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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteFor a monthly SIP with equal contributions made at the end of each month, calculate the future value as FV = P × ((1 + i)n − 1) / i. Here, P is the monthly investment, n is the number of monthly contributions, and i is the assumed monthly return. If you start with an annual return assumption, convert it to a monthly rate using the same convention as your calculator. The result is an illustration based on a smooth assumed return—not a guaranteed mutual-fund value.
What the monthly SIP future-value formula calculates
The formula estimates how much a series of equal monthly investments could accumulate if each contribution earns the same assumed monthly return throughout the calculation period. It combines two things: the money you deposit and the modeled growth on deposits made in earlier months.
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In the formula, FV = P × ((1 + i)n − 1) / i:
- P is the amount invested each month.
- i is the assumed return per month, written as a decimal. For example, 1% is 0.01.
- n is the total number of monthly contributions.
- FV is the estimated value at the end of the final month under those assumptions.
This is the future-value formula for an ordinary annuity: it assumes every contribution is made at the end of the month. If the assumed monthly return is zero, the formula’s division by zero is undefined; use FV = P × n instead.
Convert the annual return into a monthly rate
Do not enter an annual percentage as a monthly rate. First check how the calculator defines its annual return. The conversion convention affects the result, even when the annual percentage entered is the same.
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Effective annual return
If the annual rate R represents the total compounded return over a year, convert it to an equivalent monthly rate with:
i = (1 + R)1/12 − 1
Write the annual percentage as a decimal before calculating: for example, 12% becomes R = 0.12. This conversion gives a monthly rate which, compounded for 12 months, equals the stated effective annual rate.
Nominal annual rate compounded monthly
A calculator that treats the annual rate as a nominal rate compounded monthly commonly uses:
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i = R / 12
That is a different assumption from the effective-rate conversion. For example, with a stated annual rate of 12%, the nominal monthly convention gives 1% per month, while the effective annual convention gives approximately 0.9489% per month. Their modeled annual outcomes are not identical. When using a calculator, follow its stated convention if available; when it is not stated, label your assumption rather than presenting the result as convention-free.
Calculate a monthly SIP step by step
- Set the monthly contribution. Use the amount you plan to invest each month, not the total amount you expect to invest over the full term.
- Set the duration in months. Multiply the number of years by 12 for a monthly schedule. Ten years means 120 monthly contributions.
- Choose an annual-return assumption. Treat it as an input for an illustration, not a promised or predicted return.
- Convert that rate to a monthly rate. Use either i = (1 + R)1/12 − 1 for an effective annual rate or i = R/12 for a nominal annual rate compounded monthly.
- Confirm contribution timing. Use the ordinary-annuity formula for end-of-month deposits. If contributions are modeled at the beginning of each month, apply the adjustment described below.
- Calculate the future value. Substitute P, i, and n into the formula. If i is zero, multiply the monthly contribution by the number of months.
- Show contributions separately from estimated growth. Calculate total deposits as P × n. The difference between the modeled future value and total deposits is the model’s estimated growth, not a separately guaranteed amount.
Worked example: ₹5,000 a month for 10 years
Suppose you invest ₹5,000 at the end of every month for 10 years and use an assumed effective annual return of 12%. This is a mathematical illustration; it does not describe the expected performance of a particular fund.
- Monthly contribution: P = ₹5,000.
- Number of contributions: n = 10 × 12 = 120.
- Monthly rate: i = (1.12)1/12 − 1, or approximately 0.0094888 (0.94888% per month).
- Apply the formula: FV = ₹5,000 × ((1 + 0.0094888)120 − 1) / 0.0094888.
The estimated future value is approximately ₹11.51 lakh. Total contributions are ₹5,000 × 120, or ₹6 lakh; the remaining roughly ₹5.51 lakh is the model’s estimated growth under the smooth-return assumption. Rounding the monthly rate or final value can cause small differences in the displayed result.
