Savings Goal Calculator
Figure out how long it will take to reach a savings goal, or how much you need to save monthly to reach it by a target date. Accounts for compound interest on your growing balance.
Recommended Settings
Pro Tips
- •This models interest compounding monthly on your growing balance, including both your current savings and each new contribution
- •Setting the interest rate to 0% models simple cash savings with no investment growth
- •If the required monthly contribution comes back at or below zero, your current savings alone (with interest) are already projected to reach your goal in time
- •Small increases in monthly contribution or interest rate can meaningfully shorten how long it takes to reach a goal, especially over longer timelines
Most Popular
Most users model a savings account or conservative investment with a 3-5% annual interest rate
When to Use This Tool
Calculate how long it will take to build a target emergency fund at your current savings rate.
Plan how much to save monthly for a large purchase like a car, vacation, or down payment.
Estimate how monthly contributions and interest combine to grow toward a retirement savings target.
See how changing your monthly contribution shifts your projected timeline to reach a savings goal.
How It Works
For time-to-goal: simulate the balance month by month, adding the monthly contribution and applying compound interest, until the balance reaches the goal
For required contribution: apply the future value of annuity formula, working backward from the target amount and timeline to solve for the needed monthly contribution
Both calculations account for interest compounding monthly on the growing balance
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Files never leave your device. All processing happens locally in your browser.
Lightning Fast
Powered by Compound interest and annuity formulas for optimal performance on modern browsers.
Open Source
Built with verified, open-source libraries. Fully transparent.
Frequently Asked Questions
What if my goal is already met by my current savings?
If your current savings already meet or exceed your goal, the time-to-goal calculation will tell you the goal has already been reached, with no additional months needed.
What if I can't reach my goal within 100 years?
If your contribution and interest rate are too low relative to your goal, the calculation is capped at 100 years (1,200 months) and will tell you to increase your contribution rather than showing an unrealistic or infinite timeline.
Does this account for taxes on investment growth?
No. This tool models simple compound growth at the interest rate you enter. If your savings are in a taxable account, actual after-tax growth may be lower than shown.
Is my data sent to a server?
No. All calculations happen instantly in your browser using JavaScript. Nothing you enter is transmitted anywhere.
Can I model a goal with no interest at all?
Yes. Set the annual interest rate to 0% to model plain cash savings without any investment growth - the calculation will rely purely on your contributions.