Savings Calculator
How a Small Deposit Habit Adds Up
Savings growth comes from two sources working together: whatever you start with, growing on its own, and whatever you add regularly, each new deposit getting less time to compound than the one before it. Projecting the combined result over years lets you see whether a given savings habit is actually on pace for a goal, rather than guessing.
The Formula
P is your initial deposit, PMT is the monthly deposit, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of months. The first term grows your starting balance; the second accumulates the value of every future monthly deposit.
Where This Is Useful
- Emergency fund planning — seeing how many months of steady deposits it takes to reach a target cushion.
- High-yield savings accounts — comparing how different advertised APYs affect the same deposit habit over time.
- Short and medium-term goals — a car, a wedding, a down payment — where the horizon is too short for higher-risk investing but interest still matters.
$1,000 Initial + $150/Month at 4% Interest
| Years | Future Value | Total Deposited | Interest Earned |
|---|---|---|---|
| 5 | $11,165.84 | $10,000.00 | $1,165.84 |
| 10 | $23,578.30 | $19,000.00 | $4,578.30 |
| 20 | $57,238.78 | $37,000.00 | $20,238.78 |
Interest earned grows from about 10% of contributions at year 5 to more than half of contributions by year 20 — the compounding effect accelerates the longer the money sits.
How to Use This Calculator
- Enter your Initial Deposit (0 if starting from scratch).
- Enter your planned Monthly Deposit.
- Enter the Annual Interest Rate your account earns.
- Enter the Number of Years you plan to save.
- Select Calculate to see the projected balance, total deposited, and interest earned.
Related Calculations
Working backward from a target amount instead? Try the Savings Goal Calculator, or model investment-style growth with the Compound Interest Calculator.