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Estimates for informational purposes only — not financial advice.
Saving is free — sign in and your calculations follow you to any device.
Estimates for informational purposes only — not financial advice.
The Power of Saving and Compound Interest
A savings plan is essential for reaching your financial goals, whether you're saving for a down payment, retirement, or a rainy day. The key to growing your savings is compound interest, which is the interest you earn on both your initial deposit and the accumulated interest. This calculator demonstrates how your initial deposit, regular contributions, and interest rate work together to grow your wealth over time.
Term Definitions
Initial Deposit
The initial deposit is the principal amount of money you first place into a savings or investment account. A larger initial deposit can lead to greater earnings over time due to the power of compound interest.
Monthly Contribution
A monthly contribution is a regular, recurring amount of money you add to your savings or investment account. Consistent contributions are a key strategy for reaching savings goals faster as they increase the principal and accelerate compound interest growth.
Interest Rate
The interest rate is the percentage of the principal that a lender charges for borrowing money. It is typically expressed as an annual rate. A lower interest rate will result in lower monthly payments and less total interest paid over the life of the loan.
Years
This is the total number of years you plan to let your savings or investment grow. The longer the time horizon, the more significant the effect of compound interest will be on your final amount.
Inflation Rate (%)
Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. When calculating savings, factoring in the inflation rate helps you understand the future value of your money in today's dollars.