Simple Savings Calculator
Updated : Sept 29, 1999 - Use average balances, not ending balances for
compounding. I was previously using ending balance compounding instead of
average daily balances which made annual compounding look beneficial over
monthly compounding. No savings institution would do ending balance
compounding, or depositors would just dump in money right before the interest
is accrued. So I changed this to look more like reality.
This doesn't deal with inflation, taxes or any of that complicated
stuff. This is just a simple calculator that lets you start with an
amount of money and make regular monthly deposits, and see how much it grows.
For more complicated scenarios, see my tax
deferred anuity calculator or my
prepayment versus investment comparison.
You can have either of the two inputs zero (but if both are zero, it
won't be all that informative, now would it?)
grossing