Savings Goal Calculator
Find how long it takes to reach a savings target.
Results update as you type.
How it works
The months-to-goal figure shown here is how long it will take to reach a savings target, given what you have saved already, how much you add each month, and the interest your balance earns. It matters because a goal with a timeline is far easier to stay committed to than a vague intention, and seeing the finish line helps you judge whether your current pace is fast enough. This savings goal calculator treats your starting balance as a lump sum that compounds while your monthly deposits form a growing annuity, then solves for the number of months at which the two together first reach your target. Modeling both the balance and the contributions with monthly compounding is the accurate way to do it, because interest earned on money already saved shortens the timeline in a way a simple subtraction would miss. Savers use a goal calculator to plan for a house down payment, an emergency fund, a wedding or a large purchase, and to test how a bigger monthly deposit or a higher-yield account pulls the date closer. If you have already met the goal it returns zero months, and if you contribute nothing and the goal is out of reach it returns no result, a prompt to raise your monthly amount. Because interest rates vary and deposits may not be perfectly regular, treat the result as a well-grounded estimate and revisit it as your situation changes.
months = ln((goal × r + P) ÷ (current × r + P)) ÷ ln(1 + r), r = annual rate ÷ 12, P = monthly contribution
Here r is the monthly interest rate and P is your monthly contribution. Your current savings compound at r while each deposit also compounds, so the balance grows as a lump sum plus an annuity. Setting that combined value equal to the goal and solving for time produces the logarithmic expression shown: ln((goal × r + P) ÷ (current × r + P)) ÷ ln(1 + r). When the rate is zero the math simplifies to the gap between goal and current savings divided by the monthly contribution, since no interest is earned.
Source:Future value of an annuity
We review all our tools from time to time to ensure accuracy.
Worked example
How to use this calculator
- 1
Enter your values
Enter savings goal, current savings, monthly contribution and annual interest rate.
- 2
Adjust the options
Fine-tune any options to match your situation.
- 3
Read your result
Months to reach goal updates instantly as you type — no button to press.
Frequently asked questions
How does the interest rate affect the timeline?
A higher rate shortens the time to your goal because the interest your balance earns does part of the saving for you. On a short timeline the effect is modest, since there is little time to compound, but over several years a higher-yield account can shave months off the wait. Moving savings to a high-yield account or CD rather than a low-interest one is one of the simplest ways to reach a medium-term goal sooner without contributing a dollar more.
What if I can't contribute the same amount every month?
The calculator assumes a steady monthly contribution, so irregular saving will make your real timeline differ. If your deposits vary, enter a realistic average of what you can set aside each month to get a reasonable estimate. For months you contribute more — from a bonus or tax refund — you will run ahead of schedule; leaner months put you behind. Re-run the tool with an updated average whenever your regular savings capacity changes.
Should I include my existing savings?
Yes, enter the amount you have already earmarked for this goal as your current savings. It counts fully toward the target and earns interest from day one, so including it gives an accurate, shorter timeline. Do not include money committed to other purposes, such as your emergency fund or retirement accounts, unless you genuinely intend to use it here. Only the balance you will actually apply to this goal should go in the current savings field.
What happens if my goal is unreachable?
If you contribute nothing and your current savings plus interest cannot grow to the target — for example a zero contribution at a zero rate — the tool returns no result, signaling that the goal is not reachable on the inputs given. The fix is to raise your monthly contribution, extend your view of the timeline, or seek a higher return. Increase the contribution field until a finite number of months appears to see the minimum pace that reaches your goal.
Is the result before or after inflation?
It is in nominal terms, meaning it tells you when your balance reaches the dollar figure you entered, without adjusting for rising prices. If your goal is years away, the real-world cost of what you are saving for may climb in the meantime, so a fixed target could fall short of its future purchasing power. For distant goals, consider setting the target a little higher, or revisiting it periodically, to keep pace with inflation.