Savings Calculator
Enter how much you can save each month, the interest rate and how long you will save for to see your balance, your deposits and the interest earned.
Balance at the end
$21,395.46
Total deposited
$19,000.00
Interest earned
$2,395.46
Average monthly growth
$39.92
How this was worked out
- Step 1Deposits = 1,000 + (300 × 60 months) = $19,000.00
- Step 2Interest compounded monthly at 4.5% = $2,395.46
Formula
FV = P(1 + r)ⁿ + C × ((1 + r)ⁿ − 1) ÷ r
Example
Input
$1,000 start + $300/month at 4.5% for 5 years
Result
≈ $21,400
Frequently asked questions
Yes, with deposits made at the end of each month.
Compare your savings rate with your debt rate. If the debt charges more interest than your savings earn, clearing the debt usually wins.
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