Know your exact financial finish line. Enter your target dollar amount and how much you can afford to save each month to calculate your completion date in years and months.
Modify numbers to update results instantly
Solves for number of months n using logarithmic future value equation: n = ln[(Target * r + PMT) / (Initial * r + PMT)] / ln(1 + r), where r = APY / 12 and PMT = monthly savings.
Interest knocks nearly 2.5 months off your journey, bringing your goal within 28 months.
Enter the target dollar figure you wish to accumulate.
Input what you have already saved today.
Enter the monthly dollar amount you can realistically commit.
Provide the expected annual interest rate on the savings account.
Examine the exact timeline in months, years, and calendar completion dates.
To halve your time, double your monthly savings rate or make a lump-sum deposit from tax returns, bonuses, or selling unused items.
Your principal continues earning interest, but your completion date will be pushed back by approximately two months plus the forgone compounding.
Yes! The calculator seamlessly handles zero starting balance and solves for n purely from recurring monthly contributions.
For short timelines (under 3 years), increasing your monthly savings rate has a 10x greater impact on your finish date than chasing an extra 0.5% interest.
For horizons over 5 to 10 years, consider moving from bank savings accounts into index fund investments that historically yield 7% to 10% average annual returns.
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