Savings Goal Calculator
Set a target, choose a monthly contribution, and see exactly how long it could take to hit your savings goal with interest included.
Progress toward goal
$2,500.00 / $10,000.00
You have already saved 25.0% of your target.
Months to reach goal
15
Target date
Jul 20, 2027
Total contributed
$10,000.00
Interest earned
$373.36
Final balance
$10,373.36
Multiple savings goals
Add vacation, emergency fund, car, or house goals to see the total monthly savings needed.
Combined savings target
$13,000.00
Monthly amount needed
$722.22
Month-by-month projection
This table shows your projected monthly contribution, interest earned, and ending balance.
| Month | Contribution | Interest | Balance |
|---|---|---|---|
| 1 | $500.00 | $11.25 | $3,011.25 |
| 2 | $500.00 | $13.17 | $3,524.42 |
| 3 | $500.00 | $15.09 | $4,039.51 |
| 4 | $500.00 | $17.02 | $4,556.53 |
| 5 | $500.00 | $18.96 | $5,075.49 |
| 6 | $500.00 | $20.91 | $5,596.40 |
| 7 | $500.00 | $22.86 | $6,119.26 |
| 8 | $500.00 | $24.82 | $6,644.09 |
| 9 | $500.00 | $26.79 | $7,170.88 |
| 10 | $500.00 | $28.77 | $7,699.64 |
| 11 | $500.00 | $30.75 | $8,230.39 |
| 12 | $500.00 | $32.74 | $8,763.13 |
| 13 | $500.00 | $34.74 | $9,297.87 |
| 14 | $500.00 | $36.74 | $9,834.61 |
| 15 | $500.00 | $38.75 | $10,373.36 |
| 16 | $500.00 | $40.78 | $10,914.14 |
| 17 | $500.00 | $42.80 | $11,456.94 |
| 18 | $500.00 | $44.84 | $12,001.78 |
How to Use
- Enter your total savings goal and how much you already have saved.
- Add your planned monthly contribution and expected annual interest rate.
- Choose either a target number of months or a specific target date.
- Review the projected timeline, final balance, required monthly savings, and the month-by-month table.
Frequently Asked Questions
How do I calculate how long it will take to reach my savings goal?
Start with your goal amount, current savings, monthly contribution, and expected interest rate. The calculator compounds your balance monthly and estimates how many months it will take to reach your target.
What if I cannot reach my savings goal by my deadline?
If your current monthly contribution is not enough, the calculator shows the estimated monthly contribution needed to hit your target by the selected deadline. That makes it easy to adjust your plan.
Should I use a target date or a number of months?
Either works. A target date is helpful for real-world events like a vacation or home purchase, while a number of months is useful when you want a flexible planning window.
Can I plan for multiple savings goals at once?
Yes. Use the multiple goals section to add separate goals like an emergency fund, car, vacation, or house down payment and see the combined monthly amount needed.