MyCalculatorHow it works
Monthly compounding is used: each month, interest is added to the balance, then the monthly deposit is added, compounding over the full period.
Example
Starting with 2,000, depositing 250 a month at 4% annual interest for 10 years grows to roughly 39,500 — about 32,000 deposited plus roughly 7,500 in interest.
Assumptions & limitations
Assumes a constant interest rate for the full period, which real savings accounts rarely offer — rates typically change over time.
Frequently asked questions
Is this the same as a compound interest calculator?
Very similar — this one is simplified to monthly deposits and monthly compounding, common for everyday savings accounts.