Savings Calculator
Estimate the end balance and interest of savings accounts with compound interest, periodic contributions, increases, and tax. Supports various compounding frequencies and contribution schedules.
About Savings Calculator
This calculator estimates the end balance and interest of savings accounts, considering compound interest, periodic contributions, increases, and tax. It supports various compounding frequencies and contribution schedules.
Supported Features
- Initial deposit (principal)
- Annual and monthly contributions, with optional annual increase rates
- Customizable compounding frequency (annually, semiannually, quarterly, monthly, etc.)
- Interest rate and tax rate on interest
- Detailed accumulation schedule (yearly breakdown)
Calculation Method
- Interest is compounded at the selected frequency
- Contributions are added at the start of each period
- Interest is taxed at the specified rate
- Annual and monthly contributions can increase each year by a set percentage
Examples
- Initial deposit: $20,000, Annual addition: $5,000, Years: 10, Rate: 3%, Compounded annually → End balance: $92,116.99
- Initial deposit: $10,000, Monthly addition: $200, Years: 20, Rate: 4%, Compounded monthly → End balance: $87,920.12