Savings Goal Calculator
Find out how long it takes to reach a savings goal with monthly deposits and interest.
Your numbers
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Time to reach your goal
2 years 5 months- You contribute about $9,700.00
- Interest earned about $519.76
Estimates only. Before taxes and deductions.
How this calculator works
Each month your balance earns interest at one twelfth of the annual rate, then your deposit is added. The calculator repeats this until the balance reaches your goal. Rates are assumed constant, which real accounts rarely are.
Frequently asked questions
How much should I save each month?
A common starting point is 20% of take-home pay, but the right amount depends on your goal and timeline.
Does the interest rate matter much?
Over short goals, deposits matter most. Over many years, interest becomes a larger share of growth.