Savings Goal

Find out how long it takes to reach a savings target given what you already have and how much you add each month, with interest compounding along the way. A quick reality check for any goal, from a vacation to a down payment.

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Worked example

Months: 20 · Years: 1.666667

How it’s solved

Worked on the example above, step by step — follow along and you can do it on paper next time, no tool required.

Each month your balance earns interest and you add your monthly savings; count the months until it reaches the goal.
Monthly rate = APR ÷ 100 ÷ 12
4 ÷ 100 ÷ 12 = 0.003333
Grow from what you have, adding each month, until it hits the goal
$2,000.00 → $10,000.00 in 20 months
Convert months to years
20 ÷ 12 = 1.666667

Learn the method

Inputs

Goal $
10000
Have $
2000
Monthly $
400
APR %
4

Frequently asked

Does it account for interest?

Yes — your balance earns the APR you enter, compounded monthly, which shortens the time to your goal.

Why does it show '1200+'?

The search caps at 1,200 months (100 years). If the goal isn't reached by then, it reports '1200+'.