GlenCalc

Compound interest calculator

Enter a starting amount, what you add each month and the interest rate. You see the balance year by year and how much of it is interest earned on interest.

Your answer

Final balance$63,054.78
Interest earned$17,054.78
Total deposits$46,000.00
Effective annual rate (APY)5.116 %
Year by year
YearDeposits to dateInterest that yearBalance
1$13,600.00$595.28$14,195.28
2$17,200.00$809.91$18,605.19
3$20,800.00$1,035.53$23,240.72
4$24,400.00$1,272.70$28,113.42
5$28,000.00$1,521.99$33,235.41
6$31,600.00$1,784.04$38,619.46
7$35,200.00$2,059.50$44,278.96
8$38,800.00$2,349.05$50,228.01
9$42,400.00$2,653.42$56,481.43
10$46,000.00$2,973.35$63,054.78

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How we worked it out

Updated as you change the numbers.

  1. Effective annual rate = 5.1162%, which is 0.41667% a month.
  2. Each month: add the deposit, then add a month’s interest on the balance.
  3. After 10 years the balance is $63,054.78, of which $46,000.00 is deposits.

Method and assumptions

Compound interest earns interest on previous interest. The calculator converts the stated rate and compounding frequency into an equivalent monthly rate, then steps month by month, adding deposits and interest. Monthly compounding with monthly deposits gives the textbook future-value-of-annuity result.

Questions

How much will $10,000 grow to at 5% in 10 years?

With monthly compounding and nothing added, $16,470.09. Adding $300 a month brings it to $63,054.78.

Sources

Method and figures checked on . Every worked answer on this page is covered by an automated test. Found a mistake? Tell us.

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