Interest Rate Calculator: Savings and Loan Payments

TL;DR

Use the first calculator for savings: enter what you have, what you’ll add each month, the rate and the years.
Use the second for a loan: enter the amount, the rate and the term to see the monthly payment and total interest.
Today’s rates range from about 0.4% in a typical savings account to over 21% on credit cards. The table below lists them.
LemonTrades warns you before every Fed decision and inflation report, the news that moves these rates.

Change any number and the answer updates straight away.

Savings calculator

You have ($)Add each month ($)Interest rate (%)Years

You’ll have–

Interest compounds monthly.

Loan amount ($)Interest rate (%)Years

Monthly payment–

A fixed-rate loan, paid monthly.

Rate	Now	What it’s for
Fed funds targetset October 28	3.75–4.00%	What banks charge each other overnight; it moves the others
Prime rate	7.00%	The base for credit cards and home equity lines
10-year Treasurylive	–%	Drives mortgage rates
30-year mortgageFreddie Mac, November 5	7.18%	A typical new home loan
3-month Treasury billNovember 4	4.03%	What the government pays for short loans
Credit cardsaverage, August	21.19%	What card balances cost
New car loan, 60 monthsaverage, August	7.54%	Bank auto loans
Savings accountnational average, October	0.38%	Most big-bank savings; online banks pay far more
12-month CDnational average, October	1.76%	Average across banks

Sources below. The 10-year yield is live. More: what is the interest rate today.

Savings: each month, the balance earns one-twelfth of the yearly rate, and that interest earns interest too. That’s compounding.
Loans: each payment covers that month’s interest first, and the rest pays down the balance, so early payments are mostly interest.
APR vs APY: APY includes compounding and is a little higher than the APR for the same account.

Online banks and money market funds pay far more than the 0.38% national savings average.
Treasury bills and I bonds are other safe options.
For loans, a higher credit score and a shorter term usually mean a lower rate.

Where rates go next depends on the Fed. See when interest rates will go down.

Education, not financial advice. Results are estimates. See our disclaimer.