Savings Calculator
Project your monthly contributions, calculate accumulated compound interest, and estimate your final savings balance.
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This calculation assumes all monthly contributions are made at the end of the period. Actual returns may vary slightly depending on your bank's specific term conditions, leap years, and precise deposit dates.
How to use
- 1
Enter your Initial Deposit amount to start the calculation.
- 2
Input the amount you plan to contribute every month (optional).
- 3
Provide the Annual Interest Rate offered by your bank.
- 4
Select the interest compounding type (Compound monthly or Simple at maturity).
- 5
The tool automatically calculates your total deposited, earned interest, and net balance after taxes.
Formula
For monthly compounding, we use the standard future value of a series formula: For 'Simple' interest, the interest is not reinvested and is calculated only at the end of the maturity period.
Frequently asked questions
Is the 10% tax automatically deducted?
Yes, our calculator automatically estimates the standard 10% Mongolian income tax on earned bank interest to give you a realistic net balance.
What is the difference between Compound and Simple interest?
Compound interest means you earn interest on your previously earned interest (usually calculated monthly), leading to faster growth. Simple interest at maturity means the bank calculates interest strictly on the principal amount once at the end of the term.
Can I use this for foreign currency savings like USD or EUR?
Yes! The mathematical formula remains exactly the same regardless of the currency. However, keep in mind that foreign currency accounts typically offer significantly lower annual interest rates compared to MNT accounts.