How Long Will It Take to Save? Calculator
Enter your goal, current savings, monthly deposit and interest rate to see the date you reach the target and how much of it comes from interest.
Enter your figures below. Results update as you type.
Time to goal3 years 8 months
- Already saved 5%
- New deposits 88%
- Interest 7%
- Total deposited
- $18,600.00
- Interest earned
- $1,479.95
- Final balance
- $20,079.95
How the How Long to Save calculation works
Count months until: balance x (1 + i) + deposit >= goal
The calculator steps forward one month at a time, adding interest and then your deposit, and stops the first month the balance reaches the goal.
Frequently asked questions
How long does it take to save $10,000?
Starting from zero at 4% interest: about 47 months saving $200 a month, 25 months at $400, and 17 months at $600.
How long will it take to save $20,000?
At $500 a month it takes 40 months with no interest, or about 38 months in an account paying 4%. Double the monthly amount and the time roughly halves.
How long does it take to save a million dollars?
Saving $1,000 a month and earning 7% a year, it takes about 27 and a half years. Without investment growth the same deposits would take more than 83 years, which shows how much of the total comes from compounding.
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