Simple Savings Calculator
Plan your savings journey with clarity by combining your starting amount, monthly deposits, and APY.
This calculator projects your balance growth over time so you can track contributions and interest side by side.
Total Savings Breakdown
Interest Earned
$2,628.02
Total Contributions
+$15,000
Initial Deposit
+$5,000
Your Total Savings
$22,628.02
Adjust the APY to see how different interest rates can impact your savings over time.
How to Use This Calculator
- Enter your Initial Deposit, Monthly Contribution, savings period and APY. The calculator will estimate your total savings, total contributions and interest earned over the selected period.
- Keep in mind: Savings account APYs may change over time. Your actual savings may therefore be higher or lower than the estimate shown by the calculator.
Factors That Affect Your Savings
- Initial Deposit: The amount you start with. A larger starting balance can help increase savings growth.
- Monthly Contribution: The amount added every month. Higher monthly contributions can increase your total savings.
- Over a Period of: The number of months or years you plan to save. A longer period gives your savings more time to grow.
- APY: The Annual Percentage Yield used to estimate interest. APY includes the effect of compounding.
Simple Savings Formula
- The calculator estimates savings growth using the Initial Deposit, Monthly Contribution, APY and selected savings period.
- Interest compounds over time so both deposited money and accumulated interest contribute to savings growth.
- Monthly Interest Rate = (1 + APY/100)^(1/12) − 1.
- Initial Deposit Future Value = Initial Deposit × (1 + Monthly Rate)^Months.
- Monthly Contribution Future Value = Monthly Contribution × [((1 + Monthly Rate)^Months − 1) / Monthly Rate].
Understanding Your Results
- Interest Earned: Estimated interest earned during the selected period.
- Total Contributions: Total amount added through Monthly Contributions.
- Initial Deposit: Starting savings amount entered by the user.
- Your Total Savings: Estimated total value of the savings at the end of the selected period.
