Savings Calculator

Use this free savings calculator to project future savings, total deposits, estimated interest, and target gap from current savings, monthly deposits, rate, and time.

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Formula steps Estimate limits shown Examples included Private history

Current savings ($)Monthly deposit ($)Annual rate (%)Time (years)Target amount ($)

Projected savings balance$22,942.18

$2,500 plus $300.00/mo for 5 years

Total deposits: $20,500.00
Estimated interest: $2,442.18
Target gap: $2,057.82

Formula steps

Start with current savings.
Add the monthly deposit at the end of each month.
Compound the balance monthly using the annual rate you entered.
Compare the projected balance with your target amount.

How to use the savings calculator

Enter the requested dollar amounts, rates, terms, tax settings, or contribution details.
Use rates as percentages, such as 6.5 for 6.5%, and check whether a field asks for a monthly or annual amount.
Press the calculate button to see the answer, supporting metrics, and formula steps.
Use the result as a planning estimate only, then copy it if the assumptions look right.

Common uses

Estimate when a savings goal may be reachable.

Compare monthly deposit amounts for a target balance.

See estimated interest separately from deposits.

Plan emergency fund, travel, purchase, or down-payment scenarios.

Examples

Savings goal $2,500 saved, $300/month, 4%, 5 years

Projected balance and gap

Emergency fund $1,000 saved, $250/month for 2 years

Target comparison

Longer horizon $5,000 saved, $200/month, 10 years

Growth estimate

Frequently asked questions

Plain-language answers about when to use the estimate, what your numbers mean, what is left out, and how privacy works.

When should I use the Savings Calculator?

Use it for early planning and side-by-side comparisons, especially for tasks like these: Estimate when a savings goal may be reachable. Compare monthly deposit amounts for a target balance. Treat the answer as a planning estimate, not a final quote.

What is the Savings Calculator doing with my numbers?

In plain language: The calculator compounds current savings monthly, adds monthly deposits at the end of each month, then compares the projection with your target amount. If the result seems too high or too low, first check whether each field expects a monthly amount, annual amount, dollar value, or percent.

What does this estimate leave out?

This is a rate-based savings projection. It does not include taxes, fees, variable rates, account limits, withdrawal timing, or bank-specific rules. Real finance decisions can also depend on fees, timing, local rules, credit details, and provider-specific terms.

Does the site save my finance inputs?

No. The calculator runs in your browser tab. Recent answers stay only on the page while you use it, and they are not sent to a server.