Does this use simple or compound interest?

Compound interest is used, compounded monthly — the most accurate model for savings accounts.

What is the reverse calculator?

Enter a target amount and a deadline (number of months), and the tool tells you how much you need to save per month.

How many rows are shown in the projection table?

The first 12 months are shown in full, plus a summary row for the total.

Are taxes accounted for?

No — this calculator shows gross growth. Consult a financial advisor for after-tax projections.

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Savings Goal Calculator

Calculate how long it takes to reach your savings goal with compound interest.

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About this tool

Enter your target amount, current savings, monthly contribution, and annual interest rate to see exactly how long it will take to reach your goal. View total contributions, interest earned, and a month-by-month projection table. Use the reverse calculator to find the monthly savings needed to hit a target by a specific date. An SVG line chart visualizes your savings growth over time.

How to use

1 Enter your savings goal, current balance, monthly contribution, and annual interest rate.
2 Click 'Calculate' to see the time required and an interest breakdown.
3 Scroll down to view the month-by-month projection table and SVG chart.
4 Switch to the 'How much do I need?' tab and enter a target amount and timeline to get the required monthly savings.

About this tool

How to use

Frequently Asked Questions