Savings Goal Calculator
Enter a goal, a monthly deposit and an interest rate to see how long it takes to get there. Or enter the goal and a time frame to see how much to save each month. Compare before-tax and after-tax results on one screen.
※ Based on a savings account that compounds monthly, with each deposit made at the start of the month. The after-tax option subtracts 22% (an example federal income tax bracket) from the interest. Banks may calculate the details differently.
How your savings build toward the goal
※ This result is an estimate from a standard monthly compounding formula, for reference only. Real accounts can differ because of day-count rules, bonus rates, early-withdrawal penalties and more.
Tax rate source: example federal income tax bracket (check IRS.gov for current rates)
💡 If rates or your goal change, run the numbers again. You can save a scenario as a link to compare options.
How to use
How this savings goal calculator works
This savings goal calculator answers two everyday questions. In Time to reach goal mode you enter a target amount, how much you can set aside each month and the interest rate your account pays, and it tells you how many months it will take. In Monthly amount needed mode you enter the target and how many months you have, and it tells you how much to deposit each month. You can view the numbers before tax or after a 22% tax on the interest. A chart shows principal and interest building up toward your goal line, and a plain-language sentence under the chart explains what the numbers mean.
The math behind the answers
The calculator assumes a savings account that compounds interest monthly and that you deposit at the start of each month. With i as the monthly rate (the annual rate divided by 12) and n as the number of months, every dollar-per-month of saving grows by this factor:
K = (1 + i) × [ (1 + i)n − 1 ] ÷ i
Your total after n months is the monthly deposit times K. In the first mode the tool tries 1 month, 2 months, 3 months and so on, up to 600 months (50 years), and stops at the first month where your total reaches the goal. In the second mode it solves for the deposit directly: monthly deposit = goal ÷ K. If you choose the after-tax view, the interest part is multiplied by 0.78 (one minus 22%) before it is counted toward the goal, so you have to save a little more or wait a little longer.
Two worked examples
How long will it take? You want $10,000, you can save $400 a month, and your account pays 4% a year. Without interest you would need 25 months ($400 × 25). With interest you get there in 24 months: you deposit $9,600 and earn about $410 of interest, for a total of $10,010. If you view the same plan after a 22% tax on interest, it takes 25 months because only about $347 of interest counts, giving $10,347.
How much should I save? You want $10,000 in 24 months at 4%. You need about $399.58 a month, which means $9,590 of your own money plus about $410 of interest. Without interest you would need $416.67 a month. For a bigger plan, $20,000 in 36 months at 4.5% needs about $518.00 a month, compared with $555.56 if the money earned nothing.
Why interest matters less than the habit
On short goals interest does a small share of the work. In the first example interest covered about 4% of the goal. Your monthly deposit is the real engine, and the biggest improvement usually comes from raising it or starting earlier, not from chasing a slightly higher rate. That said, rate differences add up on longer goals, such as a house down payment saved over several years, and the Compound Interest Calculator shows how much.
Common savings goals and how to size them
- Emergency fund. A common guideline is three to six months of essential expenses. Add up rent or mortgage, food, utilities, insurance, transport and minimum debt payments, then multiply by three or six to find your goal.
- Down payment. Many lenders ask for private mortgage insurance on conventional loans when you put down less than 20%, so some buyers aim for 20%. Programs with lower minimums exist, so check what applies to you.
- Car, wedding or big purchase. Use the Monthly amount mode with your deadline. If the number is too high, lengthen the timeline and see how the monthly amount drops.
- Vacation or holiday fund. Divide the cost by the months left. Interest hardly matters here, so a simple automatic transfer is enough.
Where to keep money you are saving
Money you will need within a few years usually belongs somewhere stable and easy to reach, such as a savings account, a high-yield savings account or a certificate of deposit. Deposits at FDIC-insured banks, and at credit unions insured by the NCUA, are covered up to $250,000 per depositor, per institution, per ownership category. Investments such as stocks can grow more over decades but can also lose value in the short run, which is why they are generally not used for goals that are one to three years away.
Making the plan stick
- Automate it. Set a recurring transfer for the day after payday so the money moves before you can spend it.
- Give each goal a name. Many banks let you create separate savings buckets, which makes progress visible.
- Build in a cushion. Prices rise over time, so if your goal is a purchase a few years away, add a few percent to the target.
- Re-run the numbers. If your rate changes or you get a raise, update the calculator and adjust your deposit. The Copy link button saves a scenario you can reopen later.
Frequently asked questions
How is the time to reach my goal calculated?
The calculator adds each month’s deposit and interest one month at a time and stops at the first month when your total is at least the goal. If the goal cannot be reached within 50 years, it tells you to raise the deposit or the rate. The result is shown in years and months, with the total number of months in brackets.
Why does the monthly amount differ from simply dividing the goal by the months?
Dividing $10,000 by 24 months gives $416.67, but your deposits also earn interest, so you can deposit less. The calculator accounts for that growth and shows how much of the total is your own money and how much is interest.
What interest rate should I enter?
Use the annual rate your savings account or CD actually pays. Check the bank’s APY and enter it as an approximate annual rate. If you are unsure, try 0% to see the no-interest case and then a realistic rate to see the difference. Variable rates can change, so rerun the numbers from time to time.
What does the after-tax option do?
It subtracts 22% of the interest, an example of a federal income tax bracket. Your actual rate depends on your income and filing status, and state tax may apply. If your savings are in a tax-advantaged account, the before-tax view may fit better.
Does this include inflation?
No. The results are in nominal dollars. If your goal is a purchase years away, prices may rise, so consider adding a cushion to the goal amount or using a slightly higher goal.
How much should I keep in an emergency fund?
A frequently cited guideline is three to six months of essential living costs. People with variable income, dependents or a single income in the household often aim for the higher end. Enter that figure as your goal and see how long it takes.
Is my data stored anywhere?
No. The calculation happens in your browser, and nothing you type is sent to a server. The Copy link button only creates a web address that contains your inputs so you can reopen or share the scenario.