Savings Calculator
Calculate how long it will take to reach your savings goal, given a starting balance, monthly deposit, and annual interest rate — with a projected balance and growth breakdown.
Calculator Inputs
Sets the currency this calculator's numbers are denominated in. This is presentation only — it does NOT convert your numbers between currencies, it only changes how they're formatted.
The amount you're starting with today.
How much you add at the end of every month (an "ordinary annuity" — a deposit made this month doesn't start earning interest until next month). Enter 0 for no recurring deposits.
The nominal annual interest rate you expect (e.g. 4 for 4%), compounded monthly.
The target balance you're saving toward.
- Time to Reach Goal
- 3 years 6 months
- Projected Balance at Goal
- $10,150.37
- Total Contributions
- $8,400.00
- Total Interest Earned
- $750.37
- Months to Goal
- 42
Savings Growth Schedule
Balance at the end of each year, from year 0 to year 3.5, when your goal is reached.
| Year | Contributions | Growth | Balance |
|---|---|---|---|
| 0.00 | $0.00 | $0.00 | $1,000.00 |
| 1.00 | $2,400.00 | $85.23 | $3,485.23 |
| 2.00 | $4,800.00 | $271.72 | $6,071.72 |
| 3.00 | $7,200.00 | $563.58 | $8,763.58 |
| 3.50 | $8,400.00 | $750.37 | $10,150.37 |
Contributions vs. Growth
How much of your balance is money you put in (starting balance plus monthly contributions) versus compound growth earned on top of it, at the end of each year until your goal is reached.
- Contributions
- Growth
About these results
CalcSpectrum calculators produce automated estimates using established formulas and the specific values you enter. Because real-world outcomes depend on input accuracy, mathematical assumptions, and rounding conventions, please verify critical figures with an appropriately qualified financial, tax, medical, legal, or other professional, as relevant.
Financial Notice: These figures are informational estimates for personal planning only. They do not constitute financial, investment, tax, or legal advice, nor do they represent a lending offer or credit approval. Provider and financial institution figures, rates, fees, and underwriting requirements may differ.
How It's Calculated
Formula
This calculator works out how long it will take to reach a savings goal, given a starting balance, a fixed monthly deposit, and an annual interest rate compounded monthly. Each monthly deposit is applied at the end of that month (an "ordinary annuity"), so a deposit made in the current month doesn't start earning interest until the next one. Rather than assuming a fixed time period, this calculator searches month by month for the first month your balance reaches (or exceeds) your goal, then reports your projected balance, total deposits, and total interest earned at that exact point. If your current balance, deposit, and interest rate together can never reach your goal — for example, a $0 deposit with a $0 interest rate and a goal above your starting balance — the calculator says so explicitly rather than showing a misleading estimate.
Worked Examples
Ordinary case: $1,000 starting balance, $200/month, 6% annual rate, $10,000 goal
- Balance grows monthly at a periodic rate of 6%/12 = 0.5%, plus a $200 deposit at the end of each month
- The calculator checks each month's balance until it first reaches $10,000
- Total deposits and total interest earned are reported at that exact month, not an approximation
Contributions only: $0 starting balance, $300/month, 5% annual rate, $5,000 goal
- With no starting balance, the entire balance builds from monthly deposits plus compound interest
- The calculator finds the first month where accumulated deposits plus interest reach $5,000
Frequently Asked Questions
What happens if my goal isn't reachable?
If your current balance, monthly deposit, and interest rate can never reach your goal — most commonly a $0 deposit combined with a 0% interest rate — the calculator tells you directly that the goal isn't reachable with your current inputs, rather than showing a fake time estimate, "0 years," or an error.
Why does "time to reach goal" show months instead of just years?
Rounding a result like 26 months down to "2 years" would hide 2 real months, and rounding up to "3 years" would overstate how long it actually takes. This calculator always shows the exact whole-month result — as months alone under a year, or as years and months together above a year (e.g. "2 years 2 months") — never rounded to the nearest year.
What if I already have enough saved?
If your current balance already meets or exceeds your goal, the calculator reports your goal as already reached, with $0 in additional contributions or growth needed.
Why monthly deposits and monthly compounding specifically?
This calculator is intentionally the simpler, opinionated tool: deposits and compounding are always monthly, matching how most people actually save — a recurring amount set aside from each paycheck. For more control over compounding frequency, see Compound Interest Calculator.
Does this calculator account for taxes on interest earned?
No. This is a savings-growth calculator only — it does not model taxes on interest income, investment fees, or account-specific rules (like a savings account's own rate tiers). It's a planning estimate, not investment or tax advice.