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Savings Goal Calculator

Find out how many months it will take to reach a savings goal — an emergency fund, a down payment or a trip — from what you have now, what you add monthly and the interest you earn.
$
$
$
%
Months to reach goal
20
In years
1.7
Balance at that point
$10,000.00
Interest earned
$0.00

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How to use it

  1. Enter your goal and how much you've already saved.
  2. Enter how much you can set aside each month.
  3. Enter your savings account's interest rate (APY), or 0 to ignore interest.

Examples

Emergency fund

Saving $500 a month toward $10,000 takes 20 months with no interest. At 5% it still takes 20 months, but you finish with about $10,406 — roughly $406 of it interest.

House deposit

With $5,000 saved, adding $800 a month at 4% reaches $50,000 in 51 months — just over four years.

How the time is calculated

Each month your balance earns interest at the annual rate divided by 12, then your deposit is added. The calculator finds the first whole month in which the balance reaches the goal.

Because you can only deposit in whole months, the final balance usually lands slightly above the goal.

months = ln((G×i + C) ÷ (S×i + C)) ÷ ln(1 + i), i = rate ÷ 12

Frequently asked questions

How big should an emergency fund be?

A common guideline is three to six months of essential expenses, more if your income is irregular. The right size depends on your job security and obligations.

Does interest make a big difference?

For short goals, not much — most of the balance is your deposits. Over many years, interest becomes a larger share, which is why starting early helps.

What if my goal is already reached?

If your current savings already meet the goal, the calculator shows 0 months.

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More in Money · Last reviewed October 2026