Compound Interest Calculator
How much your savings grow with regular contributions, whether in a 401(k), IRA, TFSA, RRSP or high-yield savings account. Change the rate and years to see the difference compounding makes.
Balance after 20 years
$171,714.31
$82,000.00 contributed ยท $89,714.31 growth
of the balance is growth
How this is calculated
Starting balance
What you start with.
$10,000.00
Contributions
$300.00 a month, added at the end of each period, for 20 years.
$72,000.00
Growth rate
6% compounded monthly is an effective 6.168% a year.
Interest earned
Growth on your balance, including growth on earlier growth.
$89,714.31
Final balance
After 20 years.
$171,714.31
Year-by-year table
| Year | Contributions | Growth | Balance |
|---|---|---|---|
| 1 | $3,600.00 | $717.46 | $14,317.46 |
| 2 | $3,600.00 | $983.74 | $18,901.20 |
| 3 | $3,600.00 | $1,266.46 | $23,767.66 |
| 4 | $3,600.00 | $1,566.61 | $28,934.27 |
| 5 | $3,600.00 | $1,885.26 | $34,419.53 |
| 6 | $3,600.00 | $2,223.59 | $40,243.12 |
| 7 | $3,600.00 | $2,582.78 | $46,425.90 |
| 8 | $3,600.00 | $2,964.11 | $52,990.01 |
| 9 | $3,600.00 | $3,368.97 | $59,958.98 |
| 10 | $3,600.00 | $3,798.81 | $67,357.79 |
| 11 | $3,600.00 | $4,255.13 | $75,212.92 |
| 12 | $3,600.00 | $4,739.63 | $83,552.55 |
| 13 | $3,600.00 | $5,254.01 | $92,406.56 |
| 14 | $3,600.00 | $5,800.10 | $101,806.66 |
| 15 | $3,600.00 | $6,379.89 | $111,786.55 |
| 16 | $3,600.00 | $6,995.41 | $122,381.96 |
| 17 | $3,600.00 | $7,648.94 | $133,630.90 |
| 18 | $3,600.00 | $8,342.72 | $145,573.62 |
| 19 | $3,600.00 | $9,079.33 | $158,252.95 |
| 20 | $3,600.00 | $9,861.36 | $171,714.31 |
Assumptions
- The return is constant every year. Real investment returns vary and can be negative.
- No taxes or fees are deducted from growth.
Worked examples
Contributions at the end of each month unless noted; returns before tax and fees.
| Scenario | Contributed | Growth | Final balance |
|---|---|---|---|
| $10,000 at 5% for 10 years | $10,000 | $6,289 | $16,289 |
| $200 a month at 6% for 20 years | $48,000 | $44,408 | $92,408 |
| $5,000 plus $500 a month at 7% for 30 years | $185,000 | $465,568 | $650,568 |
Frequently asked questions
How much will $200 a month grow to in 20 years?
At 6% compounded monthly, $92,408: $48,000 you put in and $44,408 of growth.
What is the difference between compounding monthly and yearly?
More frequent compounding adds interest to your balance sooner, so it earns interest itself. 6% compounded monthly is an effective 6.168% a year; compounded yearly it's exactly 6%.
What is the rule of 72?
Divide 72 by the annual return to estimate how many years money takes to double. At 6%, about 12 years; at 8%, about 9.
Does this include taxes?
No. Growth is shown before tax. In a 401(k), IRA, TFSA, RRSP or high-yield savings account, growth is tax-sheltered; in a taxable account, interest and dividends are taxed each year.
Estimates for information only; not tax, legal or financial advice. See our methodology.