Savings Goal Calculator
Find out how many months it will take to reach your savings target given your current savings, monthly contribution, and interest rate.
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How to use this calculator
FV = future value, PV = present value (current savings), r = monthly interest rate, n = months, PMT = monthly contribution.
- 1
Enter the total amount you want to save (your target).
- 2
Enter how much you have already saved.
- 3
Enter an annual interest rate for your savings account or investment.
- 4
Enter the amount you can contribute each month — the calculator shows how long it will take.
Frequently asked questions
What does this tool actually solve for?
It solves for time. Given a target, current savings, a yearly rate and a monthly contribution, it finds the number of months until the balance reaches the target. This tool uses n = ln((T × r + PMT) ÷ (PV × r + PMT)) ÷ ln(1 + r), with r equal to the annual rate ÷ 12, and rounds n up to a whole month.
When is each contribution made?
At the end of each month, with interest credited monthly. The balance after the last month is shown as Projected Final Balance. It is normally a little above the target because the final contribution is not trimmed, so the default plan finishes at $10,013.49 against a $10,000 target.
What if I have already reached the target?
If current savings are equal to or above the target, the tool reports 0 months and shows your current balance. This check comes first, so it works whatever you enter for the rate and the contribution.
How does it behave at 0% interest?
The months are simply the remaining amount divided by the contribution, rounded up. A $25,000 target with $2,000 saved and $400 a month gives 58 months (4y 10m), because $23,000 ÷ $400 is 57.5. Interest earned shows $0.00.
Can the goal be reached with no contribution?
Only if interest does the work. Starting with $5,000, aiming for $20,000 at 5% and contributing nothing takes 334 months (27y 10m). With no contribution and either a 0% rate or an empty balance, the tool returns a message that the goal is unreachable.
How do I find the monthly amount for a deadline?
This tool does not output it, but you can search by changing the contribution until the months match your deadline. The closed form it is checked against is PMT = (T − PV × (1 + r)^n) × r ÷ ((1 + r)^n − 1). For the default plan at 28 months that formula gives $299.54, just under the $300 entered.
What is not included?
Taxes on interest, fees, changes in the rate, inflation raising the cost of your goal, and missed or irregular deposits. A negative monthly contribution is rejected with a message rather than treated as a withdrawal schedule.
Savings goal calculator: how many months to your target
Solving for months instead of balance
Most savings tools take a time period and report a balance. This one works backwards: the balance you want is fixed, and the unknown is how many monthly steps it takes. Each step credits one-twelfth of the yearly rate on the existing balance and then adds your contribution. The tool finds the first whole month in which the balance reaches the target and reports it as years and months together with the total number of months.
Worked example: the built-in goal
The figures built into this tool are a $10,000 target, $1,000 already saved, a 5% yearly rate and $300 a month. Running them gives 2y 4m (28 months), a projected final balance of $10,013.49, total contributions of $8,400.00 and interest earned of $613.49. Change to a zero rate with a $25,000 target, $2,000 saved and $400 a month and the answer is 58 months, with the final balance at $25,200.00. Results here illustrate the inputs and are neither forecasts nor advice.
What a bigger monthly amount buys
The table holds a $20,000 target, an empty starting balance and a 5% rate fixed, and changes the monthly contribution. Doubling the contribution from $100 to $200 cuts the time from 146 months to 84, because a larger deposit also shrinks the gap that interest has to make up.
| Monthly contribution | Time to goal | Total contributions | Interest earned |
|---|---|---|---|
| $100 | 12y 2m (146 months) | $14,600.00 | $5,441.10 |
| $200 | 7y 0m (84 months) | $16,800.00 | $3,265.73 |
| $300 | 4y 11m (59 months) | $17,700.00 | $2,318.41 |
| $500 | 3y 2m (38 months) | $19,000.00 | $1,540.56 |
A longer plan with a positive rate
Take a $50,000 target with $5,000 saved, $500 a month and a 4.5% rate. The tool reports 6y 4m (76 months), a projected final balance of $50,519.05, contributions of $38,000.00 and interest of $7,519.05. Interest supplies roughly a seventh of the final balance in this plan, so the contribution still carries most of the load. If you already hold more than the target, the tool says so and shows 0 months.
Limits worth knowing
The model keeps the rate and contribution constant for the whole journey. It does not raise the target for rising prices, take account of tax on interest, or let you skip a month. Whole-month rounding means the last month can overshoot the target by up to one contribution plus interest. For a plan with several stages, run the calculator once per stage and carry each ending balance forward as the next starting balance.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →