Savings Estimator (Future Value of Annuity)

This calculator estimates how much money you'll have in a savings account after a certain amount of interest-compounded periods given the amount deposited each period and the interest rate of the account.

For example, say you plan to buy a car after you graduate college in three years and you want to start putting aside a certain amount of money each month to prepare for the expenses. You have a decent job at school so you decide that putting $150 a month into a savings account that gains 7% interest (compounded quarterly, or every three months) would be manageable.

To use our calculator to estimate how much money you'd have saved to help you pay for your car, you'd enter "450" into the box that says "amount paid each period" ($150 per month for 3 months makes $450 total,) "12" in the box that says "number of compounded periods involved" (3 years with 4 compounded quarters each makes 12 compounded periods total,) and "7" in the box that says "Interest rate on savings."

Note: this calculator will only work correctly if you enter the amount saved per interest-compounded period. If you save a certain amount each month and your interest is compounded every six months, multiply the amount you save each month by 6; if you save a certain amount each day and your interest is compounded each year, multiply the amount you save each day by 365; if you save a certain amount each week and your interest is compounded each month, multiply the amount you save each week by 4.34812141; etc.