Simple Savings Calculator
Use this free simple savings calculator to estimate your investment growth over time. Work out the interest on your IRA, calculate certificate of deposit growth or estimate how long it will take to save for a down payment on a house. With this growth calculator, you can set a goal and figure out how much you need to save each month to hit the mark.
Compare CD rate offers on Bankrate.
Your monthly deposit of $100.00
years with an interest rate of 6.50
% compounded Monthly
with an initial starting balance of $10,000.00
Final Savings Balance: $35,962.15
Simple Savings Calculator Help
Using a simple savings calculator can help you quickly and accurately estimate the growth of your investment. To use this calculator, you'll need the following information:
This is the starting amount of your investment, or how much you can initially contribute to the account. Whether you have $100 or $10,000 to contribute, your initial amount is crucial to your investment's growth.
The monthly deposit is the amount you can contribute to the growth of your investment each month. Decide on this amount according to your monthly budget. Tinker with the amount to see how higher monthly deposits can boost your investment growth over time.
Estimate the rate you'll earn on your investment by checking Bankrate's rate tables. You can find the best rates on CDs, checking, savings and money market accounts. If you already know what you'll be earning, enter the interest rate. Make sure to specify whether interest will be compounded monthly, quarterly, semiannually or annually.
Number of years
This is the number of years your investment has to grow. For example, if you're 30-years-old, and you plan to retire at age 65, your IRA has 35 years to grow. If you're purchasing a 5-year CD, your investment has 5 years to grow. Longer time frames equate to larger investment growth.