Savings Goal Calculator
A savings goal calculator works out how long it takes to reach a target amount from regular monthly deposits, taking into account any starting balance and the interest earned along the way. Enter your goal, monthly deposit and rate to see the time needed, the total you will contribute and the interest earned.
Savings Goal Calculator
How the savings goal calculator works
Starting from your current savings, the calculator adds your monthly deposit and the monthly interest to the balance, month after month, until it reaches your target. The result is the time needed, the total you contribute and the interest you earn on the way.
The idea behind it
Each month your balance grows by the deposit plus interest on what you already have, so a starting balance and a higher rate both shorten the time to your goal — this is the power of compounding working in your favour.
Tip
Even a small increase in your monthly deposit can cut months off the time to reach a large goal, because every extra contribution also starts earning interest.
Frequently asked questions
How long will it take to reach my savings goal?
It depends on your monthly deposit, any starting balance and the interest rate. The calculator solves for the number of months until your balance reaches the target.
Does interest help me reach my goal faster?
Yes. Interest adds to your balance each month, so a higher rate means you reach the same target with fewer or smaller deposits.
What if I do not earn any interest?
With a 0% rate the time is simply the remaining amount divided by your monthly deposit, with no compounding.
How can I reach my savings goal sooner?
Increase your monthly deposit, start with a larger initial balance, or choose an account with a higher interest rate.
Is the interest compounded monthly?
Yes. The calculator compounds the entered annual rate monthly, which matches how most savings accounts work.