DIY Cost Tools
Savings Calculator
FINANCIAL CALCULATOR
Estimate how regular monthly deposits and interest could grow your savings over time.
How it works
Enter what you have now, what you plan to add monthly, an estimated annual rate, and the time horizon. Interest is compounded monthly.
Formula
Balance is updated monthly as: prior balance × (1 + annual rate ÷ 12) + deposit.
Worked example
With $5,000 saved, $300 deposited monthly, and 4.5% annual growth for five years, the estimated ending balance is about $26,402.64.
Important limits
- Actual bank rates may be variable and annual percentage yield may differ from a simple nominal rate.
- Taxes, account fees, withdrawals, and inflation are excluded.
- Use your institution’s current disclosures for a real savings decision.
Frequently asked questions
Is the rate an APY?
Enter an annual rate for monthly compounding. If your bank quotes APY, results may differ slightly because APY already reflects compounding.
Can I enter a zero rate?
Yes. The result will equal the starting balance plus monthly deposits.
Sources and review notes
The calculator uses standard compound-growth arithmetic. Compare the estimate with current account terms and disclosures from your bank or credit union. Last reviewed September 29, 2026.