Have you ever wondered what your money could be worth in 30 years if you saved it instead of spent it? Compound Interest answers that question by helping you calculate what your money could be worth if you saved it or invested it over time.
Imagine you started saving for retirement when you're just 15 instead of 40. Put away $100 bucks a week with 7% returns. By the time you hit retirement age you'd have over 2 million dollars stashed away. You might ask yourself: how, doing the quick math that's only saving $260,000? Well, that is where compound interest comes into play. Even though you only earned and saved a little over $250,000 you gained over $2,000,000 in compound interest. Pretty cool right?
Already have an end goal in mind? Instead solve for contribution amount, return rate, or length. Want to retire with $5,000,000 but aren't sure how much you need to be saving each month to reach that goal? Switch the mode to solve for contribution amount and it will automatically calculate that number.
So check out this awesome compound interest calculator that lets you see your gains broken up by year with a cool interactive graph, multiple tabs, and light/dark themes.
- The ability to create additional tabs to allow you to calculate as many sets of data and outputs as you want.
- Ability to solve for different values like total amount, length, contribution amount, or the return rate you might need to achieve your goals.
- Tab References: You can now reference one tab's total balance in another's initial balance. This is great for scenarios where you want to change the contribution amount or return rate in future years. For example, you can now experiment with the scenario of contributing $500 for 10 years followed by $0 for the next 10 years, and see the effects of compound interest over a 20 year time period. To reference another tab just tap into the starting balance and you'll see a toolbar above the keyboard with tabs that can be referenced.
- See data broken out by each year it's being compounded.