Worked example
With $1,500 already saved and $250 added monthly, a $10,000 goal takes under three years with 3% interest.
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Loans & savings
Savings Goal Calculator
Estimate how many months it will take to reach a savings goal.
Enter your numbers
Adjust the example to calculate using your own figures. Results update instantly.
Your results
Calculated locally- Months to goal
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- Approximate years
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- Balance when goal reached
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Important assumptions
Rates and deposits are assumed constant; no tax or withdrawal is included. A goal may be unreachable with the inputs.
How to use your results
The calculation credits monthly interest, then adds the month's deposit. It models a consistent saving habit rather than market volatility.
Start with the example values, then replace them with amounts for the same transaction or time period. Double-check rates and units. The results are estimates intended to help you explore possible outcomes, not financial or tax advice.
Choosing a realistic monthly contribution
Start with a target, subtract what you already have and compare the gap with your monthly budget. The calculator can credit monthly interest, but a steady contribution usually matters more than a small rate difference for short-term goals.
End-of-month deposits
The model credits that month's interest before adding the contribution. Real banks may calculate interest daily and credit it on a different schedule. Deposits made earlier in the month could change the outcome.
What if I have already reached my goal?
The calculator returns zero additional months. You can set a larger goal to explore what your next savings milestone might require.
How to calculate savings goal
Each month: balance = previous balance × (1 + annual rate ÷ 12) + monthly deposit
The calculation credits monthly interest, then adds the month's deposit. It models a consistent saving habit rather than market volatility.