LoanCalc

Free Savings
Calculator

See exactly how compound interest grows your savings year by year. Enter your starting amount, monthly contribution, and return rate to see the future value of your money.

$
$1,000$2,000,000
%
0.1%30%
years
1 yr30 yrs
Typical 30-year US mortgageRates vary by lender and credit score.

Monthly payment

$1,896

30-year fixed mortgage

Principal

$300,000

Total interest

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Total cost

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Payoff year

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Principal —Interest —

Amortization schedule

Year-by-year breakdown.

Year Starting balance Principal paid Interest paid Ending balance

How loan payments are calculated

Every fixed-rate loan uses the same standard amortization formula.

M = P × [ r(1+r)ⁿ ] ÷ [ (1+r)ⁿ − 1 ]
MMonthly payment
PPrincipal
rMonthly rate
nTotal payments

How to lower your monthly payment

  • Larger down payment reduces the principal.
  • Longer term spreads payments over more months.
  • Lower rate saves significantly over the life of the loan.

Frequently asked questions about loans, savings, currency and gold

The standard loan payment formula is: Monthly Payment = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This formula ensures equal payments every month that fully repay the loan including interest over the agreed term.
An amortization schedule shows how each payment is divided between principal and interest over the full loan term. In the early years, most of each payment goes toward interest. Over time, a greater portion reduces the principal balance. LoanCalc generates a complete year-by-year schedule showing exactly how your balance decreases with each passing year.
Yes. The loan payment formula is the same worldwide. You enter your own loan amount (in any currency), your own interest rate, and your own loan term. LoanCalc never fetches external data: all calculations happen in your browser. There is no country-specific data, no tax law dependency, and no requirement to be connected to anything.
Three strategies reduce total interest: (1) Choose a shorter loan term: a 15-year mortgage versus a 30-year mortgage at the same rate roughly halves the total interest paid. (2) Make extra principal payments whenever possible: even small additional amounts each month significantly reduce the final total. (3) Secure a lower interest rate through a stronger credit score, comparison shopping across multiple lenders, or refinancing when rates fall.
Yes, completely free. No account required. No signup. No email collection. No premium features behind a paywall. The calculator, amortization schedule, and payment breakdown chart are all fully accessible at no cost. LoanCalc is supported by display advertising: the calculator itself will always remain free.
Enter your current loan balance, interest rate, and remaining term, then enter the new rate and estimated closing costs. The refinance calculator shows your new monthly payment, the exact break-even month when your cumulative savings exceed the closing costs, and the total lifetime saving over the remaining loan term. As a general rule, refinancing is worthwhile if you plan to keep the loan longer than the break-even period and the rate reduction is at least 0.5%.
LoanCalc fetches the live gold spot price in USD from a financial market data source and converts it to your local currency using live exchange rates. The gold price is cached in your browser for one hour, so it refreshes frequently without making excessive API calls. Prices are displayed per troy ounce (the standard trading unit), per gram, and per kilogram for everyday reference.
The LoanCalc currency converter supports 30 major world currencies including USD, EUR, GBP, JPY, EGP, AED, SAR, CAD, AUD, CHF, CNY, INR, SGD, HKD, TRY, KRW, and more. Exchange rates are sourced from the Frankfurter open exchange rates API and updated every 24 hours. The converter automatically defaults the "to" currency based on your browser's locale settings.

Compound interest & savings growth calculator

See exactly how your savings or investment grows year by year with compound interest.

$
$100$1,000,000
$
$0$10,000/mo
%
0.1%30%
years
1 yr50 yrs
S&P 500 historical average The US stock market has returned ~7% annually after inflation over the long term. Use 7% as a realistic baseline for diversified index funds.

Future value

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Total portfolio after 20 years

Total deposited

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Interest earned

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Growth multiple

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Target year

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Deposits —Growth —

Year-by-year growth

Balance at end of each year, split between your deposits and compound growth.

Refinance calculator

See how much you save by refinancing to a lower rate.

Current loan

$
$1,000$2,000,000
%
0.5%20%
years
1 yr30 yrs

New loan offer

%
0.5%20%
$
$0$20,000

Monthly savings

—

Per month with the new rate

Old payment

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New payment

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Break-even

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Total savings

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Enter your loan details to see if refinancing makes sense.

Live currency converter

Convert between major currencies with live exchange rates.

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Converted to

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Rate: —Inverse: —Updated: —

Quick reference

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Gold (XAU)

Price per troy ounce

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per oz in USD

1g

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10g

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1 kg

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Price in your currency (—)

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Crude Oil (WTI)

Price per barrel

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per barrel in USD

5 bbls

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10 bbls

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100 bbls

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Price in your currency (—)

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Compound Interest & Savings: The Complete Guide

What is compound interest and why does it matter?

Compound interest is interest calculated on both the initial principal and the accumulated interest from all previous periods. This is fundamentally different from simple interest, which is only ever calculated on the original principal. Albert Einstein is often credited with calling compound interest "the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it."

The reason compound interest is so powerful is exponential growth. In the early years, the effect is subtle. But over 20, 30, or 40 years, the compounding effect becomes extraordinary — the bulk of your final wealth comes not from your contributions but from interest earned on interest earned on interest.

Daily vs monthly vs annual compounding — how it affects growth

The compounding frequency determines how often interest is calculated and added to the balance. More frequent compounding means slightly higher returns:

For savings accounts and money market funds, monthly compounding is standard. High-yield savings accounts at online banks typically compound daily. The difference between monthly and daily compounding is small — the interest rate itself matters far more than compounding frequency.

The Rule of 72 explained

The Rule of 72 is a simple mental math shortcut: divide 72 by your annual return rate to estimate how many years it takes your investment to double in value.

The rule works in reverse too: if you want your money to double in 8 years, you need a rate of at least 72 ÷ 8 = 9% per year.

The cost of waiting: starting at 25 vs 35 vs 45

The single most powerful factor in savings is time. Consider investing $200 per month at a 7% annual return with no initial deposit:

Start age End age Years invested Total contributed Final value Interest earned
25 65 40 years $96,000 $528,000 $432,000
35 65 30 years $72,000 $243,000 $171,000
45 65 20 years $48,000 $104,000 $56,000

Starting at 25 instead of 35 costs only $24,000 more in contributions but generates $285,000 more wealth — a 12x return on that additional $24,000. The message is clear: start early, even with small amounts.

High-yield savings accounts vs index funds: typical rates

The return rate you choose in this calculator should reflect where you'll actually hold your savings:

Also see: Refinance Calculator — the interest you save from refinancing a mortgage can be redirected into savings.