How this calculator works
The calculator compounds the annual rate monthly and assumes contributions are added each month. It separately reports what you contributed and what came from interest.
How to use it
- Enter your current savings balance.
- Add the amount you plan to save each month.
- Enter the annual interest rate and number of years.
- Add an optional target.
- Review projected balance, interest growth and the monthly amount needed for the target.
Assumptions and limitations
Assumes the entered interest rate stays constant and ignores tax on savings interest. Actual account rates can change.