ToolForage.
FINANCE CALCULATOR

Savings Calculator

Project a savings balance from an initial amount, monthly deposits, and an annual interest rate. Compare the result with an optional savings goal.

Calculator

%
years
Advanced options
YOUR RESULTS
Projected balance17,175.24
Total deposits
13,000.00
Interest earned
4,175.24
Amount still needed
2,824.76

A positive goal gap means more is needed; a negative gap means the modeled balance exceeds the goal.

Projected savings by year

Amounts use the same currency as your inputs.

Total balanceTotal deposits
08.6K17.2K12345678910Year

Year 10

Deposits
13,000.00
Interest
4,175.24
Balance
17,175.24

Each point shows a year-end value.

Annual savings summary
Annual savings summary
YearDepositsInterestBalance
12,200.0079.052,279.05
23,400.00223.533,623.53
34,600.00436.815,036.81
45,800.00722.386,522.38
57,000.001,083.978,083.97
68,200.001,525.449,725.44
79,400.002,050.9011,450.90
810,600.002,664.6413,264.64
911,800.003,371.1715,171.17
1013,000.004,175.2417,175.24

Understanding your result

The annual table separates money deposited from interest, which helps show whether a goal depends mainly on contributions or compounding.

For a scenario with annual contributions and an inflation-adjusted result, the Investment Growth Calculator shows how purchasing power changes under the stated assumptions.

The formula

Balance next month = prior balance × (1 + r/12) + deposit

Here r is the nominal annual rate as a decimal, so an entered 12% becomes 0.12 and the monthly rate is 0.01. Each month the previous balance earns interest before the deposit is added. Repeat for twelve times the entered number of years.

One year of month-end deposits

Starting with 1,000 and adding 100 at each month-end for one year at 12% nominal annual interest, compounded monthly, produces 2,395.08. Total deposits are 2,200 and interest earned is 195.08. The last deposit earns no interest before the end of the modeled year.

How to use this calculator

  1. Enter your starting balance and the amount you will deposit at each month-end.
  2. Set the nominal annual interest rate and a whole number of years. Use a zero rate to check contributions without interest.
  3. Enter an optional savings goal in the additional options, then compare the projected balance, interest earned, and amount still needed.

Compare the contribution and interest portions

Raising the monthly deposit adds new money every month, while a higher interest assumption changes the growth of existing money. Compare these adjustments separately in the annual table. A plan that reaches its target only at a high rate may need a longer horizon or larger deposits if the actual account rate falls.

Read the goal gap with its sign

The goal gap is the entered goal minus the projected balance. A positive amount is a shortfall; a negative amount means the balance exceeds the goal. With a zero goal, that subtraction is simply the negative projected balance, not an amount you need to withdraw. The goal does not stop deposits when it is reached.

Assumptions & limitations

What this calculation assumes

  • Fixed monthly deposits at month-end.
  • Fixed annual rate divided monthly.
  • Goal is measured in the same currency.

What to keep in mind

  • Taxes, fees, withdrawals, and rate changes are excluded.
  • Inflation is not applied.
  • The goal gap can be negative when the goal is exceeded.

Common questions

What does a negative goal gap mean?

The projected balance exceeds the entered goal by that amount.

Can the interest rate be zero?

Yes. The balance will equal starting money plus deposits.

Does this work for investments?

It models smooth interest; market investments fluctuate.

Sources & further reading