Savings Goal Calculator
How long it takes to reach a savings goal at a given monthly contribution and interest rate.
- Months to reach goal37.6
- That is (years)3.1
- Total contributed by then$9,402.87
- Interest earned$597.13
Inputs used
- Savings goal$10,000.00
- Monthly contribution$250.00
- Annual interest rate4 %
About this calculator
Saving a fixed amount each month into an interest-bearing account is an annuity: each contribution earns interest from the month it lands, so the balance grows faster than contributions alone. The time to reach a goal comes from solving the annuity formula for the number of months.
Interest matters more the longer the horizon. For a goal a year away it barely moves the answer; over a decade it can shave many months off. The biggest lever, though, is the monthly contribution — doubling it roughly halves the time even before interest.
The calculation assumes contributions at the end of each month and a constant rate, and ignores tax on interest.
Results are informational only — not financial, medical or legal advice.