Savings goal calculator
Work it either way. Put in what you can save each month and see when you get there, or put in a date and see what it takes to make it.
Enter your target and what you have saved so far.
How long it takes
- You put in
$47,000$47,000 - Interest earned
$3,000$3,000 - Monthly deposit
$1,200$1,200
What a bit more each month does
Try a scenario
How this is calculated
Straight compound interest with regular deposits. Here is what sits behind it.
- Compounding
- Monthly, on the running balance including deposits made that month.
- Deposits
- Made at the end of each month, at the same amount every month. No missed months, no lump sums.
- Rate
- Fixed for the whole period. Bonus-rate conditions, introductory rates and rate changes are not modelled.
- Tax and inflation
- Neither is applied. Interest is shown gross, and the target is in today’s dollars, so a long goal will need more in nominal terms than the figure shown.
This calculator is for general information only and is not financial advice. Results are estimates in today’s dollars and exclude tax on interest, account fees, and inflation.
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