Savings goal calculator
Find out how long it will take to reach a savings goal, or how much to save each month to hit it by a date, with optional interest compounded monthly.
Free, no sign-up. Runs in your browser; nothing you enter is sent anywhere. Updated .
Savings goal calculator
Optional. Use 0 for a regular savings account that pays almost nothing.
Time to goal
1 year, 9 months
Goal reached
21 months from now
Your deposits
$8,400.00
Interest earned
$387.35
After 21 deposits of $400.00, the balance is $10,287.35: $1,500.00 you already had, $8,400.00 in deposits, and $387.35 in interest.
How the savings goal calculator works
Interest is added monthly. An APY is turned into the matching monthly rate with r = (1 + APY)^(1/12) − 1, so twelve months of compounding add up to exactly the APY. At 4% APY, r is 0.3274% a month.
Each month, the balance grows by that month's interest and then your deposit is added:
balance = previous balance × (1 + r) + deposit
- How long will it take? The calculator repeats that step until the balance reaches the goal and counts the months.
- How much per month? It solves for the deposit: (goal − savings × (1 + r)^n) × r ÷ ((1 + r)^n − 1), where n is the number of months. With no interest that is simply (goal − savings) ÷ n. The result is rounded up to the cent.
If you've already saved enough, it says so. With no deposit and no interest the balance never grows, so there is no date to show.
Worked example
The calculator starts with a $10,000.00 goal, $1,500.00 already saved, and 4% APY.
- Depositing $400.00 a month, you reach the goal in 21 months (1 year, 9 months). The balance is then $10,287.35: $1,500.00 to start, $8,400.00 in deposits, and $387.35 in interest. Without interest it would take 22 months.
- To get there in 24 months, you need to deposit $336.11 a month. That is $8,066.64 in deposits plus $433.51 in interest, for a final balance of $10,000.15.
Frequently asked questions
What's the difference between APY and APR?
APY (annual percentage yield) already includes the effect of compounding, so it is what you actually earn in a year. APR is the simple yearly rate before compounding. Savings accounts usually quote APY, which is what this calculator expects.
Does it matter when in the month I deposit?
A little. The calculator assumes each deposit lands at the end of the month, after that month's interest. Depositing at the start of the month earns one extra month of interest on each deposit, so you would reach the goal slightly sooner.
What if my savings rate changes?
Savings account rates can change at any time, so treat the result as an estimate. Rerun it with the new rate, or enter 0% to see the timeline from your deposits alone.
Is the interest taxed?
In the US, interest from a savings account is generally taxable income. The calculator shows interest before any tax.
Why is the final balance a bit above my goal?
The calculator counts whole months and full deposits, so the month you cross the goal usually takes you slightly past it. In the how-much-per-month mode the deposit is rounded up to the next cent so you never fall short.
Cite this tool
Money Tracker, “Savings goal calculator”, https://www.trackmoney.ai/tools/savings-goal-calculator