Savings Goal Date Calculator
Find out how long it takes to reach a savings goal from your current balance, monthly contribution and interest rate.
How it works
Months = ln((goal×i + PMT) ÷ (balance×i + PMT)) ÷ ln(1 + i), where i = annual rate ÷ 12 · With no interest: months = (goal − balance) ÷ PMT
The time to hit a savings goal depends on your starting balance, how much you add each month, and the interest your balance earns. Interest shortens the timeline by contributing part of the progress for you — the higher the rate and the larger the balance, the more the account helps. When the interest rate is zero, the math simplifies to the remaining amount divided by the monthly contribution.
Worked example
To grow $5,000 into $30,000 by saving $500 a month at 4% annual interest, the balance reaches the goal in about 3 years 10 months. Of the ~$25,000 gain, roughly $1,900 comes from interest and the rest from your contributions.
Frequently asked questions
How does interest change the timeline?
Interest does part of the saving for you, so a higher rate reaches the goal sooner. The effect grows as your balance builds — early on, most progress is from contributions; later, interest can add a meaningful share each month.
What if I can’t add a monthly contribution?
With a positive interest rate, the balance still grows on its own toward the goal, just more slowly. With zero contribution and zero interest, the goal is never reached — the calculator flags that so you can adjust an input.
Is my contribution added at the start or end of the month?
This model adds contributions at the end of each period, the standard convention. Contributing at the start of the month earns slightly more interest and shaves a little off the timeline.
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Educational estimate, not financial or tax advice. Rules and limits change — confirm current figures with a qualified advisor.