Savings Goal Calculator

Find out when you will reach your savings goal

This savings goal calculator tells you how many months it will take to reach a target amount. It uses your current savings, a fixed monthly deposit and an annual interest rate. You get the time to your goal, your final balance, total deposits, interest earned and a year-by-year table.

How to use it

1. Enter your Savings Goal.
2. Enter your Current Savings, or leave it empty for 0.
3. Enter your Monthly Contribution.
4. Enter the Annual Interest Rate in percent. Use 0 for a plain savings plan with no interest.
5. Read the results. They update as you type.

How it works

The tool runs a month-by-month simulation. Each month it adds interest of balance × (annual rate ÷ 12 ÷ 100), then adds your deposit. It stops in the first month the balance reaches or passes the goal. Because the deposit lands in full, the final balance is often a little above your target.

Time is shown both in months and in years and months, for example "3 years and 4 months".

Special cases

The year-by-year table

For each year the table lists the end balance, what you deposited that year and the interest earned that year. The year you reach the goal is highlighted with a "Goal!" badge. The last row may cover less than 12 months.

Amounts are in US dollars with two decimals. Everything is calculated in your browser.

Tips

• Try a slightly higher monthly deposit to see how many months it saves you.
• The rate is assumed fixed for the whole period. Savings account rates often change.
• Taxes on interest and inflation are not included. Results are estimates, not financial advice.

Frequently asked questions

Is interest compounded monthly?

Yes. The annual rate is divided by 12 and applied to the balance every month, before that month's deposit is added.

Can I use it without interest?

Yes. Set the rate to 0 and the tool shows how long plain monthly deposits take to reach the goal.

Why is my final balance higher than my goal?

The tool adds whole monthly deposits, so the last month usually pushes the balance a bit past the target.