Savings Goal Calculator
How many months until you reach your goal?
Your numbers
Your results
Savings Goal Calculator by TheCalcTools
How the Savings Goal Calculator works
Enter your goal, what you have now, how much you add each month and the return you expect.
Interest compounds monthly and deposits are made at month end.
The calculator solves the future value formula for the number of months.
The formula
Worked example
Using the default values shown in the calculator:
| Savings goal | $50000 |
|---|---|
| Current savings | $5000 |
| Monthly deposit | $400 |
| Annual return (%) | 5 % |
- Monthly rate = 5% ÷ 12 = 0.4167%.
- n = ln((50,000 + 96,000) ÷ (5,000 + 96,000)) ÷ ln(1.004167) = 88.6 months (7.4 years).
- You deposit about $35,448 and earn about $9,552.
Result:
| Months to reach goal | 88.6 |
|---|---|
| Years | 7.4 |
| Total you will deposit | $35,448 |
| Interest earned (approx.) | $9,552 |
Frequently asked questions
What return should I assume?
Savings accounts pay a modest, variable rate. Investments in markets may return more on average but can fall. Use a conservative figure.
What if I can deposit more?
Try a higher deposit. Increasing it often shortens the time more than a higher return does.
Sources and further reading
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This calculator gives estimates for information only. It is not financial advice, and your lender's or provider's figures will govern. Rates, fees and rules vary. See our disclaimer.