Savings Goal
Find out how long it takes to hit a savings target — and how much interest helps.
How to use this calculator
- Enter your goal and current savingsThe target you're aiming for, and what you've banked so far.
- Add your monthly contributionThis is the biggest lever on your timeline.
- Set a return rateA high-yield savings account shortens the timeline for free.
Vague goals ("save more") rarely work; specific ones with a deadline do. This calculator turns a target into a timeline, so "I want a $25,000 down payment" becomes "I'll have it in 4 years and 2 months at $400 a month." Naming the number and the date is what makes a savings plan stick.
How to think about the inputs
Three things set your timeline: how much you already have, how much you add each month, and the rate your money earns. The monthly contribution does most of the work — but where you keep the money matters too. Cash in a high-yield savings account can earn meaningfully more than a standard account, which shortens the timeline without you saving an extra dollar.
Keep short-term money safe
For goals within a few years — an emergency fund, a car, a down payment — the priority is safety and access, not maximum return. Keep that money in an FDIC-insured savings account or money market, not in the stock market, where a downturn could hit right when you need the cash.
A worked example
You want $25,000 and have $3,000 saved. Adding $400 a month in an account earning 4% gets you there in about 4 years and 2 months — and roughly $1,700 of that total is interest the bank paid you, not money out of your pocket. Raise the monthly amount or the rate above and watch the finish line move closer.