Loading…
Loading…
See how your savings grow with compound interest. Enter an initial deposit, monthly contribution, annual interest rate, and compounding frequency (daily, monthly, quarterly, or annually). Results show your final balance, total contributions, total interest earned, and a year-by-year breakdown table.
Final balance
$107,143.85
Total contributions
$70,000
Initial + monthly
Total interest earned
$37,143.85
| Year | Start | Contributions | Interest | End balance |
|---|---|---|---|---|
| 2026 | $10,000 | $6,000 | $955.34 | $16,955.34 |
| 2027 | $16,955.34 | $6,000 | $1,458.14 | $24,413.48 |
| 2028 | $24,413.48 | $6,000 | $1,997.29 | $32,410.77 |
| 2029 | $32,410.77 | $6,000 | $2,575.41 | $40,986.18 |
| 2030 | $40,986.18 | $6,000 | $3,195.33 | $50,181.52 |
| 2031 | $50,181.52 | $6,000 | $3,860.06 | $60,041.58 |
| 2032 | $60,041.58 | $6,000 | $4,572.85 | $70,614.43 |
| 2033 | $70,614.43 | $6,000 | $5,337.16 | $81,951.59 |
| 2034 | $81,951.59 | $6,000 | $6,156.72 | $94,108.31 |
| 2035 | $94,108.31 | $6,000 | $7,035.54 | $107,143.85 |
Compound interest means you earn interest on your existing balance and on previous interest. Each period (day, month, quarter, or year depending on your choice), the rate is applied to the current balance plus any contribution you make. Over time, this creates exponential growth — the longer the horizon and the higher the rate, the more dramatic the effect.
Daily compounding uses 365 periods per year; monthly uses 12; quarterly uses 4; annually uses 1. More frequent compounding yields a slightly higher effective return. Savings accounts often compound daily; many bonds or funds compound monthly or quarterly. This calculator applies the correct growth factor per month for your chosen frequency.
$10,000 initial deposit, $500/month, 7% annual rate, monthly compounding, 10 years: final balance is approximately $98,000. Total contributions (initial + 120 × $500) are $70,000; the rest is interest. Use the calculator above for your own figures and to see the year-by-year table.
The calculator steps through each month. Monthly growth factor = (1 + annual rate / periods per year)^(periods per year / 12). Each month: new balance = (balance + monthly contribution) × growth factor. No taxes or fees are included.
Compound interest grows your balance by applying the interest rate to your existing balance plus new contributions. For example, $10,000 initial deposit plus $500/month at 7% annual rate (monthly compounding) for 10 years yields roughly $98,000 final balance — about $52,000 in total contributions and $36,000 in interest. Use the calculator with your numbers and compounding frequency to see your projection.
Daily compounding applies the annual rate in 365 small steps per year; monthly uses 12 steps. The more frequent the compounding, the higher the effective return. For a 7% annual rate over 10 years, daily compounding yields slightly more than monthly (e.g. a few percent more on the final balance). Savings accounts often compound daily; many investments compound monthly or quarterly.
The formula combines the future value of a lump sum (initial deposit × (1 + r)^n) with the future value of an annuity (monthly contribution × (((1 + r)^n − 1) / r)). This calculator does it month by month: each period you add your contribution, then apply the growth factor based on your compounding frequency. Results show final balance, total contributions, total interest, and a year-by-year table.
Yes, but the effect is modest for typical rates. Going from annual to monthly compounding at 7% over 10 years might add a few percent to your final balance. Daily vs monthly is an even smaller difference. The calculator lets you choose daily, monthly, quarterly, or annual compounding so you can match your account or compare.
Use the calculator in reverse: try different monthly contribution amounts until the final balance matches your target. For example, to reach $500,000 in 20 years at 7% with $0 initial deposit, you would need to contribute roughly $950/month with monthly compounding. Adjust initial deposit, rate, and years to explore scenarios.
Mortgage Early Payoff
Calculate how extra payments reduce your mortgage term and total interest paid. Supports annuity and differentiated payment schedules.
Retirement Savings
Project your retirement savings with compound interest, employer matching, and inflation adjustment. Based on the 4% withdrawal rule.
Dividend Tax
Calculate net dividends after tax across 8 countries. Includes withholding rates, surcharges, and tax-free allowances.
Salary After Tax
Find your take-home pay in 8 countries and all 50 US states. Includes federal and state income tax, social contributions, and deductions.
Debt Payoff
Compare avalanche and snowball strategies to pay off multiple debts. See total interest saved and your debt-free date.
Rent vs Buy
Should you rent or buy? Compare total costs including mortgage, taxes, appreciation, and opportunity cost over time.
Inflation Calculator
Calculate how inflation erodes purchasing power. See the future or historical value of money with year-by-year breakdown.
FIRE Calculator
Financial Independence, Retire Early. Your FIRE number, years to FIRE, savings rate, and year-by-year projection.
Loan Calculator
Calculate loan payments (EMI), total interest, total amount paid, and effective annual rate. Full amortization. Monthly or biweekly.