Savings Calculator
Calculate the future value of your savings based on your initial investment, monthly contribution, interest rate, and time period.
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How It Works
The Savings Calculator determines the future value of your savings based on your initial investment, monthly contribution, interest rate, and time period.
The future value is calculated using the following formula:
Future Value = Initial Investment + Σ (Monthly Contribution × (1 + Monthly Interest Rate)^n)
This helps you understand how much your savings will grow over time.
Examples
Example 1: Long-Term Savings
Initial Investment: $1,000
Monthly Contribution: $100
Interest Rate: 5% per annum
Time: 10 years
Future Value: $16,746.24
Example 2: Short-Term Savings
Initial Investment: $500
Monthly Contribution: $50
Interest Rate: 3% per annum
Time: 3 years
Future Value: $2,416.17
Compare
Factors Affecting Savings:
- Initial Investment: Higher initial investment results in higher future value
- Monthly Contribution: Higher monthly contribution results in higher future value
- Interest Rate: Higher interest rate results in higher future value
- Time: Longer time period results in higher future value
Understanding these factors helps you plan your savings effectively.
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