Savings future value
Model how regular savings deposits grow over time with compound interest.
Savings future value
Model how regular savings deposits grow over time with compound interest.
A general-purpose savings projection — not specific to retirement — for any goal where you’re putting away a lump sum plus regular monthly amounts and want to know roughly what it grows into by a target date.
It can help you answer questions like:
- Will I reach my savings goal in time if I keep going at this rate?
- How much of the final amount is actually my own money versus interest earned?
- What happens if I save a bit more each month?
What you’ll need to enter:
- Initial deposit — what you’re starting with. (Example: $1,000.)
- Monthly deposit — how much you plan to add each month. (Example: $200.)
- Years — how long you plan to keep saving. (Example: 10 years.)
- Annual interest rate — the rate your savings account or investment actually pays. Check your provider’s current rate rather than assuming a long-term average, especially for shorter time frames. (Example: 6%.)
How it works
We grow your initial deposit and every monthly deposit forward using your interest rate, compounding month by month over the years you enter.
What the result tells you
With the example numbers, $1,000 plus $200 a month for 10 years at 6% grows to about $34,600 — of which $25,000 is your own deposits and around $9,600 is interest earned on top.
A few ways to use this calculator to hit your goal:
- Work backwards from your target. If you have a goal amount in mind, try different monthly deposit figures until the projected total gets close to it.
- Small increases add up. Because of compounding, bumping your monthly deposit up even slightly early on can make a bigger difference than the same increase added later.
- Shop around on interest rates. A better savings rate on the same deposits can meaningfully change your result over several years — it’s worth comparing providers.
- Keep the goal in view. Revisit this every few months to check you’re still on track, and adjust your monthly deposit if you’ve fallen behind or gotten ahead.
In short: a simple way to see whether your current saving habit actually gets you where you want to go — and what to change if it doesn’t.
Figures and results from these calculators are a general guide only and are not financial or professional advice. Consider getting professional advice, such as from a bookkeeper or accountant, before making decisions based on these results.