Compound Interest Calculator
See how savings and investments grow with compound interest and monthly contributions.
Savings Goal Calculator
Find out how long it will take to reach a savings goal — and how much you need to save each month to hit it by a target date.
Disclaimer: This calculator gives estimates only and is not financial, tax, or legal advice. Figures can differ from lender, employer, or official calculations. Please confirm important decisions with a qualified professional. See our full disclaimer.
How savings goals are calculated
Each month, your balance grows by interest and by your contribution: New balance = Old balance × (1 + r) + Monthly contribution, where r is the monthly rate (annual rate ÷ 12). Repeating this month after month shows when the balance crosses your goal. To find the monthly amount needed for a fixed deadline, the calculator uses the future-value formula and solves it for the monthly payment.
Worked example
Goal: $20,000. You already have $2,000 and save $300 a month at 4% per year. The balance reaches the goal in about 54 months (4.5 years), and roughly $1,900 of the final amount comes from interest rather than from your pocket. To hit the same $20,000 goal in just 3 years instead, you would need to save about $464.77 per month.
How to use this calculator
- Enter your goal amount and what you have already saved.
- Enter your monthly contribution and expected interest rate.
- Optionally enter a target time in years to see the monthly amount that deadline requires.
- Select Calculate to see the time to your goal and the required monthly saving.
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Frequently asked questions
How long will it take to reach my savings goal?
It depends on your starting savings, monthly contribution and interest rate. This calculator adds interest and your contribution month by month until the balance reaches your goal.
How much should I save each month for a goal?
Enter your goal, current savings, expected interest rate and a target number of years. The calculator works out the monthly contribution needed to get there in that time.
What interest rate should I use?
Use the rate on the account where the money will sit — for example a savings account APY. If you are unsure, enter 0% for a cautious estimate with no interest.