Savings growth calculator

Future balance from an initial deposit plus regular monthly deposits. Related lesson: Topic 3.1.

Formula

F V = P (1 + i)^{n} + P M T \cdot \frac{( 1 + i ) ^{n} - 1}{i}

Compounded monthly; deposits at the end of each month.

Inputs

Initial deposit

Monthly deposit

Annual interest rate

Years

Example: Saving $150 a month for a car, starting with $500, at 4%.

Enter values to see the result and working.