Savings Calculator
Find out how long it takes to reach a savings goal at your current pace.
Your details
How the savings calculator works
The calculator steps forward month by month, adding interest on the running balance and then your deposit, until the target is reached.
Formula
Balanceₙ₊₁ = Balanceₙ × (1 + i) + deposit
Worked example
Saving $500 a month from $4,000 at 4% reaches $25,000 in about 3 years and 4 months.
Frequently asked questions
Should I save monthly or in one lump sum?
Lump sums earn interest for longer, but consistent monthly deposits are usually more achievable and still benefit from compounding.
Is interest taxed?
In many countries savings interest is taxable. Enter a net-of-tax rate for a conservative estimate.
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