Savings Goal Calculator
A savings goal is really a question about time: given what you have saved, what you can add each month, and what the account pays, when do you cross the finish line? This calculator steps through the balance month by month and reports the answer in years and months.
- Accurate
- Real-time
- Easy to use
- 100% free
Time to reach your goal
4 years 10 months
Total deposited
$17,400
Details
Updates as you typeThe balance you want to reach.
Compounded monthly. Use the rate your account actually pays.
Summary
Three to five yearsTime to reach your goal
4 years 10 months
Balance at goal
$25,225
- Starting savings$5,00020%
- Deposits$17,40069%
- Interest earned$2,82511%
- Balance when you get there
- $25,225
- Total deposited
- $17,400
- Interest earned
- $2,825
- Out of pocket
- $22,400
- Growth as a share of the final balance
- 11.2%
- Months of deposits
- 58
- Deposits are added at the end of each month and interest compounds monthly.
- The final month usually overshoots the goal slightly, because deposits land in whole months.
How this is calculated
- Savings goal
- $25,000
- Starting balance
- $5,000
- Still to find
- $20,000
- Monthly deposit
- $300
- Annual return
- 4.00%
- Monthly return
- 0.3333%
- Months required
- 58
- Deposits over that time
- $17,400
- Interest earned
- $2,825
- Closing balance
- $25,225
Months
Compare scenarios
See how one change moves the result
- CurrentYour inputs as they stand4 years 10 monthsCurrent
- Savings goal$ 31,0006 years 1 month
- Current savings$ 6,5004 years 5 months
- Monthly deposit$/mo 4003 years 9 months
For informational purposes only. This is not financial advice — confirm major decisions with a licensed advisor.
Frequently asked questions
How is the time to reach a savings goal calculated?
The balance is simulated one month at a time: it earns one month of interest, then the deposit is added. The count stops on the first month the balance reaches or passes the goal, which is why the final balance usually overshoots slightly.
Does the interest rate really matter for a short goal?
Not much. Over one or two years, deposits do almost all of the work and a percentage point of return changes the answer by a month at most. Rate compounds into something meaningful only over horizons of roughly five years and longer.
What if my goal is unreachable?
If the balance has not reached the goal after 100 years of monthly steps, the calculator reports an error instead of a number. That happens when the deposit is zero and the account pays nothing, or when the target is enormous relative to what you add.
Should I use a nominal or an inflation-adjusted return?
For a goal priced in today money, subtract expected inflation from your return to get a real rate. Using a nominal rate answers when the account balance hits the number, not when it buys what you want it to buy.