About the Savings Calculator
This Savings Calculator computes the future value of your savings when you combine an initial deposit with regular contributions and compound interest. You get a final balance, the total you contributed, and the total interest earned over the period.
The calculation uses the standard compound interest formula combined with the future value of an ordinary annuity: FV = P × (1 + r/n)^(nt) + PMT × (((1 + r/n)^(nt) - 1) / (r/n)), where P is the starting balance, r the annual rate, n the compounding periods per year, t the years, and PMT the periodic contribution. You enter your initial amount, contribution size, contribution frequency, interest rate, and time frame. Use a rate that matches your actual account, because a small difference compounds into a large gap over many years.
- Enter your starting balance.
- Add the contribution amount, frequency, interest rate, and number of years.
- Review the final balance and interest earned, then change one input at a time to compare scenarios.