Ledgerly
Ad slot

Home / Compound interest / $1,000 a month, 10 years

$1,000 a Month for 10 Years

What does $1,000 a month become over 10 years? The page starts at 6 percent a year with an empty account. Change any figure.

The final balance on the starting figures is $163,879. You would deposit $120,000 yourself.

$
$
%
years
%
Final balance
$163,879
Total you put in
$120,000
Interest earned
$43,879
Year by year
YearTotal put inBalance
1$12,000$12,336
2$24,000$25,432
3$36,000$39,336
4$48,000$54,098
5$60,000$69,770
6$72,000$86,409
7$84,000$104,074
8$96,000$122,829
9$108,000$142,740
10$120,000$163,879
Ad slot

How the growth is worked out

Picture a loop that repeats 120 times. Inside the loop the balance is multiplied by one plus the monthly rate of 0.5 percent. Then the monthly deposit of $1,000 is added. When the loop ends the balance is your result.

Ad slot

Worked example

Deposit $1,000 each month for 10 years at 6 percent. The balance reaches $163,879.

Without interest the same deposits would reach only $120,000. Interest adds $43,879 on top.

Questions about this calculator

How much would $2,000 a month reach over 10 years at 6 percent?

$327,759 at 6 percent. That is 2 times the balance from $1,000 a month.

What if the return on $1,000 a month over 10 years were 5 percent instead of 6?

The balance would be $155,282 instead of $163,879. A return one point higher gives $173,085.

What if you stopped the $1,000 deposits halfway through 10 years at 6 percent?

After 5 years the balance is $69,770. Left alone for the second half, it would grow to $94,109 instead of $163,879.

What would it take to match $163,879 over 10 years if you started 5 years later at 6 percent?

You would need $2,348.85 a month for 5 years instead of $1,000 for 10. Starting early does much of the work.

Related calculators

This page is for education only and is not financial or tax advice.