Savings Calculator
Project your savings growth over time with compound interest.
Savings Goals
Future Balance
$38,075
Total Contributions$29,000
Total Interest Earned$9,075
Balance Composition
PrincipalInterest
Growth Over Time
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Growth Schedule
| Yr | Contribution | Interest Earned | Total Balance |
|---|---|---|---|
| 1.0 | $7,400 | +$280 | $7,680 |
| 2.0 | $9,800 | +$683 | $10,483 |
| 3.0 | $12,200 | +$1,214 | $13,414 |
| 4.0 | $14,600 | +$1,881 | $16,481 |
| 5.0 | $17,000 | +$2,688 | $19,688 |
| 6.0 | $19,400 | +$3,643 | $23,043 |
| 7.0 | $21,800 | +$4,751 | $26,551 |
| 8.0 | $24,200 | +$6,021 | $30,221 |
| 9.0 | $26,600 | +$7,460 | $34,060 |
| 10.0 | $29,000 | +$9,075 | $38,075 |
Understanding This Savings Calculator
This calculator estimates the future value of your savings based on regular monthly contributions, an initial deposit, a fixed APY, and compound interest. It illustrates how consistent saving leads to long-term financial growth.
Key Factors
- Compound Interest:The longer your money stays invested, the faster it grows. Interest earned also begins earning interest over time.
- Regular Contributions:Monthly additions dramatically accelerate long-term growth compared to a one-time deposit.
- APY:Higher APY means faster growth. Review your bank’s savings products for the best available rates.
Important Disclaimer
Investment returns are not guaranteed. This tool is for educational purposes and should not be considered financial advice.