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Time to Save Calculator
Enter your goal, what you have and what you can save each month. You get the date you arrive and how much of the total is interest.
Example
Starting with $2,000 and saving $400 a month at 4%, you reach $20,000 in 3 years 6 months. You deposit $16,800 and interest adds $1,500.74.
How the time to save calculator works
The calculator steps forward one month at a time. Each month it adds interest to the balance, then adds your deposit, and it stops when the balance reaches the goal.
Interest is compounded monthly at one twelfth of the yearly rate. With a rate of 0, the answer is the gap divided by your monthly saving.
Try raising the monthly amount in small steps. The time saved by each extra amount is often larger than people expect at the start and smaller later on.
Common questions
How can I reach my goal sooner?
Saving more each month has the biggest effect over a few years. The interest rate matters more over long periods, when the balance is larger.
What if I want to hit the goal by a fixed date?
Use the savings goal calculator instead. It takes a deadline and returns the monthly amount you need.
Should I allow for inflation?
For goals more than a few years away, yes. The price of what you are saving for will probably rise, so set a higher goal or use a lower interest rate.