Savings Goal Calculator
Find out when you'll hit a savings target based on your monthly contributions.
How to use
- Enter your goal and current savings.
- Add your monthly contribution and expected return.
- See how long until you reach the goal.
How the Savings Goal Calculator works
Tells you how long a savings target will take given what you have, what you can add each month, and the interest you earn.
It advances the balance one month at a time — applying interest, then adding your contribution — and counts the months until the balance reaches your goal.
while balance < goal: balance = balance × (1 + r) + monthly
Worked example
Saving for a $30,000 deposit with $5,000 saved and $800 a month at 4% takes about 29 months.
Things worth knowing
- If the monthly amount is zero and the rate is zero, the goal is never reached and the calculator says so rather than looping forever.
- For a goal within about five years, keep the money somewhere stable. Market volatility can easily undo a short savings run.
Frequently asked questions
Does interest matter for short goals?
A little — for short timelines contributions dominate; for long ones compounding makes a big difference.
Is the return guaranteed?
No — it's an estimate using a constant average rate.
Is it better to save more or earn a higher rate?
Over short horizons the contribution dominates by a wide margin. Rate only becomes the bigger lever over ten years and beyond.