Money Market Calculator
Calculate the future value of an investment in a money market account based on initial deposit, monthly contributions, annual interest rate, and investment period.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Money Market Calculator
- Enter Initial Deposit – Input the starting amount in dollars (e.g., 10000). Must be a non-negative number.
- Enter Monthly Contribution – Input the amount you plan to add each month (e.g., 500). Must be non-negative.
- Enter Annual Interest Rate – Input the yearly interest rate as a percentage (e.g., 2.5 for 2.5%). Must be non-negative.
- Enter Investment Period – Input the number of years (e.g., 5). Must be greater than 0.
- Click "Calculate" – The future value of your investment will appear, showing the total amount after compounding monthly.
Note: All inputs must be numbers. The calculator uses monthly compounding and assumes contributions are made at the end of each month. The result is displayed in dollars with commas.
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Frequently Asked Questions
A money market account is a type of savings account that typically offers a higher interest rate than a regular savings account, often with check-writing and debit card privileges.
The future value is calculated using the compound interest formula: FV = P*(1+r)^n + PMT*((1+r)^n - 1)/r, where P is initial deposit, r is monthly interest rate, n is number of months, and PMT is monthly contribution.
Yes, you can use it for any investment with regular contributions and compound interest, but ensure the interest rate and compounding frequency match monthly compounding.
