Savings Goal Calculator
Set a target, then see either how long it will take to save it or how much you need to set aside each month. Interest earned along the way is included.
Time to reach goal
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Total contributions
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Interest earned
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Starting balance
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Balance at goal
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Year-by-year breakdown
| Year | Contributions | Interest earned | End balance |
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How this savings goal calculator works
Tell the calculator what you’re saving toward — a down payment, a vacation, a new car, an emergency fund — and either how much you can put away each month or how soon you want to hit the target. It uses the future value of an annuity formula to factor in compound interest, so the result reflects what your money would actually earn along the way.
- Savings goal — the dollar amount you want to reach.
- Current savings — what you’ve already set aside toward this goal. Use 0 if you’re starting fresh.
- Annual interest rate — the yearly return on the account holding your savings. High-yield savings accounts pay roughly 4–5%; longer-term goals in a brokerage account historically earn 6–8%.
- Solve for — switch between “how long will it take?” (enter a monthly amount) and “how much per month?” (enter a target timeframe).
Tip: The earlier you start, the harder your interest works for you. Doubling your monthly contribution roughly halves the time to a small goal, but for a long-term goal, starting a few years sooner can matter even more than saving more each month.
This calculator assumes a constant interest rate, monthly compounding, and contributions made at the end of each month. Real-world rates and returns fluctuate. This is not financial advice.
If your goal is specifically an emergency fund, the Emergency Fund Calculator figures out the right target based on your monthly expenses.
Once you hit your goal and invest the money, see how it could grow over time with the Compound Interest Calculator.
Trying to make room in your budget to save more each month? The Budget Calculator can show you where the money is going.
Whether you’re saving for a down payment, a car, a vacation, or just building a financial cushion, knowing your timeline makes the goal feel real. This calculator works in two directions: tell it how much you can save each month and it shows you when you’ll hit your target, or tell it your deadline and it shows you exactly how much you need to set aside each month to get there.
Interest earned along the way is included in both modes, so the result reflects what your money would actually grow to in a high-yield savings account or investment account — not just what you manually put in.
Savings goal — the total dollar amount you’re working toward. This could be a specific purchase, a financial milestone, or a safety net target.
Current savings — what you’ve already set aside toward this goal. If you’re starting from zero, enter 0. Any existing balance gives you a head start and earns interest from day one.
Annual interest rate — the yearly return on the account where you’re keeping these savings. High-yield savings accounts currently pay around 4–5%. If you’re saving toward a longer-term goal in a brokerage account, a conservative estimate of 6–8% is reasonable. Use a lower rate if you want to be conservative.
Solve for — the dropdown switches the calculator between its two modes. Select “Time to reach goal” and enter a monthly contribution to see your timeline. Select “Monthly amount needed” and enter a target timeframe to see the required monthly savings.
The year-by-year breakdown table shows how your balance grows each year, splitting out your contributions versus the interest earned. For longer timeframes, the interest column grows noticeably — which is the whole point of starting early.
The key insight this calculator surfaces: for most savings goals, the monthly contribution amount matters far more than the interest rate, especially over shorter timeframes. For a 2-year goal, earning 4% versus 2% makes a modest difference. For a 20-year goal, that same rate difference compounds into a significant gap. The year-by-year table makes this visible.
This calculator assumes a constant interest rate, monthly compounding, and contributions made at the end of each month. Real-world rates fluctuate. This is not financial advice.