# Help figuring out interest on savings

**URL:** <https://boards.straightdope.com/t/help-figuring-out-interest-on-savings/358889>\
**Category:** Factual Questions\
**Created:** [May 31, 2006, 4:02pm UTC](https://boards.straightdope.com/t/help-figuring-out-interest-on-savings/358889 "2006-05-31T16:02:06Z")\
**Posts on this page:** 2\
**Page:** 1

<div class="post-metadata">

**Author:** ![Edward\_The\_Head](https://avatars.discourse-cdn.com/v4/letter/e/ce73a5/32.png) [@Edward\_The\_Head](https://boards.straightdope.com/u/Edward_The_Head)\
**Post date:** [May 31, 2006, 4:02pm UTC](https://boards.straightdope.com/t/help-figuring-out-interest-on-savings/358889/1 "2006-05-31T16:02:06Z")

</div>

I’ve been trying to remember how to do this for awhile now and can’t remember. Nor can I find what I’m looking for since most of the interest calculators I’ve seen are either for mortgages or lump sum interest.

I’d like to know, if I took $2000 a month and put in into an account that made 5% average, I don’t need the formula any more complex, for the next 30 years, how much money would I have?

The closest I’ve found was a retirement calculator, but they wanted to know, how much you made and I’d like to just input $X every month.

---

<div class="post-metadata">

**Author:** ![muttrox](https://avatars.discourse-cdn.com/v4/letter/m/a8b319/32.png) [@muttrox](https://boards.straightdope.com/u/muttrox)\
**Post date:** [May 31, 2006, 4:07pm UTC](https://boards.straightdope.com/t/help-figuring-out-interest-on-savings/358889/2 "2006-05-31T16:07:00Z")

</div>

[http://www.moneychimp.com/calculator/compound\_interest\_calculator.htm](http://www.moneychimp.com/calculator/compound_interest_calculator.htm)

does it by year, not month, but predicts 1.6 million. Doing it monthly will increase that, but not by an enormous amount.

…yep, [http://www.math.com/students/calculators/source/compound.htm](http://www.math.com/students/calculators/source/compound.htm) has what you need. It gives a final number of $1664517.27