Savings Calculator
Estimate how your savings balance could grow with monthly deposits and an optional annual interest rate.
Use your expected average annual rate. This is a simplified projection.
| Year | Balance | Total Deposits | Interest Earned |
|---|
Estimates only. Actual yields vary by account, compounding method, and fees.
How it works
This calculator applies a simple monthly compounding model. Each month: (1) interest is applied to the current balance, then (2) your monthly deposit is added.
The annual interest rate is converted to a monthly rate by dividing by 12. This is common for quick projections, but real accounts may compound daily or use APY rules.
Use the year-by-year table to sanity-check your plan and to compare different deposit amounts or rates.
Examples
- $1,000 start, $200/mo, 3% for 10 years → estimate final balance and total interest
- Set interest to 0% → deposit-only savings projection
- Increase monthly deposit to compare how much faster you reach a target balance
When to use this tool
This tool is designed for quick, practical tasks such as everyday calculations, data formatting, or simple conversions. It is best used when you need fast results without installing software or using complex tools.
When to use
- Quick checks or one-time calculations
- Validating or converting data before using it elsewhere
- Simple tasks that do not require advanced software
When not to use
- Critical financial, legal, or medical decisions
- Large-scale or automated processing
- Situations requiring guaranteed precision beyond basic validation
Always review results before using them in important contexts.
About this tool
This tool helps you perform quick utility operations directly in your browser. It runs entirely in your browser without sending data to a server.
You can use this tool when handling simple tasks without installing additional software. The results should be interpreted as a processed output based on your input data.
FAQ
- Is the interest compounded monthly?
Yes. This tool applies the annual rate as a monthly rate (annual ÷ 12) and compounds month by month for a simple estimate.
- Does it model APY exactly like banks do?
Not exactly. Banks may use daily compounding, different posting schedules, and fees. Use this as an estimate.
- What if the interest rate is 0%?
Then the balance grows only from deposits. The interest earned will be 0.
- Are taxes and fees included?
No. Taxes, account fees, and tiered rates are not included.
- How should I treat irregular deposits?
Convert your average deposit into a monthly amount for a rough projection.