Micro Tools

Savings Goal Calc

Find out when you will hit your savings goal with monthly deposits and compound interest. Free calculator, results update live.

Your savings plan

Enter your goal and monthly deposit. Results update live.

Savings goal ($)

Already saved ($)

Monthly deposit ($)

Annual interest rate (%)

Time to reach your goal

Enter your numbers.

How the calculation works

The calculator simulates your savings month by month: each month your balance earns one twelfth of the annual interest rate, then your deposit is added. It counts months until the balance reaches your goal and converts that into a calendar date. Interest compounds monthly, which matches how most savings accounts work.

Reading the breakdown

Below the headline result you see total deposits (your own money in), interest earned (growth from the rate), and the projected final balance. Comparing interest earned against deposits shows how much the rate is really doing for you over time.

Savings Goal Calc FAQs

Is the interest compounded monthly?

Yes. The annual rate is divided by 12 and applied each month, which mirrors typical savings accounts. Daily compounding would give a nearly identical result at normal rates.

What if I already saved more than the goal?

The calculator tells you that you are already there, so you can raise the goal or lower the monthly deposit to plan your next target.

Why does it say the goal is unreachable?

With zero deposits and zero interest the balance cannot grow. It also caps the simulation at 100 years; beyond that the numbers are not useful for planning.

Does it account for taxes or inflation?

No. It is a straightforward growth projection. For long-term goals, remember that inflation quietly raises the real target each year.

Can I use a different currency?

Yes. The $ sign is just a label; type any amounts and read the results in your own currency.

Your savings plan

How the calculation works

Reading the breakdown

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Savings Goal Calc FAQs