$10,000 goal at $200/mo
Here’s how long it takes to reach a $10,000 goal, saving $200/month at 4%.
Different numbers? Use the full savings goal calculator above.
About this savings goal calculator
This calculator answers a simple question: at your current savings rate, how long will it take to reach a specific dollar goal? It starts with what you already have saved, then simulates your savings balance month by month — adding your monthly contribution and applying interest at your entered annual rate — until the balance reaches your target.
The month-by-month simulation approach is used instead of a single formula because it stays accurate and easy to follow no matter what combination of numbers you enter, including a $0 interest rate or a $0 starting balance. Each month, interest is calculated on the current balance first, then the monthly contribution is added, which mirrors how most savings and money market accounts credit interest.
If your goal, contribution, and rate combination would take more than 100 years to reach, the calculator flags it as not realistically reachable rather than showing a misleading number — in that case, consider increasing your monthly contribution, extending your timeline, or looking for a higher interest rate.
Interest rates on real savings accounts change over time and vary by bank, so this calculator's fixed-rate projection is necessarily a simplification. Treat the output as a planning estimate to help you set a savings target and monthly contribution, not a guarantee of what any specific account will earn.
The results shown here are for informational purposes only and are not financial advice. Actual account terms, interest rates, and compounding rules depend on your specific bank or financial institution — check with them directly before making decisions based on these numbers.
Savings goal questions
How the timeline to your goal is calculated.
How does this calculator figure out how long it will take?
It simulates your savings balance one month at a time — applying interest to your current balance, then adding your monthly contribution — and counts the months until your balance reaches your goal amount.
What if I don't earn any interest on my savings?
You can enter 0% as your interest rate. The calculator will simply add up your starting balance and monthly contributions until you reach your goal, with no growth from interest.
Why does a small interest rate matter for a short-term goal?
For short time frames, interest usually adds only a small amount compared to your contributions. Interest matters much more for goals that take several years to reach, since it has more time to build on itself.
What if my goal isn't reachable?
If your goal, contribution, and interest rate combination would take longer than 100 years, the calculator flags it as not realistically reachable rather than showing a misleading number. Try increasing your monthly contribution or extending your goal amount's timeline expectations.
Does increasing my monthly contribution or my interest rate matter more?
For most realistic savings goals over a few years, your monthly contribution amount has a bigger impact than a modest interest rate. Interest becomes more influential the longer your money has to grow.
Can I use this for a specific goal like a house down payment or vacation?
Yes. Enter your target amount as the goal, any money you've already saved toward it as your current savings, and how much you plan to set aside each month to see your estimated timeline.
Does this account for taxes on interest earned?
No. The interest earned figure is a gross estimate before any taxes that may apply to interest income, which vary by account type and jurisdiction.
Is this financial advice?
No. This calculator is for informational and planning purposes only. It is not financial advice, and actual savings account terms and rates depend on your specific bank and circumstances.