Savings Goal Calculator

Q: How do you calculate the time to reach a goal?

We solve for N using logarithms: N = ln((PMT + i·FV) ÷ (PMT + i·P)) ÷ ln(1+i), then convert months to years and months.

Choose a mode: find the monthly amount needed to reach your goal by a deadline, or find the time to reach your goal given a monthly contribution. Uses annual interest rate (APR) with monthly compounding; deposits occur at the end of each month.

This calculator works in two directions using the future value of an ordinary annuity formula. In "Find Monthly Contribution" mode it solves PMT = (FV − P(1+i)^N) × i ÷ ((1+i)^N − 1), while "Find Time to Goal" mode solves for N using logarithms. It is ideal for planning an emergency fund, a vacation budget, a down payment, or any target you want to reach through regular saving. The annual interest rate is compounded monthly, reflecting how most savings accounts and money-market funds work in practice. Results are approximations and do not include taxes or account fees — adjust your target upward or your rate downward to account for those factors.

Target amount

Starting balance

Annual interest rate (APR %)

Time to save

Required monthly contribution $0.00

Total contributions $0.00

Interest earned $0.00

Starting balance Contributions Interest earned

FAQ

How do you calculate the required monthly amount?

We solve the future value of an annuity formula for the monthly payment: PMT = (FV - P(1+i)^N) · i ÷ ((1+i)^N - 1), where i is the monthly rate and N is months.

How do you calculate the time to reach a goal?

We solve for N using logarithms: N = ln((PMT + i·FV) ÷ (PMT + i·P)) ÷ ln(1+i), then convert months to years and months.

Does this include taxes or fees?

No. Enter a lower APR or a higher target to approximate the impact of fees and taxes.

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