Result
Balance at term end
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This calculation is for informational purposes only and does not replace advice from a qualified professional. Formulas and rates may not fit your exact situation — double-check the figures before making decisions.
How it is calculated
Final amount = initial deposit × (1 + monthly rate)^term + contribution × (((1 + monthly rate)^term − 1) ÷ monthly rate). The first term is ordinary compound interest on the initial deposit, the second is the future value of a series of equal monthly contributions (an annuity).
Total contributed = initial deposit + contribution × number of months. Interest earned = final amount − total contributed. The earlier money goes in, the longer it compounds, so the earliest contributions add more to the final amount than the latest ones.
The calculation assumes contributions are made at the end of each month (an ordinary, not an annuity-due, series) and the rate stays constant throughout. If the bank compounds interest on a different schedule than monthly, the exact result will differ slightly.