Savings Calculator
Plan how long it takes to reach a savings goal.
Savings Calculator
Enter your values and calculate
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How This Calculator Works
The savings calculator iterates month by month, adding your deposit and accrued interest, until your balance reaches the goal. It also shows how much you would need to deposit monthly to hit the goal in 5 years.
Formula
FV = P(1+r)^n + PMT × [((1+r)^n − 1) / r], solved for n
Example
To reach $50,000 from $5,000 saving $400/mo at 4% takes about 8 years and 9 months.
Practical Use Cases
- Emergency funds
- Down payment savings
- Vacation or education funds