Enter your current savings, monthly contribution, expected return rate, and target amount to see how long it will take to reach your savings goal.
How to use this calculator
Enter your current savings amount.
Enter how much you plan to contribute each month.
Set your expected annual return rate (interest rate).
Enter your target savings goal amount.
Choose whether you want to calculate the time needed or the monthly contribution required.
See how long it will take to reach your goal and how much you'll need to save each month.
Use Share to send a link with your exact values.
Formula & method
How savings goal calculation works
Uses the future value formula for compound interest with regular contributions: FV = PV×(1+r)^n + PMT×[((1+r)^n−1)/r]
FV = future value (target amount), PV = present value (current savings), PMT = monthly contribution, r = monthly interest rate (annual rate/12/100), n = number of months
Example
To save $10,000 starting with $1,000, contributing $200 monthly at 6% annual return: it will take 41 months to reach your goal.
Key insights
The power of compound interest means your money grows exponentially over time.
Starting early significantly reduces the monthly amount needed to reach your goal.
Even small increases in your monthly contribution can substantially reduce your timeline.
Higher return rates accelerate your progress, but come with higher risk.
Regular contributions combined with compound interest create a powerful wealth-building effect.
How to interpret your result
Time to reach goal
The number of months and years it will take to reach your target amount with your current savings and monthly contributions.
Monthly contribution needed
The amount you need to save each month to reach your target within your specified time frame.
Total contributions
The total amount of money you will contribute over the entire period (excluding interest).
Total interest earned
The amount of interest your savings will earn through compound growth.
Frequently asked questions
What rate of return should I use?
For savings accounts, use the current APY. For investments, use a conservative estimate based on historical performance (typically 4-7% for mixed portfolios).
Should I include my emergency fund in current savings?
Only include money you're specifically allocating toward this goal. Keep emergency funds separate for unexpected expenses.
What if I can't save the calculated monthly amount?
Consider adjusting your timeline, reducing your goal, or finding ways to increase your income or decrease expenses.