What interest rate should I use?

For a high-yield savings account, use 4–5%. For a stock market index fund, historical averages are 7–10% annually. Use a conservative rate for planning purposes.

How powerful is compound interest?

Saving $200/month at 7% for 30 years grows to approximately $227,000 — even though you only contributed $72,000. The rest ($155,000) is interest on interest.

When should I start saving?

The earlier the better. Starting at 25 vs 35 with the same monthly contributions can result in nearly double the final balance due to compound interest over time.

Savings Calculator — Future Value of Savings

The Savings Calculator shows you how much your savings will grow over time with regular monthly contributions and compound interest. Whether you are saving for a house deposit, retirement, or an emergency fund, seeing the long-term impact of consistent saving and compounding is a powerful motivator.

Initial Deposit($)

Monthly Contribution($)

Annual Interest Rate(%)

Savings Period(years)

How to Use This Calculator

1
Enter your initial deposit amount (can be 0 if starting fresh).
2
Enter how much you will save each month.
3
Enter the expected annual interest rate.
4
Enter the number of years you will save for.
5
Click Calculate to see your total savings at the end of the period.

Frequently Asked Questions

The calculator uses compound interest: FV = P(1+r)^n + PMT × [(1+r)^n - 1] / r, where P is initial deposit, PMT is monthly contribution, r is monthly rate, and n is total months.

Related Calculators

🧮Compound Interest Calculator 🧮Retirement Calculator 🧮Emergency Fund Calculator