Savings calculator
Estimate savings growth with deposits at the end of each month.
Formula
Bnext = B × (1 + rate/1200) + monthly deposit
Starting savings = 1,000 · Nominal annual interest (%) = 5 · Years = 20 · Monthly deposit = 100
How to use
- Enter your starting savings.
- Set the annual rate, monthly deposit and years.
- Read the projected balance and earned interest.
Examples
- 1000 plus 100/month for a year at 0%: 2200.
- 100/month for a year at 12% nominal: about 1268.25.
Growth schedule
Annual totals
| Year | Contribution | Interest | Closing balance |
|---|---|---|---|
| 1 | 1,200.00 | 79.05 | 2,279.05 |
| 2 | 1,200.00 | 144.49 | 3,623.53 |
| 3 | 1,200.00 | 213.27 | 5,036.81 |
| 4 | 1,200.00 | 285.58 | 6,522.38 |
| 5 | 1,200.00 | 361.58 | 8,083.97 |
| 6 | 1,200.00 | 441.48 | 9,725.44 |
| 7 | 1,200.00 | 525.46 | 11,450.90 |
| 8 | 1,200.00 | 613.74 | 13,264.64 |
| 9 | 1,200.00 | 706.53 | 15,171.17 |
| 10 | 1,200.00 | 804.07 | 17,175.24 |
| 11 | 1,200.00 | 906.60 | 19,281.84 |
| 12 | 1,200.00 | 1,014.38 | 21,496.22 |
| 13 | 1,200.00 | 1,127.67 | 23,823.89 |
| 14 | 1,200.00 | 1,246.76 | 26,270.66 |
| 15 | 1,200.00 | 1,371.94 | 28,842.60 |
| 16 | 1,200.00 | 1,503.53 | 31,546.13 |
| 17 | 1,200.00 | 1,641.85 | 34,387.97 |
| 18 | 1,200.00 | 1,787.24 | 37,375.21 |
| 19 | 1,200.00 | 1,940.07 | 40,515.28 |
| 20 | 1,200.00 | 2,100.72 | 43,816.01 |
Period details
| Period | Contribution | Interest | Closing balance |
|---|---|---|---|
| 1 | 100.00 | 4.17 | 1,104.17 |
| 2 | 100.00 | 4.60 | 1,208.77 |
| 3 | 100.00 | 5.04 | 1,313.80 |
| 4 | 100.00 | 5.47 | 1,419.28 |
| 5 | 100.00 | 5.91 | 1,525.19 |
| 6 | 100.00 | 6.35 | 1,631.55 |
| 7 | 100.00 | 6.80 | 1,738.34 |
| 8 | 100.00 | 7.24 | 1,845.59 |
| 9 | 100.00 | 7.69 | 1,953.28 |
| 10 | 100.00 | 8.14 | 2,061.42 |
| 11 | 100.00 | 8.59 | 2,170.01 |
| 12 | 100.00 | 9.04 | 2,279.05 |
Frequently asked questions
How often is interest compounded?
Monthly, using annual nominal percentage divided by 12.
Are deposits made at month start?
No. This model adds each deposit at month end.
Can I use any currency?
Yes. Keep the same currency for all amounts; no exchange conversion is performed.
Sources
Updated: