Finance · Savings
Give the goal a date and a monthly number.
See how long a savings target takes, or work backwards to the monthly contribution that gets you there.
Goal and savings plan
All amounts are in US dollars and contributions are monthly.
Time to reach goal
4 yr 6 mo
At $300.00 per month
Goal
$20,000.00
Projected balance
$20,111.03
Total contributions
$18,200.00
Interest earned
$1,911.03
Contributions are added at the end of each month. Interest compounds monthly at the annual rate divided by 12.
simplytools.us does not connect to bank accounts or store your numbers.
Good to know
The result is a guide, not a guarantee.
This calculator runs entirely in your browser. Check the assumptions, keep the inputs realistic, and use the result as a starting point for a decision.
Estimates use a constant monthly return and end-of-month contributions. Not financial advice.
How is the time to goal calculated?
The calculator adds your monthly contribution to the balance, then applies the assumed monthly return. It repeats that until the balance reaches the goal, up to 100 years.
Should I include investment returns?
Only if the money is actually invested. A savings account, bond fund and stock portfolio have different risks. Use a conservative return if you are unsure, or enter 0% for a plain savings plan.
Are contributions added at the start or end of the month?
This calculator adds contributions at the end of each month. Starting slightly earlier would produce a little more interest over long periods.
What if my current balance is already above the goal?
The calculator reports that the goal is already reached and uses the current balance as the projected balance.
Does this account for inflation or taxes?
No. It shows a nominal balance before taxes, fees and inflation. For a long-term goal, consider aiming for a higher nominal target or using a lower real return.