Does this account for taxes on investment gains?

No — it's a pre-tax growth projection. Real after-tax growth will be lower if your savings are in a taxable account.

Can I model an existing balance that's already above my goal?

Yes — it reports "Already there" immediately since no further growth is needed.

Why does the timeline change so much with a small rate change?

Compound growth is exponential, not linear — small differences in monthly rate compound meaningfully over dozens of months, especially for longer timelines.

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Finance

Savings Goal Calculator

How long to reach a savings goal with monthly contributions and compound growth.

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Last reviewed 2026-09-05

About the Savings Goal Calculator

How many months it will take to reach a savings goal, given your current balance, a monthly contribution, and an expected annual return.

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How to use it

Enter your savings goal and current balance.
Enter your planned monthly contribution.
Enter an expected annual return (0% for a plain savings account).
Read the months/years needed and the projected balance when you hit it.

Formula

balance(t) = P(1+r)^t + PMT × ((1+r)^t − 1) / r, where P = current savings, PMT = monthly contribution, r = annual return ÷ 12, t = months. Solved for the smallest t where balance(t) ≥ goal.

Worked example

$0 current, $500/month, 6% annual return, $10,000 goal → reaches the goal in 20 months (1.7 yr), with a final balance of about $10,486.

Recommendations

• A higher expected return shortens the timeline, but real returns aren't guaranteed — a conservative estimate (e.g. a savings-account APY, not a stock-market average) is safer for a near-term goal.
• Even $0% return still reaches the goal eventually from contributions alone — set the rate to 0 for a plain cash-savings plan.
• For a goal inside a tax-advantaged account, pair this with the 401(k) or Roth vs. Traditional IRA calculators, which model contribution limits this tool doesn't.

Frequently asked questions

The goal is never reached from a $0 starting balance — the tool tells you this directly rather than showing a misleading timeline.