How savings goal calculator works
This calculator projects how your savings grow over time with regular monthly contributions and optional compound interest. It starts with your current savings, then for each month adds your contribution and applies interest.
Enter your savings goal, current savings, monthly contribution, and an optional annual interest rate. The calculator simulates month-by-month growth and tells you whether you will reach your goal within the specified timeframe, and if so, how many months it takes.
Interest is compounded monthly. Even a modest interest rate can significantly reduce the time needed to reach your goal, especially over longer periods. The calculator shows your final balance and any shortfall if the goal is not met.