Savings Goal Calculator

Find out how long it will take to reach a savings goal, or how much you need to save each month to reach it by a target date, including interest.

Two ways to plan a savings goal

Every savings goal has four moving parts: the target amount, what you've already saved, how much you add each month, and how long you give yourself. If you know three, you can solve for the fourth. This calculator handles the two most common questions. Choose "How long it will take" if you know what you can deposit each month. Choose "How much to save monthly" if you have a deadline — a wedding, a move, a down payment — and want the monthly amount that gets you there.

How the calculation works

The calculator assumes you deposit the same amount at the end of each month and that your balance earns interest compounded monthly at the annual rate divided by 12. For the monthly-amount mode it uses the standard future-value-of-an-annuity formula: the amount you need to deposit is the gap between your goal and what your current savings will grow to, multiplied by r ÷ ((1 + r)ⁿ − 1), where r is the monthly rate and n is the number of months. At 0% interest that simplifies to the gap divided by the number of months.

Choosing an interest rate

Use the rate you can actually get. A high-yield savings account or money market account pays a variable rate that can change at any time, so it's sensible to enter a slightly conservative number. For short-term goals (under about three years), most people keep money in insured savings rather than investments, because a market drop right before you need the cash could derail the goal. If you want to see the "worst case," set the rate to 0% — that shows how much your deposits alone will do.

Common savings goals

Emergency fund: a frequently cited target is three to six months of essential expenses. If that feels huge, start with a smaller first milestone such as $1,000 and build from there. Down payment: multiply the home price you're considering by the down payment percentage you plan to use, then add an estimate for closing costs. Big purchases and travel: saving ahead rather than using a credit card means you pay no interest — and the calculator shows how much interest you'll earn instead.

Tips to reach the goal sooner

Automate the deposit so it moves on payday, before you have a chance to spend it. Put windfalls such as tax refunds or bonuses straight toward the goal. Revisit the plan every few months; even a small increase, like $25 more per month, can shorten the timeline noticeably, and you can test that here in seconds. Keep goal money in a separate account so it's not mixed with everyday spending.

Limits of this estimate

Real savings rates change, deposits may vary month to month, and interest earned in a regular savings account is generally taxable. The results are a planning guide, not a promise of what your account will earn.

Estimates only, not financial advice. Results assume a fixed interest rate, payments made on time each month, no new charges or fees, and interest compounded monthly. Your lender's actual figures may differ. See our disclaimer.

Frequently asked questions