Savings Calculator
Future value of savings with monthly contributions
Project savings growth with initial balance plus monthly contributions at a given rate. Enter starting balance to see total future value and interest earned.
What this tool does
This calculator models the growth of your savings over time by combining an initial balance with regular monthly contributions. It accounts for compound interest applied at your chosen frequency—whether monthly, quarterly, annually, or another interval. The result shows your total balance at the end of the period, broken down to illustrate how much comes from your contributions versus interest earned. The calculation is most sensitive to the annual interest rate and the length of time your money compounds; even small changes to these inputs significantly alter the outcome. A typical scenario might involve planning for a financial goal several years ahead by entering current savings, expected monthly additions, and an anticipated interest rate. Note that this is an educational estimate and does not account for taxes, fees, or variations in interest rates over time.
Quick answer: with the default values, the result is $36,904.12 (Total After 10 Years). Adjust the values below for your own figures.
Enter Values
People also use
Savings
College Savings Calculator
Calculate required monthly savings for future college costs using inflation-adjusted tuition and investment growth projections.
Savings
Education Savings Calculator
Estimate monthly savings needed with our education savings calculator. Enter your target, years, balance, and return rate to find your required contribution.
Savings
Junior Savings Calculator
Calculate pot value at age 18 from monthly savings, expected return, and the child's current age — what a children's savings plan reaches.
Formula Used
Disclaimer
Results are estimates for educational purposes only. They do not constitute financial advice. Consult a qualified professional before making financial decisions.
The Future Value Formula
Savings grow via two streams: the initial balance compounding and monthly contributions compounding as an annuity. A 5,000 starting balance at 4% for 10 years compounds to 7,454. Adding 200/month in contributions over the same period adds 29,450. The combined future value is 36,904.
Why Compounding Frequency Matters
Monthly compounding on a 4% rate produces slightly more than annual compounding — the effective annual rate (APY) is 4.07%. The gap widens at higher rates. Savings accounts commonly compound monthly or daily; the calculator defaults to monthly, the more common of the two.
Common Inputs for Realistic Results
Published rate ranges vary by jurisdiction, product and provider, and the account's own terms carry the applicable figure: instant-access and high-yield savings sit at one end, fixed-term deposits (CDs, fixed-rate bonds, FDs) above them, and invested balances are quoted on a different basis again. The projection is only meaningful where the rate matches the product type.
Quick example
With starting balance of 5,000 and monthly contribution of 200 (plus annual rate of 4 and years of 10), the result is approx 36,904. Changing any figure shifts the output — it's often more useful to see the pattern than to memorise the formula.
Which inputs matter most
You enter Starting Balance, Monthly Contribution, Annual Rate, Years, and Compounding per Year.
What's happening under the hood
Principal compounds at (1 + rate/compounding) to the power of compounding times years. Monthly contributions compound as a series. Total future value sums both streams. Results are estimates for illustration purposes only.
How to use this beyond the first run
Re-running the calculation once a year keeps it current. Life changes — pay rises, new expenses, interest-rate shifts — and the figure that looked right 12 months ago often isn't today.
Savings on $5,000 start with $200/mo grows to $36,904.12 in 10 years.
Inputs
| Total Contributed | $29,000.00 |
|---|---|
| Interest Earned | $7,904.12 |
| Starting Balance FV | $7,454.16 |
| Contributions FV | $29,449.96 |
This example uses typical values for illustration. Adjust the inputs above to match a specific situation and see how the result changes.
Sources & Methodology
Methodology
This calculator computes future value by modelling two separate streams: initial balance growth and accumulated monthly contributions. The initial balance compounds using the formula P(1 + r/n)^(nt), where the annual rate divides by compounding frequency and applies across the total number of compounding periods. Monthly contributions are treated as an annuity, compounding using the standard future-value-of-annuity formula. Both streams are then summed to determine total future value. Deposits are assumed to be made at the end of each period (an ordinary annuity); depositing at the start of each period produces a slightly higher figure. Where the compounding frequency is not monthly, the monthly contribution is converted to the compounding period before the annuity is applied, so the total contributed is the same at every frequency. The model assumes a constant annual rate, regular monthly deposits, and compounding at the specified frequency throughout the period. It does not account for fees, taxes, variable contribution amounts, rate changes, or fluctuations in actual investment returns. Results are illustrative estimates only.
Frequently Asked Questions
What rate ranges are typical?
Monthly or annual compounding?
Does this include taxes?
What about inflation?
Related Calculators
College Savings Calculator
Calculate required monthly savings for future college costs using inflation-adjusted tuition and investment growth projections.
Education Savings Calculator
Estimate monthly savings needed with our education savings calculator. Enter your target, years, balance, and return rate to find your required contribution.
Junior Savings Calculator
Calculate pot value at age 18 from monthly savings, expected return, and the child's current age — what a children's savings plan reaches.
More Savings Calculators
Savings
Bucket Retirement Strategy Calculator
Allocate retirement savings across three buckets — immediate cash, medium-term income, and long-term growth. Enter retirement pot to see each bucket's amount.
Savings
Bucket Strategy Calculator
Split a portfolio into near-term cash, medium-term bonds, and long-term growth buckets based on target allocations across each band.
Savings
Cash vs Invest Calculator
Compare long-term value of holding cash vs investing the same amount at expected market returns. Enter cash rate and investment return to see opportunity cost.
Savings
CD Calculator — Certificate of Deposit Growth
CD calculator for certificates of deposit. Enter principal, APY, and term to see maturity value, interest earned, and effective yield.
Savings
CD Early Withdrawal Penalty Calculator
Calculate CD early withdrawal penalty cost and net amount received. Enter CD principal and CD APY to see penalty amount and interest earned.
Savings
College Savings Calculator
Calculate required monthly savings for future college costs using inflation-adjusted tuition and investment growth projections.
Explore Other Financial Tools
Financial Health
Credit Card Rewards Value Calculator
Calculate net annual value of credit card rewards after the annual fee. Enter spend and reward rate to see net rewards value.
Income
Upwork Earnings Calculator
Calculate net annual Upwork earnings after platform service fees. Enter your hourly rate, weekly hours, and fee percentage to see take-home income.
Income
Pay Rise Calculator — After-Tax Salary Increase
See what a pay rise really adds. Enter your salary and rise percentage to find the net annual, monthly and weekly increase in spendable income after tax.
Spotted something off?
Calculations or display — let us know.