How to Use the Interest Calculator

Our Interest Calculator is a user-friendly tool that helps you plan your financial growth, whether you’re using it as a compound interest calculator for investments or a bank interest calculator for savings. Follow these step-by-step instructions to calculate your interest and visualize your investment growth.

Step 1: Enter Your Initial Investment

Start by entering the amount you initially plan to invest. For example, if you’re using this as a cd interest calculator and investing $20,000 in a certificate of deposit, input “20000” in the Initial Investment field.

Step 2: Add Contributions

• Annual Contribution ($): Input the amount you plan to contribute each year. For example, enter “5000” to add $5,000 annually to your savings using this savings account interest calculator.
• Monthly Contribution ($): Specify any additional monthly contributions. For example, enter “0” if you’re not contributing monthly.
• Contribute at the: Choose whether contributions are made at the beginning or end of each compounding period. Select “Beginning” for faster growth.

Step 3: Set the Compound Frequency

Select the frequency of compounding—annually, monthly, or daily. For example, choose “Daily” to use this as a daily compound interest calculator or “Monthly” for a monthly compound interest calculator.

Step 4: Input Interest Rate and Investment Length

• Interest Rate (%): Enter the annual interest rate. For example, input “5” for a 5% rate, ideal for a fd interest calculator.
• Investment Length: Specify the duration in years and months. For example, enter “5” years and “0” months for a 5-year investment.

Step 5: Add Tax and Inflation Rates (Optional)

• Tax Rate (%): Input the tax rate on your interest earnings. For example, enter “0” if there’s no tax.
• Inflation Rate (%): Enter the inflation rate to see the adjusted buying power. For example, input “3” for a 3% inflation rate.

Step 6: Calculate Your Interest

Click the Calculate button to see your results using this compounding calculator. The calculator will display your ending balance, total interest, and more.

Step 7: Review Your Results

• Ending Balance: The total amount after interest, such as “$54,535.20”.
• Total Principal: The sum of your initial investment and contributions, like “$45,000.00”.
• Total Interest: The interest earned, for example, “$9,535.20”.
• Buying Power After Inflation: The adjusted value, such as “$47,042.54”.

Step 8: Explore the Balance Breakdown

The Balance Breakdown section shows a pie chart illustrating the proportion of your ending balance from the initial investment, contributions, and interest.

Step 9: Analyze Growth Over Time

The Growth Over Time section offers two views: a stacked bar chart and a line chart. Toggle between them to see how your investment grows over the years with this compound interest calculator.

Step 10: Check the Accumulation Schedule

• The Accumulation Schedule provides a detailed view of your investment growth.
• Toggle between Annual and Monthly views using the tabs.
  • Annual View: Shows the total deposits, interest, and balance for each year.
  • Monthly View: Breaks down the deposits, interest, and balance for each month.

Step 11: Print or Download Your Schedule

Use the Print button to print your accumulation schedule, or the Download CSV button to save it as a CSV file.

Step 12: Adjust and Recalculate

To explore different scenarios, adjust the inputs and click Calculate again. You can also click Clear to reset all fields and start over with this interest calculator.

This Interest Calculator helps you make informed decisions by providing a clear view of your investment growth.