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Savings Goal Timeline Calculator

See how many months it takes to reach a savings goal from your current balance, monthly contribution and interest rate.

Savings goal

Already saved

Monthly contribution

Annual interest rate

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How it works

Each month: balance = balance + balance × (rate ÷ 12) + contribution

The calculator steps forward month by month, adding your contribution and the interest earned on the running balance, until it reaches the goal. Interest shortens the timeline, especially for larger balances.

Worked example

With $1,000 saved, adding $400/month at 4%, you reach $10,000 in roughly 1 year 10 months.

Frequently asked questions

Is interest compounded monthly?

Yes. The balance earns one-twelfth of the annual rate each month, which is how most savings accounts credit interest.

What if I can only save irregularly?

Use your average monthly amount. Contributing more in some months only pulls the date closer.

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This is an educational estimate, not financial advice. Confirm exact figures with your lender, employer or a licensed advisor.