See how your savings could grow with compound interest. Enter a starting amount, regular monthly contributions, an interest rate and a number of years, and this free calculator shows the final balance and how much of it is interest.
| Total contributions | – |
| Interest earned | – |
How it works
Each month the balance grows by the effective monthly rate, then the monthly contribution is added. The effective monthly rate is (1 + r ÷ n)^(n ÷ 12) − 1, where r is the yearly rate and n is the number of compounding periods per year.
Real returns vary, fees and tax reduce them, and inflation reduces what the money can buy. This is an illustration, not a forecast.
Example
Starting with 10,000 and adding 200 a month at 5% compounded yearly for 10 years gives about 47,162, of which 34,000 is money you paid in and about 13,162 is interest.
Frequently asked questions
What is compound interest?
Interest earned on both your original money and on the interest already added.
Does compounding more often help?
Slightly. Daily compounding grows a little faster than yearly at the same rate.
Are contributions made at the start or end of the month?
This calculator adds them at the end of each month.
Saving specifically for retirement? See the retirement savings calculator for a version built around your retirement age.
More free tools: Simple interest calculator · Savings goal calculator · All free tools
This calculator gives estimates for information only and is not financial advice. Check figures with your lender or adviser.