Savings Goal Calculator
Find out how long it will take to reach your savings goal with regular deposits.
Planning Your Savings Timeline
Whether you are saving for a house down payment, emergency fund, or vacation, knowing how long it will take helps you plan and stay motivated.
The Formula
The time to reach a savings goal with regular deposits and compound interest is:
n = log((G × r + C) / (P × r + C)) / log(1 + r)
Where: n = months, G = goal amount, P = initial savings, C = monthly deposit, r = monthly interest rate.
Example Scenarios
| Goal | Initial | Monthly | Rate | Time |
|---|---|---|---|---|
| $20,000 | $2,000 | $500 | 4% | ~34 months |
| $50,000 | $5,000 | $800 | 5% | ~49 months |
| $100,000 | $10,000 | $1,500 | 6% | ~50 months |
Increasing either the interest rate or monthly deposit shortens the timeline. Even small rate differences matter over longer periods.
Frequently Asked Questions
What is a good savings interest rate?
High-yield savings accounts currently offer 4–5% APY. Regular savings accounts may offer 0.5% or less. Shop around for the best rate, especially at online banks.
Should I prioritize a larger initial deposit or higher monthly contributions?
Monthly contributions usually have more impact. A $200 increase in monthly deposits shortens your timeline more than a one-time extra $2,000 in most scenarios.
How much should I have in an emergency fund?
Most financial advisors recommend 3–6 months of essential expenses. If your monthly expenses are $3,000, aim for $9,000–$18,000 in easily accessible savings.