The formula
FV = PV × (1 + i)ⁿ, where i is the rate per period and n the number of periods. Keep the units consistent: a monthly rate with months, a yearly rate with years.
Example
$1,000 at 1% a month for 24 months grows to $1,269.73. To have $1,500 in 24 months at 1% a month, you need to invest about $1,181.35 today.
Frequently asked questions
What if I add money every month?
Use the <a href="/compound-interest-calculator/">compound interest calculator</a>, which includes monthly contributions.
See also
Results are estimates for information only and are not financial, legal or medical advice. Rates, taxes and fees vary — confirm with a professional or your lender.