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Savings Calculator

Project savings growth from a lump sum and recurring deposits.

Introduction

Savings Calculator — Project savings growth from a lump sum and recurring deposits. Enter Initial lump sum, Monthly deposit (made at the end of each month), Annual rate (%, nominal, compounded monthly), Years to get an instant, accurate result.

Formula

With a nominal annual rate compounded monthly (r = rate ÷ 12, n = years × 12): future value = lump sum × (1 + r)ⁿ + monthly deposit × ((1 + r)ⁿ − 1) ÷ r. At 0% interest the deposits simply add up (deposit × n). Deposits are assumed to be made at the end of each month. Total invested = lump sum + monthly deposit × n.

Step-by-step

  1. Enter the Initial lump sum.
  2. Enter the Monthly deposit (made at the end of each month).
  3. Enter the Annual rate (%, nominal, compounded monthly).
  4. Enter the Years.
  5. Click Calculate to see your result instantly.

Real-world example

Example: With Initial lump sum = 5000, Monthly deposit (made at the end of each month) = 300, Annual rate (%, nominal, compounded monthly) = 4, Years = 10, the Savings Calculator gives Future Value: 51629.1048, Total Invested: 41000, Interest Earned: 10629.1048.

Frequently Asked Questions

When are the monthly deposits assumed to be made, and when do they start earning?
At the end of each month, so a deposit starts earning interest the month after it is made; earlier deposits therefore earn more in total than later ones. The same monthly compounding is used for the initial lump sum.
What does "interest earned" represent?
The future value minus everything you actually deposited (lump sum plus all monthly contributions).
What inputs does the Savings Calculator need?
You'll need to provide: Initial lump sum, Monthly deposit (made at the end of each month), Annual rate (%, nominal, compounded monthly), Years. All fields use sensible defaults, so you can see a working example immediately and then adjust the values to match your own numbers.
How accurate is the Savings Calculator?
The Savings Calculator applies the formula exactly as calculated — With a nominal annual rate compounded monthly (r = rate ÷ 12, n = years × 12): future value = lump sum × (1 + r)ⁿ + monthly deposit × ((1 + r)ⁿ − 1) ÷ r. At 0% interest the deposits simply add up (deposit × n). Deposits are assumed to be made at the end of each month. Total invested = lump sum + monthly deposit × n. — so results are precise for the inputs you provide. Accuracy depends on entering correct, realistic input values.
Are these results guaranteed?
No. The Savings Calculator gives an estimate based on the numbers you enter and standard financial formulas — actual rates, fees, taxes, and terms vary by lender, institution, and jurisdiction, and can change over time. This is not financial advice; consult a qualified financial professional for decisions specific to your situation.
Is the Savings Calculator free to use?
Yes, the Savings Calculator is completely free, requires no signup, and runs instantly in your browser.

About the Savings Calculator

The Savings Calculator uses a real, verifiable formula — With a nominal annual rate compounded monthly (r = rate ÷ 12, n = years × 12): future value = lump sum × (1 + r)ⁿ + monthly deposit × ((1 + r)ⁿ − 1) ÷ r. At 0% interest the deposits simply add up (deposit × n). Deposits are assumed to be made at the end of each month. Total invested = lump sum + monthly deposit × n. — so results are accurate every time, not an approximation.