Spreadsheet Practice

How to calculate the future value of savings in Excel

Formula (Excel and Google Sheets)

=FV(B4/12,B5*12,-B3,-B2)

Use FV with the monthly rate, the number of months, the monthly deposit and the starting balance: =FV(B4/12,B5*12,-B3,-B2).

Result on the example
$54,819.73 in B6
Works in
Every current version
Google Sheets
Same formula

See it work

The formula is already in B6. Change any input and the result updates, or edit the formula to experiment.

How it works

FV adds up every deposit plus the growth on it, and the growth on the starting balance. The deposit and the starting balance are money you put in, so both are negative, which makes the future value positive. $41,000 deposited in total grows to about $54,800.

=FV(B4/12,B5*12,-B3,-B2)

Result54819.73132

  1. B45.0%

    The value in B4.

  2. B4/120.004166666667

    The / operator divides.

  3. B510

    The value in B5.

  4. B5*12120

    The * operator multiplies.

  5. B3$300

    The value in B3.

  6. -B3-300

    Makes the value negative.

  7. B2$5,000

    The value in B2.

  8. -B2-5000

    Makes the value negative.

  9. FV(B4/12,B5*12,-B3,-B2)54819.73132

    FV: Future value of an investment.

    • rateB4/120.004166666667
    • nperB5*12120
    • pmt-B3-300
    • pv-B2-5000

In Google Sheets

The same formula works in Google Sheets: =FV(B4/12,B5*12,-B3,-B2). We ran it in Google Sheets mode on the same data and it returns $54,819.73.

Other ways to do it

Each one was run on the same example sheet.

FormulaResultWhen to use it
=FV(B4/12,B5*12,-B3,-B2,1)$55,013.83Different resultType 1 means deposits at the start of each month, so each one earns a month more. Slightly more: $55,013.83.
=FV(B4/12,B5*12,-B3)$46,584.68Different resultWithout a starting balance. Only the monthly deposits: $46,584.68.

Common mistakes

  • Mixing periods: a yearly rate with monthly deposits makes FV compound 5% a month. Divide the rate by 12 and multiply the years by 12.
  • Positive deposits give a negative result. FV is reporting money coming back to you as the opposite of money going out.

Try it yourself

Same data, empty answer cell. Your formula is graded instantly, then re-checked on changed data, so a typed-in number won't pass.

Calculate the future value of savings

In B6, calculate the balance after B5 years of saving B3 a month, starting from B2, with the annual return in B4 compounded monthly.

Questions

How much of that is growth?

Subtract what you put in: =B6-B2-B3*B5*12.

How do I allow for raising the deposit every year?

FV assumes equal deposits. Build a year-by-year table, or use FVSCHEDULE for changing rates.

Checked by running on 2026-10-30: every formula and result on this page was calculated by the Spreadsheet Practice formula engine, in both Excel and Google Sheets modes.