Savings Goal Calculator
See how long it takes to reach a savings target with monthly deposits.
Set a target, a monthly deposit and an interest rate to see how long it will take to get there — and how much of the goal comes from interest versus your own deposits. Great for planning a down payment, trip or emergency fund.
Formula / method
Examples
≈ 3.8 years
20 months
Planning backwards from a target
Instead of asking what a deposit will grow to, this tool asks the more useful question: given a monthly contribution and an interest rate, how long until you reach a specific goal? It solves for the time, and shows how much of the total comes from your deposits versus earned interest.
Why regular contributions add up
Steady monthly saving combines two forces: the deposits themselves and compound growth on the balance so far. Early contributions have the longest to grow, so starting sooner shortens the time to goal more than you might expect. Adjust the monthly amount to see how it pulls the target date closer.
Where it's used
- Planning how much to set aside each month for a house down payment
- Saving toward a wedding or a vacation by a target date
- Building an emergency fund over a fixed number of months
- Funding a child's education pot on a schedule
- Budgeting monthly contributions toward a new car
Real-world examples
- To save $6,000 for a trip in 12 months, set aside $500 a month.
- Targeting a $30,000 down payment in 5 years means about $500 a month before any interest earned.
- A $9,000 emergency fund built over 18 months needs $500 saved each month.
FAQ
Does it assume deposits at the end of each month?
Yes — it uses a standard ordinary-annuity model with monthly compounding. Real accounts may differ slightly in timing.