You can now create a fully detailed savings plan online at TheMoneyCalculator.com. This is the only savings calculator to allow you to calculate not only what the value of your current savings plan will be, but also work in reverse and let you know how much you need to save in order to save a particular amount of money.
It has a mode to deal with savings plans taken out solely for the purpose of repaying an interest only mortgage. With adjustable tax brackets and the ability to add costs (regular/irregular) you can get a good estimate of contributions required for an ISA or other savings plan based mortgage repayment vehicle.
Full options include:
- Inflation
- Irregular and regular savings deposits
- Irregular and regular withdrawals and costs
- Tax on interest or Tax Free (ISA) – Changeable Tax Brackets and Annual or At Source Tax Deduction
- Starting Lump Sum Contributions
- Initial Charges (When starting the plan) and Charges Applied Per Deposit
- Interest Calculation Periods (Annual, Monthly, Daily)
The calculator will produce a printable statement with charts!
If you are creating a plan for a mortgage it will compare the mortgage payments with the money you invest into the savings plan too.
Try the Savings Calculator now.