Savings Calculator
See how your savings grow over time. Enter an initial deposit, a monthly contribution, an annual interest rate, and the number of years, and instantly see your projected final balance, how much you'll deposit, the total of your monthly contributions, and the total interest earned with monthly compounding.
ToolsSoup's Savings Calculator shows how much your money will grow over time. Enter your starting balance, how much you add each month, the annual interest rate, and how many years you'll save, and you instantly see your projected final balance, the total you'll deposit, the sum of your monthly contributions, and the interest you'll earn. It uses monthly compounding — the same way most savings accounts and high-yield accounts credit interest — so the projection mirrors a real account. Everything runs in your browser: no uploads, no sign-up, and your numbers never leave your device.
What is a savings calculator?
A savings calculator projects the future value of money you set aside. You give it a starting amount, a recurring monthly contribution, an annual interest rate, and a time horizon, and it tells you how much you'll have at the end, how much of that is your own money, and how much is interest earned along the way. Instead of working through compound-interest formulas by hand, you type a few numbers and read the answer right away. It updates live as you change any value, so you can compare savings plans and see how a higher contribution or a better rate changes the outcome.
How to use the savings calculator
Projecting your savings takes four quick steps, and this tool does the math automatically as you type:
- Enter your initial deposit — the balance you're starting with today. Use 0 if you're starting from scratch.
- Enter your monthly contribution — the amount you'll add to the account each month.
- Enter the annual interest rate (APY) as a percentage.
- Enter the number of years you'll keep saving, then read your final balance, total deposited, total contributions, and total interest earned below.
How is savings growth calculated?
This calculator compounds interest monthly. Each month the balance earns the monthly rate (the annual rate divided by 100 and then by 12), and your monthly contribution is added on top. The starting deposit grows as P × (1 + r)ⁿ, and the stream of monthly contributions grows as C × ((1 + r)ⁿ − 1) ÷ r, where P is the initial deposit, C is the monthly contribution, r is the monthly rate, and n is the number of months (years × 12). If the rate is 0%, the balance is simply your deposit plus every contribution. The total interest earned is the final balance minus everything you put in. The tool runs that math for you instantly as you change any number.
What's the difference between simple and compound interest?
Simple interest pays you only on your original deposit, while compound interest pays you interest on your interest. Because this calculator compounds monthly, each month's interest is added to the balance and earns more interest the following month. Over long horizons that snowball effect is what makes regular saving so powerful — most of the growth in a decades-long plan comes from compounding, not from the deposits themselves. This is a projection based on a fixed rate, so real results will vary if your account's rate changes over time.
Why use this savings calculator?
- Instantly shows your projected final balance, total deposited, total contributions, and total interest earned.
- Compounds interest monthly, matching how most savings and high-yield accounts actually credit interest.
- Handles a 0% rate, no starting deposit, and contribution-only or deposit-only plans cleanly.
- Updates live as you type so you can compare savings scenarios side by side.
- Runs entirely in your browser and is 100% free with no ads or sign-up — your figures never leave your device.
Frequently asked questions
How do I calculate how much my savings will grow?
Grow your starting deposit by P × (1 + r)ⁿ and your monthly contributions by C × ((1 + r)ⁿ − 1) ÷ r, where P is the initial deposit, C is the monthly contribution, r is the monthly rate (annual rate ÷ 100 ÷ 12), and n is the number of months (years × 12). Enter your deposit, monthly amount, rate, and years above and the calculator does it instantly.
How much will $1,000 plus $200 a month grow in 10 years at 5%?
About $32,703.47 with monthly compounding. You'd deposit $25,000 of your own money in total — your $1,000 start plus $24,000 in contributions — and earn roughly $7,703.47 in interest. Change any field above to model your own plan.
Does this calculator use compound interest?
Yes. It compounds interest monthly, so each month's interest is added to the balance and earns more interest the next month. That's how most savings and high-yield accounts work, which makes the projection realistic for typical accounts.
What if I don't have a starting deposit?
Enter 0 for the initial deposit and the calculator projects growth from your monthly contributions alone. Likewise, you can set the monthly contribution to 0 to see how a single lump-sum deposit grows on its own.
Is this projection guaranteed?
No. It assumes a fixed interest rate for the whole period, but real savings rates change over time and aren't guaranteed. Treat the result as an estimate to compare plans, not a promise of exact future returns.