Simple Savings calculations assumes you are not using compound interest of your savings account. This means the interest you earned is not added up to your initial account balance. This way you can see the linear increase of your money. Simply put your principle account balance and the interest rate you can get from your bank. With the term you put we give you a schedule of expected earnings. Please consider entering a tax rate because most of the cases interest earnings are taxable. For US you can put 10% or for different states or countries you can search the tax rates. If you dont know still you can experiment with different numbers and see the affect.
Simple interest calculations generates amounts you earn with a balance you have. The earnings adds up but not affecting your balance. If you want to see the compound affect of adding up interest earning to the account you can try our savings interest calculator
According to the calculator, in an account with %5 interest rate with 10% tax rate; 50000$ will bring us 2250$ at the end of a year. This means we earn 187.5$ per month. In 5 years period our earnings will be 11250$, with total amount of 61250$ we have. Here with tax rates provided we will pay 250$ every year for the interest we earned. If we assume we somehow get 10% interest rate, our yearly earnings would be 4500$ and 500$ paid tax. Extrapolating this to 5 years our total balance will be 72500$ at the end.