ACHIEVE CALCULATOR
Compound Interest Calculator
See How Your Money Can Grow
Use our free compound interest calculator to estimate how your money could grow over time. Enter a starting amount, interest rate, time period, compounding frequency and optional monthly contributions to estimate your total interest earned and final balance.
Calculate Compound Interest
How to Use the Compound Interest Calculator
Enter your starting amount, estimated interest rate and the amount of time you want your money to grow. Select how often interest compounds and, if applicable, enter an amount you plan to contribute each month.
The calculator will estimate the interest earned on your starting amount and additional contributions, along with your estimated final balance.
Try adjusting the interest rate, time period or monthly contribution to see how each can affect the growth of your money over time.
What Affects Compound Interest?
Starting Amount
The amount you start with provides the initial balance on which interest can accumulate. A larger starting balance can result in more interest earned over time.
Interest Rate
The interest rate determines how quickly your balance can grow. Even relatively small differences in the rate can have a greater effect over longer periods of time.
Time
Compound interest can become more powerful over longer periods because previously earned interest can also earn interest. Starting earlier can give your money more time to compound.
Compounding Frequency
Compounding frequency refers to how often earned interest is added to the balance. Interest may compound daily, monthly, quarterly, annually, or at another interval depending on the account or investment.
Additional Contributions
Regular contributions can increase the amount available to earn interest. Even relatively small recurring contributions can have a meaningful effect over a long period.
What Is Compound Interest?
Compound interest is interest calculated on both your original balance and interest that has already been added to that balance. This differs from simple interest, which is calculated only on the original principal.
Over time, earning interest on previously earned interest can accelerate the growth of your balance. The effect generally becomes more noticeable as the amount of time your money remains invested or saved increases.
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Learn how saving strategies, consistent contributions, and different financial products can help you work toward long-term financial growth.
Who is ACHIEVE?
The Louisiana Association for Personal Financial Achievement, ACHIEVE, is a non-profit organization dedicated to personal financial achievement. ACHIEVE is committed to serving the community by offering free financial education seminars to groups, organizations, businesses, and individuals in the community.
