Compound interest calculator
Find out how much your money can grow. Enter an initial deposit, a monthly contribution, an expected annual return and the number of years to see the future value of your savings.
The compound interest formula
FV = P × (1 + i)n + PMT × ((1 + i)n − 1) ÷ i
P is the initial deposit, PMT the monthly contribution, i the monthly rate (annual rate ÷ 12) and n the number of months. Interest is added to your balance every month and then earns interest itself, which is why time matters so much.
Examples
- $10,000 at 12% for one year with no contributions grows to $11,268.25.
- $100 a month for one year at 12% grows to $1,268.25 ($1,200 contributed + $68.25 interest).
Frequently asked questions
What rate should I use?
Use a conservative estimate: the rate of your savings account, or a long-term average return for investments. Returns are never guaranteed.
Does this include taxes or inflation?
No. Results are before taxes and in nominal terms. Subtract expected inflation from the rate to estimate real growth.