Savings Calculator
Work out how long it takes to reach a savings goal at a given monthly deposit and rate, or flip it around: set the deadline and see the monthly amount it takes.
Monthly compounding at the annual rate ÷ 12, with deposits at the end of each month. Taxes and inflation are not deducted, and the rate is assumed to stay the same.
Formula and calculation
Worked example
Saving $500 a month on top of $5,000, at 4.5% a year: the $50,000 goal arrives in 76 months. By then you will have paid in $43,000.00, and $7,519.05 of the balance is interest — 15.04% of the goal.
What the results mean
- Time to reach the goal
- How long until the balance reaches your goal, counted in whole months of deposits — the calculator rounds up to the month in which the goal is met.
- Monthly deposit needed
- The deposit per month that reaches the goal within the deadline you set. Blank in the first mode, where you enter the deposit yourself.
- Interest earned by then
- How much of the balance comes from interest rather than your own money by the time you reach the goal.
- Total deposited
- Your own money: the starting amount plus every monthly deposit made by that point.
- Interest share of the goal
- Interest as a share of the goal — how much of the target you did not have to fund yourself. A higher rate or a longer horizon raises it.
Frequently asked questions
How long will it take to save $50,000?
With a $5,000 start, $500 a month and a 4.5% return, about 76 months — six years and four months. Without any interest the same plan takes 90 months, so the growth covers the last year and a bit for you. Run your own numbers: doubling the deposit makes far more difference than almost any rate.
How much do I need to save each month to reach my goal?
Switch to the second mode and set your deadline. To turn $10,000 into $100,000 in 10 years at 6% you save $499 a month; give yourself 20 years and it drops to $145. Time is the cheapest lever you have.
What interest rate should I use?
For a savings account or CD, use the rate the bank actually pays (its APY) — and rerun the numbers when rates move. For long-term investing the rate is a guess, not a promise: markets have averaged around 7–10% a year before inflation, but individual decades vary widely, so test a lower rate as well.
What happens at a 0% interest rate?
The calculator falls back to plain division: time = (goal − start) ÷ deposit, and the monthly amount = (goal − start) ÷ months. That is the right way to model a plain checking account — though at 0% inflation quietly works against you in the background.
Does the calculator allow for taxes or inflation?
No — it shows the balance as it would appear in the account. Interest is taxed in most places, and inflation reduces what the goal buys by the time you get there. For a purchasing-power view, subtract 2–3% from the rate as a rough real return.