Savings Calculators

Free savings and growth calculators. Project compound interest growth, plan savings goals, and estimate HELOC borrowing costs. Current Federal Funds Rate: 4.33%

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All Savings Calculators

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Compound Interest Calculator

Project exactly how your savings grow over time with compound interest and optional regular monthly contributions. Adjust rate, time horizon, and compounding frequency.

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Savings Goal Calculator

Figure out how much you need to save each month to reach a specific financial goal by a target date, given your current savings and expected interest rate.

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HELOC Calculator

Estimate your Home Equity Line of Credit payment, available credit, and borrowing costs based on your home value, mortgage balance, and current prime rate.

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Making the Most of Your Savings

Whether you're building an emergency fund, saving for a down payment, or planning for retirement, understanding how compound interest works is fundamental to reaching your financial goals.

The Power of Compound Interest

Compound interest means you earn interest on your interest. The earlier you start and the more frequently interest compounds, the greater the effect. For example, $10,000 invested at 5% annual interest compounded daily grows to approximately $16,487 over 10 years — compared to $15,000 with simple interest. That $1,487 difference is entirely from compounding.

Setting Savings Goals

The savings goal calculator helps you work backwards from a target amount. Input your goal, current balance, expected return, and time frame, and the calculator determines the required monthly contribution. This approach turns vague aspirations like "save for a house" into concrete monthly action steps.

HELOC Basics

A Home Equity Line of Credit (HELOC) lets you borrow against your home equity at a variable interest rate, typically tied to the prime rate. The current prime rate is 7.50%. Most lenders allow you to borrow up to 85% of your home's appraised value minus your outstanding mortgage balance. HELOCs have a draw period (typically 10 years) followed by a repayment period.

Important: HELOC rates are variable and tied to the prime rate, which moves with the Federal Reserve's federal funds rate. When the Fed raises rates, HELOC payments increase. Plan conservatively and model higher rate scenarios with our HELOC calculator.

High-Yield Savings vs CDs

High-yield savings accounts offer flexibility with competitive rates, while CDs offer a fixed rate for a locked period with typically higher yields for longer terms. The right choice depends on your liquidity needs. Use the CD vs Savings comparison calculator to see the difference based on your specific amounts and time horizon.

Savings Calculator FAQ

Simple interest is calculated only on the original principal. Compound interest is calculated on the principal plus any previously earned interest. For example, $1,000 at 5% simple interest earns $50/year every year. At 5% compounded annually, year 1 earns $50, year 2 earns $52.50 (because you're now earning interest on $1,050), and the gap grows each year. Over long periods, compounding produces dramatically higher returns.

More frequent compounding produces slightly higher returns. Daily compounding yields more than monthly, which yields more than annual. The difference is relatively small but meaningful over long time periods. For a $100,000 deposit at 5% over 10 years: annual compounding yields $162,889; daily compounding yields $164,866 — a difference of about $1,977. The compounding frequency matters more at higher balances and longer time horizons.

HELOC rates are typically variable and tied to the prime rate, which is set at 3 percentage points above the Federal Reserve's federal funds rate. As of May 2026, the prime rate is 7.50% and the federal funds rate is 4.33%. Most lenders add a spread (margin) of 0 to 2+ percentage points above prime, depending on your credit score and loan-to-value ratio. Our HELOC calculator uses a typical 0.5% spread above prime as a default.

Most lenders allow you to borrow up to 85% of your home's current appraised value minus your outstanding first mortgage balance. For example, if your home is worth $500,000 and you owe $300,000 on your mortgage, your maximum HELOC would be: ($500,000 × 0.85) - $300,000 = $125,000. Some lenders allow up to 90%, while others cap at 80%, so shop around. Our HELOC calculator uses 85% as the default maximum LTV.

Enter your target amount (e.g., $50,000 for a down payment), your current savings balance, your expected annual return (use a conservative estimate like 4–5% for savings accounts), and your target date. The calculator will show the required monthly contribution to reach your goal. If the required amount is too high, try extending the timeline or increasing the initial balance. If you already have some savings, that head start significantly reduces your required monthly contribution.
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Data Sources: Freddie Mac PMMS Federal Reserve FDIC IRS No signup required Browser-based calculations