Calculate time to reach your savings goal or the monthly contribution needed
This savings goal calculator helps you plan for any financial goal — whether it's a down payment on a house, a vacation fund, an emergency fund, or any other savings target. It works in two modes: you can either calculate how long it will take to reach your goal given a fixed monthly contribution, or calculate how much you need to save each month to reach your goal by a specific date.
The calculator includes compound interest and provides a year-by-year projection so you can track your progress.
Select your calculation mode at the top. In "Time to Reach Goal" mode, enter your target amount, current savings, monthly contribution, and expected annual return. In "Contribution Needed" mode, enter your target amount, current savings, target years, and annual return. The calculator will show the result along with a detailed year-by-year projection table.
Compound interest means you earn returns on both your original savings and the returns you've already earned. Over time, this creates exponential growth. The higher your annual return and the longer your time horizon, the more powerful compound interest becomes in helping you reach your goal with smaller monthly contributions.
A diversified stock portfolio historically returns about 7-10% annually before inflation. For conservative estimates, use 5-6%. For savings accounts or CDs, expect 1-5% depending on current interest rates. Choose a rate that matches your risk tolerance and investment strategy.