Final Amount at Monthly Deposit
Calculator for a constant monthly deposit at a certain duration and fixed interest rate. Please enter the height of the monthly deposit, the duration in months or years and the annual interest rate, the final amount will be calculated.
Example: 5 Euros each month for 18 years without interest will sum up to 1080 Euros. At an interest rate of 2% per year, it will be 1298.61 Euros.
The formula for the final amount is r * q * (qn-1) / (q-1) with a monthly rate r, duration in months n and monthly interest factor q. q is 1+(monthly interest rate/100), for the monthly interest rate see Interest per Year and Month.
This calculator assumes a fixed interest rate over a long period of time, because otherwise the input would be far too complicated. In reality, however, the interest rate changes every few years or even months. The interest rate can therefore only be given as an estimate, which corresponds to the average expected interest rate over the next few years. The final amount is therefore also only an estimate.
Building wealth through monthly deposits is a common method. You put aside a monthly amount that doesn't bother you much and after a longer period of time you have a considerable amount of money. A psychological factor also comes into play here, because the more money you have, the more you spend on pointless or superfluous things. If you put something away every month, the incentive for such spending decreases. However, before paying out the larger amount at the end of the term, you should think about what you would do sensibly with this larger amount.
It is generally desirable to invest your money sustainably, because then the money does something good while it grows. Many banks offer sustainable investments, although these should be verified as sustainable by an independent and trustworthy source. Unfortunately, some banks also offer products under the label of sustainability that do not deserve this name; this is referred to as greenwashing.
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