.
Yes, but remember that investments carry risk and returns vary. Use conservative estimates (6-7% for stocks over long periods) and understand that actual returns may be higher or lower. This calculator is best for planning, not guaranteeing results.
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