Savings Goal Calculator
Find out how long it takes to reach your savings target — enter a monthly deposit and interest rate.
How the savings goal calculator works
Enter the amount you want to save, how much you can deposit each month, and the annual interest rate your savings will earn. The calculator solves for the number of months needed to reach the target, then breaks the result into years and months for readability. It also shows what portion of the final balance you deposited yourself versus what compounding contributed.
At a 0% rate the math is straightforward division. With a positive rate the calculator uses the future value of an annuity formula, solved for the number of periods. A higher rate shortens the timeline meaningfully over long horizons, which is why finding even a modestly better savings rate matters.
FAQ
What if the interest earned exceeds the target? The calculator shows the minimum number of months after which your balance first meets or exceeds the target. You may reach it slightly early depending on your account's exact compounding schedule.
What rate should I use? Use the annual percentage yield (APY) quoted by your bank or savings account. APY already accounts for compounding frequency, so a 0% rate in this field correctly models a no-interest account.
Is my data sent anywhere? No. All calculations happen locally in your browser.
This tool is for reference only and does not constitute financial advice.