Saving for a house down payment, a car, a wedding, or just a number that makes you feel safe? Answer either question: how long will it take at my pace — or how much per month to hit my deadline?
Maintained by TheFinanceSection · Updated · Methods and corrections
Time to reach your goal
3.5 years
saving $400/mo at 4% APY
Still to save
$18,000
$2,000 of $20,000 saved (10%)
Assumes monthly compounding at the stated APY with deposits at the end of each month. APY is an illustrative assumption, not a current offer. Actual rates can change; taxes and fees are excluded.
It works in two directions. "How long will it take?" mode takes your goal, current savings, and monthly amount and projects the months until you arrive, with interest compounding along the way. "How much per month?" mode flips it: give it a deadline and it solves for the exact monthly deposit required, using the standard future-value annuity formula.
Your starting balance, deposits, and yield all affect the timeline. Compare a zero-interest scenario with your assumed APY using the savings interest calculator. Savings rates can change. A CD ladder can stagger maturities, but rates on future reinvestments are unknown and early withdrawals may cost money.
If it fits your cash flow, schedule a transfer after payday and check the amount when your income or expenses change. Leave enough for upcoming bills to avoid overdrafts. Keep planned purchases distinct from your emergency reserve. The CFPB savings guide describes automatic transfers and other ways to build a saving habit.
As an illustration, with no starting balance and a constant 4% APY, end-of-month deposits of $400 reach $10,000 in 25 months; $250 deposits take 38 months. The APY is an assumption, not an advertised current rate. Taxes and fees are excluded.
Use the deadline mode to estimate the monthly deposit after accounting for current savings and the assumed yield. Compare the result with what your budget can support; changing the deadline or target may make the plan more workable.
Try both your assumed yield and a zero-interest scenario. Interest can help, but changing rates, fees, and taxes can reduce the result. Do not treat a projected balance as a guaranteed outcome.
The deadline, need for early access, and ability to absorb losses matter. Compare insured savings accounts and CD terms for cash goals, including fees, coverage limits, and withdrawal penalties. Investments involve a risk of loss and need a separate assessment.
Compare buying power between 1913 and 2025 using published annual CPI data.
Check how much of your deposits are actually insured — and how much is at risk.
Build a CD ladder and see the maturity schedule and total interest.
Estimate what closing your CD early could cost, using the terms in your agreement.
Project how your savings grow with APY, compounding, and monthly deposits.
Convert between APR and APY and see what compounding really does to a rate.
Work out how big your emergency fund should be — and how long it takes to build.
Lock in a CD or stay liquid in savings? Compare the actual dollars.
See how many years it takes for your money to double at any rate.
Start with your next money decision: plan a cash buffer, set a savings target, or compare buying power.