Compound Interest Calculator
Calculate how your money grows with compound interest. Enter principal, interest rate, time period, and compounding frequency to see final amount, total interest earned, and year-by-year growth breakdown.
How to Use Compound Interest Calculator
How to Use Compound Interest Calculator
Try Example Presets: Click on presets like "Savings Account", "Investment Portfolio", "Retirement Fund", or "Short-Term CD" to see sample scenarios.
Enter Initial Principal: Input the starting amount of money you're investing or saving.
Enter Monthly Contribution: Input how much you plan to add each month (optional, can be 0).
Set Interest Rate: Enter the annual interest rate as a percentage (e.g., 7 for 7%).
Set Time Period: Enter the number of years you plan to invest.
Select Compounding Frequency: Choose how often interest compounds:
- Daily (365x/year) - highest growth
- Monthly (12x/year) - common for savings
- Quarterly (4x/year) - common for CDs
- Semi-Annually (2x/year)
- Annually (1x/year) - lowest growth
Click Calculate: Press Calculate to see your investment growth.
Review Results: See final amount, total interest earned, and effective annual rate (APY).
View Growth Chart: See visual breakdown of principal vs interest earned.
View Year-by-Year Table: Click "Show Table" to see detailed growth for each year.
Key Concepts
- Compound Interest: Interest earned on both principal AND previously earned interest.
- APY (Annual Percentage Yield): True annual return accounting for compounding.
- Rule of 72: Divide 72 by interest rate to estimate years to double your money.
- More frequent compounding = more growth (daily > monthly > quarterly > annually).
Tips
- Start early - time is the biggest factor in compound growth
- Higher compounding frequency yields more interest
- Regular contributions significantly boost final amount
- Use for comparing savings accounts, CDs, and investments
- Consider inflation when planning long-term
Frequently Asked Questions
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