Plan how long it will take to reach your savings target. Enter your goal amount, what you have saved so far, your monthly deposit and the expected annual interest rate to see your projected timeline, total deposits and interest earned.
How to Use
- Enter your savings goal and how much you have saved so far.
- Add your planned monthly deposit and the expected annual interest rate.
- Select Calculate to see how many months it will take.
- Adjust the figures to compare different saving plans.
Key Features
- Projects the month and year you reach your goal.
- Accounts for monthly compound interest.
- Breaks down deposits versus interest earned.
- Handles goals you have already reached.
- Free to use with instant results.
FAQs
Is the interest compounded monthly?
Yes. The calculator compounds interest monthly, which matches how most savings accounts work.
What if I already have enough saved?
The calculator will tell you that you have already reached your goal.
Does it account for tax on interest?
No. The figures are before any tax on savings interest.
Can I use it for a house deposit?
Yes. It works for any savings target, from holidays to house deposits to emergency funds.
Related Tools
Try our Savings Calculator, Investment Calculator, Compound Interest Calculator and Mortgage Calculator.