Short answer: tell this calculator the goal, what you have, and what you save monthly, and it answers the two questions people actually ask — “when will I get there?” and “what would I need to save to get there by my date?” Most tools make you pick one. Example: a $50,000 goal with $5,000 saved and $400 a month at 5% growth arrives in 89 months — but if your date is 5 years, you’d need $638 a month. Same goal, two honest answers, one screen.
| Goal date at current pace | — |
| To hit your target date instead, save | — |
| Balance on your target date at current pace | — |
| Ahead / behind on target date | — |
| Of the final balance, growth contributes | — |
See the year-by-year path to the goal
| Year | Contributed | Projected balance |
|---|
Educational estimate only — not financial advice. Deposits are added at the start of each month and grow at the annual return ÷ 12. If the money sits in a savings account, use its APY as the return; APYs change over time, so revisit the plan when yours does. Your numbers never leave your browser.
How this calculator works
Both directions run on the same engine. Each month your deposit lands first, then the whole balance grows by your annual return ÷ 12.
- Time to goal: the engine steps month by month until the balance first reaches the goal, and reports that month and its calendar date.
- Required monthly: working backwards from your target date — Required = (Goal − current savings grown to the target date) ÷ the annuity factor for monthly deposits over that period. At a 0% return it reduces to simple division: what’s missing, split over the months.
- Ahead/behind on target date: your balance on the target date at your current pace, minus the goal.
If the money sits in a savings account, enter its APY as the return — that’s exactly what an APY means. If it’s invested, remember the return is an assumption, not a promise, and real growth won’t arrive in a straight line.
The worked example
Goal $50,000 · saved $5,000 · deposit $400/month · return 5% · target 5 years.
| Result | |
|---|---|
| Goal reached at current pace | Month 89 (about 7 years 5 months) |
| Balance on the 5-year target date | $33,733 |
| Short on the target date | $16,267 |
| Monthly deposit that hits the date | $638 |
| Growth’s contribution by goal month | $9,810 of the $50,410 balance |
Two sanity anchors readers can feel: at a 0% return, $250/month toward $20,000 takes exactly 80 months — pure arithmetic, no growth. And growth alone is slow at the start: $25,000 with no deposits at all needs 239 months at 7% to quadruple to $100,000. Deposits are the accelerator; growth is the multiplier.
FAQs
How much should I save a month for a house deposit / car / emergency fund? That’s the “required monthly” line: set the goal and the date, and it tells you the deposit. Emergency funds are the classic use — 3 to 6 months of expenses as the goal, your current cushion as the starting point.
Why does the goal date move when I change the return a little? Compounding is exponential, so late in the journey small rate differences swing the date. Early on, your deposit size matters far more than the rate — which is good news, because the deposit is the part you control.
What return should I use for a savings account? Its APY. Savings rates vary widely between banks, and the national average is far below what many online banks pay, so enter your account’s actual APY. APYs move; when yours changes, rerun the numbers.
The calculator says “not within 100 years” — is it broken? No — it’s being honest. With a small deposit and a 0% or tiny return, some goals genuinely never arrive. The fix it points to is the required-monthly figure: the deposit that actually gets there by your date.
Educational content only — not financial advice. Projections assume a constant return; savings APYs vary and investment returns are not guaranteed. Your numbers never leave your browser.
Sources: Investor.gov savings goal calculator, FDIC national rates and rate caps Figures last verified Report a wrong number