Preheat your oven to 350°F (175°C) and grease a 9-inch round pan.

In a large mixing bowl, combine softened butter and granulated sugar. Beat until smooth and creamy, about 2-3 minutes.

Add a room temperature egg, milk, and vanilla extract to the creamed mixture. Mix well on medium speed for about 1-2 minutes.

In a separate bowl, whisk together all-purpose flour, baking powder, and salt. Gradually fold into the wet ingredients.

Spread the batter into the prepared pan and scatter chopped peaches evenly on top.

In a small bowl, mix granulated sugar, flour, and melted butter until crumbly. Sprinkle over peaches.

Bake for approximately 40-45 minutes until the top is golden brown and a toothpick comes out clean.

Allow to cool for about 10-15 minutes before serving.