Savings Duration Calculator
Work out how long it takes to reach a savings goal from your target amount, monthly saving and current savings. If interest applies, it is calculated with monthly compounding.
Input
×10,000
×10,000
%
×10,000
If you already have savings, entering them means you reach the target sooner.
Result
Time to reach the target
8 yr 4 mo
Target amount
$3,000,000.00
Total contributions
$3,000,000.00
Total interest
$0.00
Your balance at that point will be about $3,000,000.00 (target $3,000,000.00).
How it works
- The monthly rate is annual rate (%) / 100 / 12. Assuming a fixed amount saved at the end of each month (ordinary annuity), it finds the smallest number of months at which the balance reaches the target.
- The balance after n months is current savings × (1 + monthly rate)^n + monthly saving × ((1 + monthly rate)^n − 1) / monthly rate, and the number of months is the smallest integer n making this at least the target.
- When the annual rate is 0%, the number of months is (target − current savings) / monthly saving, rounded up.
- Total contributions are shown as current savings + monthly saving × months, and total interest as balance on reaching the goal − total contributions.
- If your current savings already meet the target, the tool shows "already reached". If you save nothing each month and no interest applies while your current savings fall short, it shows that the goal cannot be reached.
- This is an estimate assuming monthly compounding and end-of-period payments. Actual deposits and investments may differ due to taxes, fees and changing rates.
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Savings Duration Calculator