Savings Calculator
Plan your savings goals with this comprehensive calculator. Estimate future value based on initial deposit, monthly contributions, interest rate, and time period.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Savings Calculator
- Enter Initial Deposit – The starting amount in dollars (e.g., 1000). Must be 0 or more.
- Enter Monthly Contribution – Amount added each month (e.g., 200). Must be 0 or more.
- Enter Annual Interest Rate – The yearly percentage (e.g., 5 for 5%). Use decimals if needed (e.g., 4.5). Must be 0 or more.
- Enter Number of Years – How long you plan to save (e.g., 10). Must be at least 1.
- Click "Calculate" – The Future Value appears below, showing the total savings after compounding interest.
The formula uses monthly compounding (annual rate ÷ 12). If the rate is 0%, it simply adds contributions.
All inputs must be non-negative numbers. Invalid entries show a red border.
Previous Results
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Frequently Asked Questions
The future value is calculated using the formula for compound interest with monthly contributions: FV = P * (1 + r)^n + PMT * [((1 + r)^n - 1) / r], where P is the initial deposit, r is the monthly interest rate, n is the total number of months, and PMT is the monthly contribution.
Yes, the calculator works with any currency. Simply enter the amounts in your desired currency. The result will be displayed in the same currency units.
If the interest rate is zero, the future value is simply the sum of all deposits: initial deposit plus monthly contributions multiplied by the number of months.
