Growing savings over 10 years
$5,000 today plus $200 a month at 6% for 10 years grows to $41,872.85, of which $12,872.85 is interest.
Future value calculator
This is an estimate for information only. It is not financial or investment advice.
Result
Fill in the fields to see your result.
How it works
A lump sum grows on its own through compounding, while each new deposit starts compounding from the moment it is made — so a deposit made in year one earns interest for the whole horizon, while a deposit made near the end barely grows at all.
The result splits cleanly into what you put in (starting amount plus deposits) and what growth added on top.
Formulas used
Future value
FV = PV × (1 + i)^n + PMT × ((1 + i)^n − 1) ÷ i
- PV
- starting amount
- PMT
- monthly deposit
- i
- monthly interest rate
- n
- number of months
Worked examples
Deposits alone, no starting amount
$150 a month at 7% for 20 years, with no starting amount, grows to $78,139.00.
Assumptions and limits
- The interest rate is constant and compounds monthly.
- Deposits are equal and made at the end of each month.
- No taxes, fees or withdrawals reduce the balance along the way.
Frequently asked questions
Does it matter whether deposits happen at the start or end of the month?
Slightly — this calculator assumes end-of-month deposits, the common convention for savings and retirement accounts. Beginning-of-month deposits grow a bit more.
What if I only have a lump sum, no deposits?
Leave the deposit at zero — the result becomes simple compound growth of the starting amount alone.
Why does a small rate difference matter so much over time?
Because interest compounds on interest: over long horizons, a rate difference of even one percentage point compounds into a large gap in the final value.
Is this the same as an investment calculator?
It computes the same underlying formula. A calculator that also solves for the rate, the deposit or the time needed to hit a target is a more general tool — see the TVM calculator for that.
Updated
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