Formula
Interest is added at the end of each month, then the deposit:
Balance = starting savings + deposits + monthly interest
The savings-goal page solves for how long a goal takes. This page solves for the balance.
Assumptions
- The rate stays fixed.
- A deposit is made every month.
Worked example
$5,000 with $100 deposited each month at 4% for 5 years grows to $12,734.90.
Input definitions
- Monthly deposit
- New savings added every month. Zero is allowed.
Limitations
This is an estimate, not a loan offer, tax filing, or investment advice. The currency control changes the symbol only.
Questions
Is this APY?
The rate you type is the nominal annual rate, divided by 12. The APY page converts a nominal rate into a yield.
Can I start from zero?
Yes. The balance is then only the deposits and their interest.