Savings Goal Calculator
Set to 0 for a simple no-interest calculation.
Time to Goal
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Total Contributed
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Interest Earned
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How It Works
This calculator uses the future value of an ordinary annuity formula, solving for the number of periods required to reach your goal:
Tips
- High-yield savings accounts currently offer 4–5% APY. Use that as your rate for a realistic estimate.
- Doubling your monthly contribution cuts the time significantly more than doubling the interest rate.
- This calculator assumes you start from $0. If you already have savings, the actual time will be shorter.
Frequently Asked Questions
Does this account for compound interest?
Yes. The formula assumes monthly compounding, which matches how most savings accounts and money market accounts work.
What rate should I use?
Use the Annual Percentage Yield (APY) from your savings account. For a basic savings account it may be 0.5–1%. High-yield savings accounts and CDs are currently offering 4–5% APY.
What if I already have some savings toward my goal?
This calculator assumes you start from $0. If you already have a balance, your actual time to reach the goal will be shorter. To estimate, subtract your current balance from the goal and enter the remaining amount as your new savings goal. For example, if your goal is $10,000 and you already have $3,000, enter $7,000 as the goal.
How does increasing my monthly contribution compare to increasing my interest rate?
Doubling your monthly contribution has a much larger effect than doubling your interest rate, especially over shorter time horizons. For example, if you're saving $500/month at 4% APY toward a $20,000 goal, adding $200/month cuts the time by roughly 6 months. Adding 2% interest cuts it by roughly 2 months. Contribution size is the biggest lever you can pull.