Savings Goal Calculator
Enter your goal, what you have now, and how much you add each month. You get the months and years to reach it, and how much sooner a bigger monthly contribution gets you there.
Uses monthly compounding. The result is the first month your balance meets or exceeds the goal. Rates are before tax; actual after-tax growth may be slightly lower.
Frequently asked questions
How long will it take to save a specific amount?
It depends on three things: what you start with, how much you add each month, and the interest rate. With $2,000 saved and $400 a month at 4%, reaching $20,000 takes about 42 months — far less than the 45 months you would get with no interest, because the balance compounds the whole time. This calculator solves the exact month your balance crosses the goal.
Does this include taxes on the interest?
No. The rate you enter is the account rate before tax. Interest earned in a taxable account is usually taxed yearly, so your real-after-tax growth is a bit lower than shown. For tax-advantaged accounts (401(k), IRA, 529), the rate is effectively what you earn.
What rate should I use?
Use the actual annual percentage yield (APY) of the account: roughly 0.5–1% for a typical savings account, 4–5% for a high-yield savings account in recent years, and 7% as a historical stock-market planning assumption (not a guarantee). Enter 0 if you want the no-growth "pure saving" answer.
Can I reach the goal faster?
Yes — every extra dollar a month compounds. On a $20,000 goal with $400 a month at 4%, adding $100 a month cuts roughly 7 months off the timeline. The calculator shows the saving for any extra amount you enter.