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Savings Goal Calculator
See how long it will take to reach a savings goal — and what to save each month to get there by a date you choose.
How the Savings Goal Calculator works
Most savings goals come down to two questions: how long will it take at the amount I can save now, and how much would I need to save to be done by a certain date. This calculator answers both at once. Enter your goal, what you have already set aside, your monthly contribution and an expected interest rate, and it shows the time to reach the goal along with how much of the final balance is your own money versus interest earned.
Under the hood it uses the standard future-value formula for a lump sum plus a series of equal monthly deposits, with interest compounding monthly. The "needed per month" box runs the same formula in reverse: given a target date, it solves for the deposit that makes the balance land exactly on your goal. Because deposits are assumed to arrive at the end of each month, the real figure can be a hair better if you deposit at the start of the month.
For short goals — a vacation, a down payment in two or three years, a new laptop — interest plays a small supporting role and the monthly contribution drives almost everything. For longer goals, compounding starts to matter, which is why the Compound Interest Calculator and the Retirement Savings Calculator are better tools for decade-long plans. If your goal is a safety net rather than a purchase, try the Emergency Fund Calculator, which turns your monthly essentials into a target.
A practical tip: if the answer feels too slow, there are only three levers — save more each month, accept a smaller goal, or give yourself more time. Try each one on the sliders above and see which trade-off feels most realistic.
Frequently asked questions
How is the time to reach my goal calculated?
The calculator assumes your interest compounds monthly and that you deposit your contribution at the end of each month. It solves the future-value formula for the number of months needed for your starting balance plus contributions plus interest to reach the goal, then rounds up to the next whole month.
What interest rate should I use?
Use the APY your account actually pays. Savings accounts and CDs advertise APY, which already includes compounding. Rates on savings accounts are variable and can change, so it is wise to test a lower rate as well. If you are unsure, 0% gives the most conservative answer.
What if my goal is more than 100 years away?
The calculator shows "100+ years" when the contribution is so small relative to the goal that it would take more than a century. That is a sign to raise the monthly amount, lower the goal, or extend your timeline.
Does this account for taxes or inflation?
No. Interest on regular savings accounts is generally taxable income, and rising prices can mean the same dollar goal buys less in the future. If your goal is years away, consider raising it using the Inflation Calculator.