CD Calculator
CD calculator: enter the deposit, APY or interest rate and term to get the balance at maturity, the interest earned and what an early withdrawal leaves. How it works
Use the CD Calculator
About the CD Calculator
A $10,000 CD at 4.5% APY is worth $10,450.00 after 1 year and $12,461.82 after 5 years, $2,461.82 of it interest. The CD calculator takes the APY banks advertise or a plain interest rate, shows the balance year by year to maturity, and works out what an early withdrawal leaves after a penalty counted in months of interest. An optional tax rate shows the interest after tax, and a second offer can be compared on the same deposit.
What $10,000 is worth at maturity
| APY | 6 months | 1 year | 18 months | 2 years | 3 years | 5 years |
|---|---|---|---|---|---|---|
| 3% | $10,148.89 | $10,300.00 | $10,453.36 | $10,609.00 | $10,927.27 | $11,592.74 |
| 3.5% | $10,173.49 | $10,350.00 | $10,529.57 | $10,712.25 | $11,087.18 | $11,876.86 |
| 4% | $10,198.04 | $10,400.00 | $10,605.96 | $10,816.00 | $11,248.64 | $12,166.53 |
| 4.5% | $10,222.52 | $10,450.00 | $10,682.54 | $10,920.25 | $11,411.66 | $12,461.82 |
| 5% | $10,246.95 | $10,500.00 | $10,759.30 | $11,025.00 | $11,576.25 | $12,762.82 |
Rate entered as APY with monthly compounding, the tool’s defaults. Interest is before tax.
Early withdrawal from a 5-year, $10,000 CD at 4.5% APY
| Withdrawn after | Interest earned so far | Left after a 3-month penalty | Left after a 6-month penalty | Left after a 12-month penalty |
|---|---|---|---|---|
| 6 months | $222.52 | $10,112.28 | $10,002.04 | $9,781.55 |
| 12 months | $450.00 | $10,339.76 | $10,229.51 | $10,009.02 |
| 24 months | $920.25 | $10,810.01 | $10,699.76 | $10,479.27 |
| 36 months | $1,411.66 | $11,301.42 | $11,191.17 | $10,970.68 |
| 48 months | $1,925.19 | $11,814.94 | $11,704.70 | $11,484.21 |
The penalty is that many months of simple interest on the deposit at the 4.4098% interest rate: $110.24, $220.49 and $440.98. It is not capped at the interest earned, so a 12-month penalty at 6 months leaves $9,781.55, less than the deposit. Banks set their own penalties: check the terms of the CD.
Frequently asked questions
- How much interest does a $10,000 CD earn in a year?
- $450.00 at 4.5% APY, $400.00 at 4% and $500.00 at 5%. The APY is the interest for a full year with compounding already counted, so a 1-year CD pays the deposit times the APY. A 6-month CD at 4.5% APY pays $222.52.
- What is the difference between APY and interest rate on a CD?
- Regulation DD defines the interest rate as the annual rate that does not reflect compounding, and the APY as a rate that reflects the interest rate and the frequency of compounding over a 365-day period. With monthly compounding, a 4.5% APY equals an interest rate of 4.4098%, and a 4.5% interest rate equals an APY of 4.5940%. Entered as an interest rate, 4.5% turns $10,000 into $12,517.96 in 5 years instead of $12,461.82.
- Does the compounding frequency matter?
- Not when you enter the APY, which already includes compounding: the balance is the deposit × (1 + APY) raised to the number of years, so $10,000 at 4.5% APY for 5 years is $12,461.82 with daily, monthly or annual compounding. It matters when you enter an interest rate: 4.5% for 5 years gives $12,461.82 compounded annually, $12,517.96 monthly and $12,523.05 daily.
- What is the penalty for withdrawing from a CD early?
- The bank sets it in the terms of the CD. This tool models a penalty stated as months of interest: enter the month you would withdraw and the number of months. On the 5-year $10,000 CD at 4.5% APY, leaving after 24 months with a 3-month penalty costs $110.24 and leaves $10,810.01.
- Can I lose money by cashing out a CD early?
- Yes, when the penalty is larger than the interest earned so far. A 1-year $10,000 CD at 4.5% APY has earned $73.63 after 2 months. A 6-month penalty is $220.49, so $9,853.14 would come back.
- Is CD interest taxed, and how does the after-tax figure work?
- The IRS lists CD interest as taxable interest, generally taxable in the year it becomes available to you, so on a multi-year CD the tax can fall year by year. The calculator simplifies: enter your marginal rate and it takes all the tax once, at maturity. At 24%, the $2,461.82 earned on $10,000 at 4.5% APY over 5 years leaves $1,870.98 after $590.84 of tax.
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