Savings Calculator
Project the future value of regular monthly deposits plus a starting balance with compound interest.
Future value$47,526.55
Total deposited$34,000.00
Interest earned$13,526.55
Future value = P·(1 + r)ⁿ + PMT·((1 + r)ⁿ − 1) ÷ r, where r is the monthly rate (annual ÷ 1200) and n is the number of months (years × 12). Starting with $10,000, adding $200/month at 5% for 10 years grows to ≈ $47,526.50 — of which ≈ $13,526.50 is interest on top of the $34,000 deposited. Interest is compounded monthly.
Educational estimate only — not professional financial or medical advice.
Questions
How does compound interest grow my savings?
Each month interest is added to the balance, so future interest is earned on that interest too. Over years this compounding can add up to a large share of the final total.
What does this assume?
It assumes a fixed annual rate compounded monthly, with deposits made at the end of each month. Real returns vary, and inflation is not factored in.