Time to savings goal calculator
Know what you can save each month and want to know when you will hit your goal? This gives you the date in months.
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How to use it
- Enter savings goal, current savings, monthly deposit and expected annual return.
- The result appears straight away and updates as you edit.
- Copy the result, or copy a link that keeps the same values to share it.
How it is calculated
i = rate / 12. Months N = ln((Goal × i + PMT) / (Savings × i + PMT)) / ln(1+i), rounded up to a whole month. At 0%: (Goal − Savings) / PMT.
Example
Inputs: Savings goal = 50,000 your currency, Current savings = 5,000 your currency, Monthly deposit = 1,000 your currency, Expected annual return = 4 %. Result: Months needed: 42; In years and months: 3 years 6 months; Total deposited: 47,000.00.
Limits and caveats
- Assumes deposits at the end of each month and a fixed return compounded monthly.
- The result is rounded up to a whole month, so the balance may pass the goal slightly.
Questions about this tool
How can I get there sooner?
For shorter goals, raising the monthly deposit usually cuts the time more than chasing a higher return.
What if I deposit nothing monthly?
The tool finds how long your current savings take to grow alone at the return entered, as long as it is above zero.
Why is the balance above the goal?
The months are rounded up to a whole month, so the balance at that month end passes the goal slightly.