Calculate how long it will take to reach a savings goal. Enter your goal, current savings, monthly contribution and interest rate to see the time to goal, total contributions and interest earned.
Enter your savings goal, what you've saved so far, your monthly contribution and an optional annual interest rate (compounded monthly). The calculator works out how many months it will take, your total contributions and the interest earned along the way.
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A savings goal calculator works out how long it will take to reach a target balance from your starting savings and monthly contributions, with optional monthly-compounded interest to speed things up.
Each month: balance = balance × (1 + monthly rate) + contribution, repeated until the balance meets the goal. The monthly rate is the annual rate ÷ 12.
With no interest it's simply (goal − current) ÷ monthly contribution.
It's compounded monthly at one-twelfth of the annual rate. Real rates vary and can change, so treat the result as a projection, not a guarantee.
With no contributions you rely on interest alone, which (at low rates) may never reach the goal. Add a monthly contribution to see a realistic timeline.