Savings Goal Calculator
Two questions, one tool: how long until you reach your goal at a given monthly contribution, or how much per month you need to hit it by a date — both with compound growth. Instant, no sign-up, formula shown.
Your balance growing to the goal
Contributions build the base; compounding curves it upward over time.
What a different monthly amount does to the timeline
Paying more each month reaches the goal faster — see the exact difference.
| Monthly contribution | Time to goal | Months |
|---|
The exact formula — with your numbers
Future value of your starting balance plus regular contributions:
PV = current savings · PMT = monthly contribution · r = monthly return (annual ÷ 12) · n = months. We solve this for n (time) or PMT (amount), depending on the mode you pick.
How to use this savings goal calculator
- Pick what to solve. "Time to goal" if you know your monthly amount; "Monthly amount" if you have a deadline.
- Enter goal & current savings. The gap between them is what compounding and contributions must fill.
- Set an expected return. 0% for cash, ~5–7% for a diversified long-term portfolio.
What your result actually means
The growth from returns line is the payoff of starting early: money invested sooner compounds longer. Two people saving the same total can end up far apart depending on when they contribute, because compounding rewards time in the market.
Frequently asked questions
What return should I assume?
For a cash savings account, use its APY (often 0–5%). For long-term investing, a broadly diversified portfolio has historically returned roughly 6–7% after inflation — but returns are never guaranteed.
Why can't I reach my goal in some cases?
At 0% return, if your contribution is too small relative to the gap, the timeline becomes impractically long. Add a return assumption or raise the monthly amount.
Are contributions made monthly?
Yes — this model adds your contribution each month and compounds monthly, which matches most automatic-savings and brokerage setups.
Method & sources
- Calculation: Standard future-value-of-an-annuity formula (shown above), monthly compounding, cross-checked against a month-by-month simulation.
- Return guidance is illustrative; historical long-run equity returns are widely cited near 6–7% real. Not a forecast.
- Reviewed: · Assumptions reviewed quarterly.
Educational estimate, not financial advice. Investment returns vary and can be negative.