About This Calculator
This calculator finds how long it takes for your monthly contributions — plus compound interest — to reach a savings goal. It compounds monthly.
Common savings goals
- Emergency fund: 3–6 months of expenses
- Down payment: 20% of home price to avoid PMI
- Car purchase: Buying outright or a large down payment to reduce loan costs
Where to keep savings
High-yield savings accounts (HYSA) often pay 4–5% APY as of 2026, far better than traditional savings accounts at 0.01–0.5%.
Frequently asked questions
How does this savings calculator work?
The savings calculator runs a month-by-month projection from your starting balance, adding your monthly contribution and interest each month, to estimate how long it takes to reach your savings goal.
How long will it take to reach my savings goal?
Enter your goal, starting amount, monthly contribution, and interest rate. The tool shows the number of months and years required, plus how much of the total comes from interest.
Does this account for interest on my savings?
Yes. It compounds your balance monthly at the rate you enter, so interest earned is included in how quickly you reach your goal — not just your contributions.