Savings Calculator

This tool projects the future value of a savings plan that combines an initial deposit with recurring monthly contributions earning compound interest. It takes initial deposit, monthly contribution, annual interest rate, number of years (1-50), and compounding frequency, then reports the final balance, total contributions, total interest earned, and a year-by-year breakdown.

1. Enter Initial Deposit (defaults to 1000) and Monthly Contribution (defaults to 100). 2. Enter Annual Interest Rate % (defaults to 5), Years 1-50 (defaults to 10), and pick Compounding frequency: Annually (1×), Quarterly (4×), Monthly (12×), or Daily (365×). 3. Click Calculate. 4. Read the three summary cards: Final Balance, Total Contributions (initial + monthly × 12 × years), and Total Interest (balance − contributions), followed by a scrollable yearly breakdown table.

Let n = compounds per year, r = annual rate ÷ 100. Future value of the initial deposit: FV₀ = P × (1 + r/n)^(n·years). Future value of monthly contributions (converted to a per-period payment PMT = monthly × n/12): FV_c = PMT × ((1 + r/n)^(n·years) − 1) / (r/n), or PMT × n × years when r = 0. Final balance = FV₀ + FV_c. The yearly breakdown recomputes these for each year 1…N.