CD Calculator

Here’s how to use our CD calculator to determine how much money you’ll have in a CD at the time it matures.

1. Enter your initial deposit, or the amount you’ll put into the CD when you open it.
2. Input the length of the CD’s term, in months or years.
3. Enter the annual percentage yield (APY) the CD earns.

The calculator will show your total final balance — including the initial deposit and interest earned — as well as a separate view of the amount of interest earned by the time the CD matures.

How much money you’ll have in your CD when it matures depends on several factors: your opening deposit, the CD’s term length and the CD’s APY. 

• Only one initial deposit is allowed: Typically, the only time you’re allowed to deposit money into a CD is when you open the account; additional deposits after that aren’t usually an option.
• Set term length: CDs often carry fixed terms, which commonly range from three months to five years or more. The longer the term, the more time the interest has to compound and grow.
• Fixed APY: Most CDs earn a guaranteed rate of return that won’t fluctuate over time. This can benefit you if going rates on new CDs drop during your CD’s term.
• Early withdrawal penalty: You’ll likely be charged a penalty for withdrawing funds from the CD before its expiration date. This will eat into your interest and possibly some of the principal, so make sure you won't need the funds you're locking down. 

Formula for calculating the final value of a CD with interest that’s compounded annually:

Where:

• FV = Final amount (maturity value)
• P = Principal (initial deposit)
• r = Annual interest rate (decimal)
• t = The number of years the money is invested

Formula for calculating just the interest earned on a CD:

Where:

• I = Interest earned
• FV = Maturity value
• P = Initial deposit

The calculator shows how much interest you can earn by the time your CD matures, as well as the total balance including interest and principal. Your results will be broken down by:

• Total balance: Your initial deposit and interest combined.
• Earnings: Your total interest.

Knowing exactly how much money a CD will hold when it matures can be helpful when planning for future purchases, expenses or life events. Say you plan to save for a number of years for a wedding, a vacation or a down payment on a house or car. It can pay to shop around for the best CD rates and consider how much you would earn based on various initial deposit amounts.

Running different scenarios in the CD calculator can help you decide where to open the account and how much money you’d like to commit to it. You may even change your mind about what term to go with, based on how much money you want to save.

For instance, say you’re researching the best three-year CDs, and you find one that earns a 4% APY and another that earns a 3% APY. If you deposit $10,000 into the CD, here’s how much it would earn for each of the APYs:

• If you deposit $10,000 in a three-year CD that earns a 4% APY, you’d have $11,249 when the CD matures.
• If you deposit $10,000 in a three-year CD that earns a 3% APY, you’d have $10,927 when the CD matures.

You’ll earn $322 more in interest by choosing the CD with the higher APY. Likewise, it can be helpful to compare the calculator’s results when changing your initial deposit or potential term lengths.

APYs on high-yielding deposit accounts have been trending downward since the Federal Reserve started cutting rates in 2024 — and they may continue to decline if officials cut their benchmark rate further in 2026. While no one knows for certain what policymakers will do with rates this year, locking in a competitive CD APY now could benefit you if the going rates on new CDs do continue to fall. 

The good news for savers right now is that rates on the best high-yield savings accounts and CDs continue to outpace the rate of inflation. As such, money that’s locked into a top-earning CD isn’t losing purchasing power at this time.

1. Decide if a CD is right for you: As a rule, it’s best only to commit money to a CD that you’re sure you won’t need before the CD matures. Taking out the money early triggers an early withdrawal penalty, which cuts into your earnings. When in doubt, keep your money elsewhere, like a high-yield savings account.
2. Pick a term length: Base your CD’s term on when you’ll want access to the money again. If you’re planning a big trip in a little over a year, for instance, a 12-month term may be a good idea.
3. Shop around for the best APY: Remember that many banks — especially large brick-and-mortar ones — commonly offer rock-bottom rates on their CDs. Shop around to secure a rate that’s competitive. Often, the top rates are offered at online-only banks, which don’t have the overhead costs that come with maintaining branches.