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Savings Calculator

See how your savings grow month by month. Enter your starting amount, monthly deposits, interest rate and years to project your future balance — free and instant.

About this tool

Whether you are building an emergency fund or saving for a down payment, seeing the future balance keeps you motivated. Our free savings calculator projects your balance with monthly compounding.

Enter your starting deposit, what you will add each month, the interest rate, and the time horizon. Watch how consistency beats intensity.

How to use

Type your initial deposit (use 0 if starting from scratch), then your planned monthly deposit. Enter the annual interest rate your account pays - high-yield savings accounts change rates often, so use a conservative figure.

Enter the number of years and press Calculate Savings. Compare scenarios: a slightly higher monthly deposit usually beats chasing a slightly higher rate.

The math behind it

Interest compounds monthly: each month the balance grows by the monthly rate (annual rate / 12) and then your deposit is added. The closed form is: initial x (1+r)^n + monthly x ((1+r)^n - 1)/r, with r the monthly rate and n the number of months.

Because deposits are added every month, the total grows faster than a lump sum alone. This is the same math banks use for savings projections.

Frequently asked questions

What is a realistic savings interest rate?
Rates move with the economy. Traditional bank savings often pay well under 1 percent, while high-yield online accounts have recently paid 4 percent or more. Rates are not locked - banks can change them anytime. Use today's rate for near-term plans, but for multi-year projections consider testing a lower rate to stay conservative.
Should I save or pay off debt first?
It depends on the interest rates. High-interest debt (like credit cards at 20 percent+) almost always costs more than savings earn, so attacking it first usually wins mathematically. Still, keep a small emergency buffer of $500-$1,000 so surprise expenses do not force new debt. Once expensive debt is gone, redirect those payments into savings.
How much should I save each month?
The classic guideline is 20 percent of income, but any consistent amount works - start where you can and increase gradually. Automate the transfer for the day after payday so you never see the money. Even $50 a month builds the habit, and the calculator shows how small deposits compound into meaningful sums over years.

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