Free Savings Calculator with Compound Interest
Calculate the future value of your savings with compound interest. Plan your financial goals and see how your money can grow over time.
About the Savings Calculator
Our savings calculator helps you understand how compound interest can grow your savings over time. Whether you're planning for retirement, a major purchase, or building an emergency fund, this tool provides accurate calculations to help you make informed financial decisions.
Key Features:
- Calculate compound interest with different compounding frequencies
- Include regular monthly contributions to your savings
- Visual chart showing growth over time
- Detailed breakdown of contributions vs. interest earned
- Mobile-friendly and easy to use
How to Use:
- Initial Amount: Enter your starting savings amount
- Monthly Contribution: Add any regular monthly deposits you plan to make
- Annual Interest Rate: Enter the expected annual interest rate (as a percentage)
- Number of Years: Specify how long you plan to save
- Compound Frequency: Choose how often interest is compounded (monthly is most common)
- Calculate: Click the button to see your results
Understanding Compound Interest:
Compound interest is the interest calculated on the initial principal and the accumulated interest from previous periods. This means your money grows faster over time because you earn interest on your interest. The formula used is:
A = P(1 + r/n)^(nt) + PMT × [((1 + r/n)^(nt) - 1) / (r/n)]
Where A = final amount, P = principal, r = annual interest rate, n = compound frequency, t = time in years, PMT = monthly payment