How to Use the Savings Goal Calculator
Reaching a savings milestone like $100,000 is a common first goal for many people building wealth. This calculator takes your goal amount, current savings, monthly deposit, and annual rate to estimate how long it will actually take, factoring in compounding.
The calculation assumes you deposit a fixed amount every month while your balance compounds at the annual rate you enter. The higher your rate and the larger your monthly deposit, the faster your timeline shrinks. Increasing your monthly deposit often shortens the timeline more than a simple proportional amount, thanks to the added compounding effect.
For a principal-protected account like a savings account or CD, use the actual pre-tax annual rate. For an investment account like a brokerage account or ETF portfolio, enter your expected average annual return as a rough estimate. Since investment returns vary year to year and carry risk of loss, treat this calculator's result as a simplified planning estimate rather than a guarantee.
Frequently Asked Questions
If your current savings already meet or exceed your goal, the calculator shows 0 months since the target is already achieved.
For a savings account or CD, use the actual pre-tax annual interest rate. For an investment account, use your expected average annual return. A higher rate shortens the time to your goal, but investment returns carry risk of loss that a bank savings rate does not.
Because of compounding, increasing your monthly deposit shortens the timeline non-linearly — try entering a few different monthly amounts in this calculator to compare directly.