Savings Calculator (Deposit Amount, Deposit Period, Interest Rate Calculation, Target Savings Calculation)

Saving and investing are essential habits for our financial future. However, because results vary depending on interest rates, periods, and deposit methods, proper planning is important. Our deposit and savings calculator helps you plan your savings easily and accurately.

What you can do with this calculator

1. Calculate deposit amount increase

   • You can easily check how much your initial deposit will increase according to various interest rates and periods.
   • Example: Quickly calculate the profit earned at a 3% interest rate when depositing 10 million won for 1 year.

2. Calculate monthly savings deposit amount

   • Tells you how much you need to save each month to reach your desired target amount.
   • Example: How much do I need to save each month to collect 10 million won in 2 years?

3. Target savings calculation

   • You can predict the time it takes to reach your goal based on the set amount, interest rate, and payment period.

4. Comparison of simple and monthly compound interest

   • Simulate the difference between simple and monthly compound interest to help you choose a higher return.
   • Example: Difference between saving at simple interest and saving at monthly compound interest under the same conditions.

5. Interest rate comparison and optimization

   • You can compare the interest rates of various financial products to choose the best option.

Learn about key terms

• Deposit amount: This is the initial amount you deposit.
• Deposit period: This is the period during which you deposit or save money.
• Interest rate: This is the interest rate earned on deposits or savings.
• Simple interest: Interest calculated only on the principal. Simple, but returns are relatively low.
• Monthly compound interest: A method of calculating interest on both the principal and the interest accumulated each month. You can expect higher returns over time.
• Monthly savings deposit amount: This is the amount when saving a fixed amount each month.
• Target savings calculation: Plan to achieve the desired amount.

Why is this calculator necessary?

1. Financial stability and goal setting

   • It provides a plan to set specific goals and achieve them, not just to save money.

2. Save time and energy

   • Automate complex calculations to provide fast and accurate results.

3. Customized strategy design

   • You can choose the savings product and method that best suits your situation and goals.

4. Better financial decisions

   • Helps you understand interest rates, the difference between simple and compound interest, and make optimal choices.