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The Securities and Exchange Board of India (SEBI) SIP calculator takes a contribution amount, frequency, expected annual rate, and duration as inputs, and says its result is illustrative rather than an actual-return representation. SEBI also cautions that market returns do not have a fixed rate and cannot be predicted: SEBI SIP calculator.
What changes if contributions are made at the beginning of each month?
A beginning-of-month contribution has one additional month to grow compared with an end-of-month contribution made in the same monthly period. To model deposits at the beginning of every month, multiply the ordinary-annuity result by (1 + i):
Beginning-of-month FV = P × ((1 + i)n − 1) / i × (1 + i)
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For the example above, that means multiplying the end-of-month estimate by approximately 1.0094888. The beginning-of-month estimate is about ₹11.62 lakh, around ₹11,000 higher before rounding. This difference comes solely from the timing assumption in the formula; it is not evidence that a real SIP will earn more.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Using SEBI’s SIP calculator
SEBI’s online calculator asks for the investment amount, frequency, expected annual return, and duration. For a monthly SIP, choose the monthly frequency and enter the monthly contribution and investment period in the fields requested. Enter an annual return only as an assumption, and check whether the calculator specifies how it converts that rate to monthly growth. The calculator describes its output as illustrative, not actual returns.
Use the result as a scenario, not as a promise. If you change the assumed annual return or duration, the output changes because the model is sensitive to those inputs. A larger displayed estimate only follows from the larger assumption; it does not establish that the assumption is achievable or suitable for your circumstances.
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Why a real SIP can end at a different value
A SIP is a method of investing fixed amounts at regular intervals in a mutual-fund scheme, according to the Association of Mutual Funds in India (AMFI): AMFI mutual-fund information. In an actual investment, each installment buys units at the applicable net asset value (NAV) for its investment date. The number of units accumulated and the final value therefore depend on the sequence of NAVs and actual investment dates.
The annuity formula instead applies one constant monthly return to every period. It does not reproduce changing NAVs, the units purchased by each installment, or the timing of real transactions. Two investment paths can have the same broad return over a period yet produce different SIP outcomes because contributions enter at different points along those paths. The formula is useful for understanding a hypothetical accumulation, but it is not a reconstruction of a fund’s month-by-month history.
An AMFI-hosted scheme document illustrates a ₹3,000 monthly investment using changing hypothetical NAVs and states: “Rupee Cost Averaging does not guarantee a profit nor protect against a loss.” That example is specific to the scheme document and is hypothetical; it is not a universal SIP outcome: AMFI-hosted Scheme Information Document.
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- Mixing annual and monthly rates: Convert the annual assumption before using it as i; otherwise the formula applies the wrong rate in every month.
- Leaving the rate convention unstated: Effective annual conversion and nominal annual division by 12 are distinct assumptions. Record which one you used, especially when comparing calculator outputs.
- Using years instead of months for n: For a monthly investment over 10 years, use 120 periods, not 10.
- Ignoring deposit timing: The standard formula assumes deposits at month-end. Use the annuity-due adjustment only when modeling beginning-of-month contributions.
- Calling the difference from contributions a profit forecast: It is only the growth implied by the constant-rate model. It does not predict the fund’s actual gains.
- Comparing outputs with different inputs: A different contribution, duration, return convention, frequency, or timing assumption can change the result. Check that the assumptions match before comparing two estimates.
How to read the estimate responsibly
Keep the three numbers distinct: total deposits, the formula’s estimated future value, and the difference between those two amounts. Total deposits are determined by the contribution and number of installments; the other figures depend on the assumed rate and timing convention. A calculator result is most useful for seeing how those inputs affect a hypothetical outcome, not for deciding that an investment will reach a particular corpus.
SEBI’s warning is important when interpreting any projected SIP corpus: stock-market returns are not fixed or predictable, and calculator outputs are illustrations. A smooth-return estimate should not be treated as a guarantee, a fund-specific forecast, or a substitute for considering investment risk and personal circumstances.
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