Savings Calculator
Use this savings calculator to see how much a starting balance and regular monthly deposits could grow at a given APY, or switch to goal mode to find how much you need to set aside each month to reach a target, such as an emergency fund or a down payment. A yearly table and chart separate the money you deposit from the interest it earns.
Updated
Results
- Total depositsStarting balance plus all deposits
- Interest earnedBefore taxes
- Final balance in today's dollarsAdjusted for the inflation rate you entered
- Note
| Year | Total deposited | Interest earned | Balance |
|---|
Results are estimates. See the methodology below.
How to use the calculator
- Choose a mode: Growth projects your balance; Savings goal works out the monthly deposit you need.
- Starting balance: what's in the account today. It can be $0.
- Monthly deposit (growth mode) or savings goal (goal mode).
- Interest rate (APY): the annual percentage yield your bank quotes.
- Years: how long you'll save.
- Advanced: an inflation rate to see the final balance in today's dollars.
The required monthly deposit appears only in goal mode, and the value in today's dollars only when you enter an inflation rate.
How the calculator works
APY already includes compounding, so the calculator converts it to an equivalent monthly rate that compounds back to exactly the APY over 12 months:
i = (1 + APY)^(1/12) − 1
Each month the balance grows by i, then your deposit is added at the end of the month. In goal mode, the monthly deposit D needed to reach goal G in n months from a starting balance S is:
D = (G − S × (1 + i)^n) × i ÷ ((1 + i)^n − 1)
The value in today's dollars divides the final balance by (1 + inflation)^years. The rate is assumed to stay the same for the whole period; in reality, rates on savings and money market accounts can change at any time. Taxes and fees are not deducted.
Worked examples
1. $5,000 plus $300 a month at 4% APY for 10 years
The balance reaches $51,410.00. You deposit $41,000 and earn $10,410.00 in interest.
| Year | Total deposited | Interest earned | Balance |
|---|---|---|---|
| 1 | $8,600.00 | $265.53 | $8,865.53 |
| 5 | $23,000.00 | $2,936.97 | $25,936.97 |
| 10 | $41,000.00 | $10,410.00 | $51,410.00 |
With 3% yearly inflation, that balance is worth about $38,253.87 in today's dollars.
2. Saving $30,000 for a down payment in 5 years
Starting with $5,000 at 4% APY, you need to deposit $361.39 a month. You put in $26,683.67 and interest covers the other $3,316.33. In an account paying 0.5% APY, the required deposit rises to $409.50 a month.
3. When the starting balance is already enough
If you have $25,000 and your goal is $25,000 in 5 years at 4% APY, the calculator shows a required deposit of $0 and notes that your balance alone gets you there; it would grow to $30,416.32.
How to read your results
In the first years most of the growth comes from your own deposits; interest becomes a bigger share the longer you save. If the goal-mode deposit is too high for your budget, try more years or a larger starting amount and compare. A real value close to or below your total deposits means your savings are only roughly keeping pace with the inflation rate you entered.
Frequently asked questions
What's the difference between APY and the interest rate?
The interest rate is the base rate; APY reflects the effect of compounding over a year, so it's the better figure for comparing accounts. Enter the APY here.
Does the calculator account for taxes?
No. The results are before any tax on the interest you earn. Tax-advantaged accounts follow their own rules.
Is my money insured?
At an FDIC-insured bank, deposits are covered up to $250,000 per depositor, per insured bank, for each account ownership category. Coverage is automatic when you open an account there.
What inflation rate should I enter?
Any rate you want to test. For reference, the Bureau of Labor Statistics reported that the Consumer Price Index for all urban consumers rose 3.4% in the 12 months to August 2026. Future inflation may be higher or lower.
Why is my bank's balance slightly different?
Banks may compound daily, credit interest monthly and calculate on your actual daily balance, while this calculator assumes deposits at the end of each month at a constant APY. The difference is usually small.
Sources
This calculator provides estimates for educational purposes only and is not financial advice. Actual interest depends on your account's terms, rate changes and taxes.