Compound Interest Calculator
Free compound interest calculator with monthly contributions. See how your money grows over time with daily, monthly, quarterly, or annual compounding. Includes visual growth chart, year-by-year breakdown table, Rule of 72, and compounding frequency comparison.
| Year | Deposits | Interest | Balance |
|---|---|---|---|
| 1 | $12,400.00 | $801.42 | $13,201.42 |
| 2 | $14,800.00 | $1,834.27 | $16,634.27 |
| 3 | $17,200.00 | $3,115.28 | $20,315.28 |
| 4 | $19,600.00 | $4,662.39 | $24,262.39 |
| 5 | $22,000.00 | $6,494.83 | $28,494.83 |
| 6 | $24,400.00 | $8,633.24 | $33,033.24 |
| 7 | $26,800.00 | $11,099.74 | $37,899.74 |
| 8 | $29,200.00 | $13,918.03 | $43,118.03 |
| 9 | $31,600.00 | $17,113.55 | $48,713.55 |
| 10 | $34,000.00 | $20,713.58 | $54,713.58 |
How to Use Compound Interest Calculator
- 1Enter initial deposit, monthly contribution, interest rate, and time period.
- 2Choose compounding frequency (daily, monthly, quarterly, annual).
- 3View total balance, interest earned, and growth chart.
- 4Compare different compounding frequencies.
Frequently Asked Questions
What is compound interest?▾
Compound interest is interest calculated on both the initial principal and accumulated interest from previous periods. It makes your money grow exponentially over time.
What is the compound interest formula?▾
A = P(1 + r/n)^(nt) + PMT × [((1 + r/n)^(nt) - 1) / (r/n)], where P is principal, r is annual rate, n is compounding frequency, t is years, and PMT is periodic contribution.
What is the Rule of 72?▾
A quick way to estimate how long it takes to double your money: divide 72 by the annual interest rate. For example, at 8% interest, money doubles in approximately 9 years.
Does compounding frequency matter?▾
Yes! More frequent compounding (daily vs annually) yields slightly more interest. The calculator shows a comparison across all frequencies.
About Compound Interest Calculator
Free compound interest calculator with monthly contributions. See how your money grows over time with daily, monthly, quarterly, or annual compounding. Includes visual growth chart, year-by-year breakdown table, Rule of 72, and compounding frequency comparison.
NexTool's Compound Interest Calculator is completely free to use with no sign-up required. Your data is processed directly in your browser and never sent to our servers, ensuring complete privacy and instant results.
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