1,000 at 5% for 10 years
Compounded annually: 1,628.89. Compounded monthly: 1,647.01.
Compound Interest Calculator
See how savings grow with compound interest and optional monthly deposits, year by year.
Result
Enter your values and select Calculate to see the result.
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How the Compound Interest Calculator works
Enter the starting amount, the annual interest rate, the number of years and how often interest is compounded. Optionally add a monthly deposit. The calculator shows the final balance, how much of it is interest, and a year-by-year table.
Deposits are added at the end of each month. With a compounding frequency other than monthly, the equivalent monthly rate is used so the yearly growth matches the chosen compounding exactly.
Formula
A = P(1 + r ÷ n)nt
Where:
- P
- Initial amount
- r
- Annual rate as a decimal
- n
- Compounding periods per year
- t
- Years
Monthly deposits add the future value of each deposit, grown from the month it is made to the end of the term.
Examples
100 a month at 6%, compounded monthly, for 10 years
You deposit 12,000 and end with 16,387.93 — 4,387.93 of it is interest.
Frequently asked questions
Does compounding more often make a big difference?
A little. In the example above, monthly compounding earns 18.12 more than annual compounding over 10 years. The rate and the time matter much more.
Are taxes and inflation included?
No. The balance is before tax and in today's money only if the rate you enter is already after inflation.
Information:
Good to know
Results are estimates for planning. They aren't financial advice, and your bank or lender may round, charge fees or calculate interest differently.
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