Mortgage
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Compound Interest
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Time to Reach $1 Million with Compound Interest

Future Value $
Principal (Current Value) $
Extra Monthly Deposit $
APY Interest Rate %
Compounding Interval: Daily
Tax Rate %

This calculator computes the time needed for the principal to reach the future value through the effects of compound interest. It models a situation where compound interest is earned when money is deposited into a money-market or savings account. Every month, additional amount is deposited to the principal.
  • Future Value -- Account balance (sum of principal and interest) after several years of earning compound interest
  • Principal -- Initial amount depositied into account
  • Extra Monthly Deposit -- Savings value deposited each month, adding to the principal
  • APY Interest Rate -- annual rate expressed in APY, with daily compounding frequency
  • Compounding Interval -- Specifies how many times a year, the interest is computed by applying interest rate to the principal (interest = interest_rate x principal). Here, this is fixed to daily compounding.
  • Tax Rate -- This percent of earned interest is deducted to pay taxes.

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