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Compound Interest Calculator |
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It is often said the compound interest effect is what makes your savings grow. What makes your savings really grow is by making regular deposits, then your money really grows. Try the Computer Interest Calculator with and without a regular savings amount and see the difference. As an extension of the Compound Interest Calculator, this calculator enables you to enter a regular saving amount. It is often said it is the compounding effect which enables people to save a considerable amount of money. However interest is generally only half the story. It is when you have the benefit of compound interest plus regular saving the money grows. A good example of this is your superannuation fund. If you were just to rely on interest you wouldn't have much at retirement, but with the regular superannuation deposits made each pay period the amount in superannuation builds up considerably over the years. |
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Compound Interest Calculator - Saving Amount The amount is the amount deposited into the interest earning account at the start. You can't enter zero so if you wish to have no starting amount and just regular deposits enter 0.01 (one cent) to start. Years Enter the number of years the money will remain in the account. Frequency The default frequency is for interest to be calculated monthly. Options are also provided to calculate interest fortnightly, weekly and daily. Saving The saving amount is the amount deposited at the start of each period. Keep in mind the total amount at the start is the amount plus the saving amount for one period. Interest The interest rate is the annual interest rate you'll earn on your money. Final Amount The final amount is the amount of money that will be available at the end of the number of years taking into account compounding interest and if entered, reduced for tax and Medicare Levy each year. Total Interest The Total Interest amount the amount of interest earned over the number of years. Tax Rate The tax rate is your current marginal tax rate. That is the highest tax rate that applies to your current income. You can find the tax rates for 2019/2020 at ATO Tax Calculator. Medicare Levy The Medicare Levy is currently 2% (as @ 9/9/2019). If the Medicare Levy Surcharge also applies add both levies together and use the result as the Medicare Levy. NOTES
Financial Calculators
Future Value Calculator Disclaimer The Compound Interest Calculator web app comes with no warranty expressed or implied. The Compound Interest Calculator web app is only for informational purposes and is not guaranteed to be error free. The information on this page is not intended to be advice. |
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