Savings Goal Calculator
Plan your path to any savings goal. Calculate exactly how much you need to save each month or how long it will take to reach your target, factoring in compound interest and your current savings.
Want to save $50,000 for a house down payment in 5 years? If you already have $5,000 saved and earn 5% annually, you'd need to save about $641 per month. Of your $50,000 goal, about $43,452 comes from deposits (including your initial $5,000) and $6,548 from interest.
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Plan your savings strategyResults
Your savings projectionEnter your savings parameters and click calculate to see your projection.
Frequently Asked Questions
Strategies for reaching your savings goals
Where should I keep my savings?
The best savings vehicle depends on your time horizon. For goals under 2 years, a high-yield savings account (4-5% APY) or money market fund offers safety and liquidity. CDs can lock in higher rates if you won't need the money until maturity.
For goals 3-5+ years away, consider a diversified index fund portfolio. While short-term volatility is higher, historically the stock market averages 7-10% annually, dramatically accelerating your progress. The longer your timeline, the more risk you can afford to take for higher returns.
How does compound interest help reach my goal faster?
Compound interest creates a snowball effect — you earn returns not just on what you deposit, but also on the interest that has already accumulated. Each month, your balance grows a little faster than the month before, accelerating toward your goal.
This is why starting early matters so much. Someone saving $500/month at 7% reaches $50,000 in about 7 years, but $17,000 of that is 'free money' from compound returns. Waiting even a year means either contributing more each month or taking longer to reach the same goal.
Your Privacy is Protected
All calculations run entirely in your browser. We never collect, store, or transmit any data you enter into this calculator. There are no APIs, no server requests, and no logs — your financial information stays on your device and disappears when you close the page.