Calculate how much your savings will grow over time with compound interest and regular contributions.
Enter your initial deposit, monthly contribution amount, interest rate, and time period to see how your savings will grow. The calculator shows you the total balance, total contributions, and interest earned.
This tool helps you plan for financial goals like emergency funds, down payments, vacations, or retirement by showing the power of consistent saving and compound interest.
Compound interest is interest calculated on both the initial principal and the accumulated interest from previous periods. This means your money grows faster over time as you earn interest on your interest.
The more frequently interest compounds, the more you earn. Most savings accounts compound interest daily or monthly, which accelerates your savings growth compared to simple interest.
Set up automatic transfers from your checking to savings account right after payday. This ensures you save before spending on other expenses.
Allocate 50% of income to needs, 30% to wants, and 20% to savings and debt repayment. This balanced approach helps build savings while maintaining quality of life.
Aim to save 3-6 months of living expenses in an easily accessible savings account. This protects you from unexpected expenses and job loss.
Define clear savings goals with target amounts and deadlines. Whether it's a vacation, car, or home down payment, specific goals keep you motivated.
Online banks typically offer higher interest rates than traditional banks. Perfect for emergency funds and short-term goals.
Similar to savings accounts but may offer check-writing privileges and debit cards. Often have higher minimum balance requirements.
Lock in a fixed interest rate for a specific term. Best for money you won't need to access for several months or years.
Calculate monthly mortgage payments and total interest
Calculate loan payments and interest costs
Calculate investment returns and growth
See how compound interest grows your investments
Calculate return on investment percentage
Plan your retirement savings and income