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Savings Goal Calculator

Set a target and find out exactly when you'll reach it — or how much more you need to save.

Updated July 2026 · Editorial standards

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Your details

$
$
%
yrs
mos

Enter whole years and any extra months.

Set a goal
$

You'll reach your goal

At this pace, you'll reach $20,000 in 2 years and 10 months.

Final balance
$21,522
Total contributions
$20,000
Total interest
$1,522

Growth over time

Where your balance comes from

Monthly breakdown

PeriodContributionInterestBalance
Month 1$500$7$2,508
Month 2$500$9$3,017
Month 3$500$11$3,528
Month 4$500$13$4,041
Month 5$500$15$4,557
Month 6$500$17$5,074
Month 7$500$19$5,593
Month 8$500$21$6,114
Month 9$500$23$6,637
Month 10$500$25$7,162
Month 11$500$27$7,688
Month 12$500$29$8,217

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By KalkWiseVerified against official sources Updated July 2026

What is the savings goal calculator?

In short

To save $20,000 in 3 years starting from zero, you need $524/month at 4% interest — or $556/month with no interest. Earning even a modest 4% on a high-yield savings account cuts your required monthly contribution by 6%. KalkWise runs the simulation month-by-month and shows the exact date you reach your goal, or the monthly shortfall if your timeline is too tight.

This savings goal calculator works backward from a target. Enter a goal amount and your plan, and it tells you whether and when you'll reach it — or how much more to save each month to get there by your deadline.

How to use this calculator

  1. 1Enter your savings goal and current savings.
  2. 2Add your planned monthly contribution and interest rate.
  3. 3Set the time frame you're aiming for.
  4. 4See the goal banner: when you'll reach it, or the shortfall.
  5. 5Adjust the contribution to close any gap.

The formula

FV=P(1+rn)nt+PMT×[(1+rn)nt−1rn]
We take the growth equation and solve it the other way round — finding the number of periods (or the contribution) that makes your balance reach the goal.
FV
— Your goal (target amount)
P
— Current savings
PMT
— Monthly contribution
r
— Annual rate (decimal)
n
— Compounds per year
t
— Time to reach the goal

Because the equation can't be solved cleanly for t when there are contributions, KalkWise simulates each month until the balance reaches your goal.

Worked example

The scenario

Goal of $20,000, starting with $2,000, saving $500/month at 4.5%.

gives

The result

You reach your goal in about 2 years and 11 months, earning roughly $700 in interest along the way.

Common use cases

  • Building an emergency fund
  • