Savings Calculator

Calculate how your savings account grows with initial deposit, regular monthly contributions, and compounding interest.

Calculator Inputs

$
Starting account balance.
$
Amount deposited monthly.
%
Annual percentage yield.
yrs
Duration.

Calculated Results

Future Savings Balance
$43,219.42
Total Deposits Made $29,000.00
Total Interest Earned $14,219.42
Savings Growth Multiple 1.49x
Values calculate live as you adjust inputs.

About Savings Calculator

Forecasts compounding accumulation in high-yield savings accounts (HYSA) or money market accounts with recurring deposits.

What is Savings Calculator?

Forecasts compounding accumulation in high-yield savings accounts (HYSA) or money market accounts with recurring deposits.

How to Use This Calculator

  1. Enter initial starting balance.
  2. Enter recurring monthly deposit.
  3. Set annual APY rate and time horizon.
  4. Review final balance and total accrued compound interest.

The Mathematical Formula & Variables

FV = Initial*(1+r/12)^(12t) + Monthly*[((1+r/12)^(12t) - 1)/(r/12)]

Step-by-Step Worked Example

Scenario: $5,000 start + $200/mo at 4.5% APY for 10 years.

  1. Total deposits = $5,000 + ($200 * 120) = $29,000.
  2. Compounding yields $43,219.42 total balance.
  3. Interest earned = $14,219.42.

Result: $43,219.42

Frequently Asked Questions

What is the difference between APR and APY?

APR is the nominal rate without compounding, while APY (Annual Percentage Yield) reflects the true annual return including compounding effects.