How much will I save?

July 29, 2008

How much will I save?

You will save $2,248,636, starting with $20,000 and depositing $5,000 monthly for 11 years and 0 months.

Information entered

Deposits & Terms

Initial Balance
$20,000

Regular Deposit
$5,000

Frequency of Deposit
Monthly

Savings term
11 years

Interest rate

Interest rate
20%

Taxes

Taxable Interest?
No

Results

Answer

Total saved
$2,248,636

Details

Initial balance
$20,000

Total deposits
$660,000

Total interest earned
$1,568,636

Total taxes paid
$0

Total saved
$2,248,636

Assumptions and simplifications

  • Results are computed using a standard future-value calculation and your investments’ nominal rate of return, rather than annual percentage yield (APY). Banks are required to advertise APY, which allows direct comparisons between accounts using different compounding schedules. This calculator assumes monthly compounding.
  • http://moneycentral.msn.com/investor/calcs/n_savapp/main.asp


    How long until I’ve saved my first million?

    July 29, 2008

    How long until I’ve saved my first million?

    It will take 7 years and 1 months to save $1,005,515, starting with $20,000 and depositing $5,000 monthly.

    Information entered

    Deposits & Terms

    Initial Balance
    $20,000

    Regular Deposit
    $5,000

    Frequency of Deposit
    Monthly

    Interest rate

    Interest rate
    20%

    Taxes

    Taxable Interest?
    No

    Results

    Answer

    Amount of time to save $1,000,000
    7 years and 1 months

    Details

    Initial balance
    $20,000

    Total deposits
    $425,000

    Total interest earned
    $560,515

    Total taxes paid
    $0

    Total saved
    $1,005,515

    Assumptions and simplifications

  • Results are computed using a standard future-value calculation and your investments’ nominal rate of return, rather than annual percentage yield (APY). Banks are required to advertise APY, which allows direct comparisons between accounts using different compounding schedules. This calculator assumes monthly compounding.

    http://moneycentral.msn.com/investor/calcs/n_savapp/main.asp