Savings Calculator
Calculate how your savings grow over time with regular monthly contributions and compound interest.
How the Savings Calculator Works
This calculator uses monthly compounding with regular monthly contributions. The formula is A = P × (1 + r/12)^(12t) + PMT × [((1 + r/12)^(12t) − 1) / (r/12)], where P is your initial deposit, PMT is the monthly contribution, r is the annual interest rate, and t is the time in years. Monthly compounding is standard for most savings accounts and high-yield savings products.
For a broader perspective on investment growth with annual contributions, check out our Investment Calculator. If you want to understand the underlying mechanics of how interest compounds, our Compound Interest Calculator lets you explore different compounding frequencies and see the APY.
The line chart shows your projected balance at the end of each year, making it easy to see milestones toward your savings goal. Consistent monthly contributions — even small ones — have a powerful effect over time thanks to compounding. Setting up automatic transfers to a dedicated savings account is one of the most reliable strategies for building wealth steadily.
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For a related calculation, use CD Calculator to calculate certificate of deposit earnings including APY and total interest earned. Alternatively, use Investment Calculator to project investment growth over time with compound interest and regular annual contributions.
For the underlying method, read Compound Interest Calculator Guide: Compare Rates, Timing, and Compounding or Understanding Compound Interest: The Most Powerful Force in Finance.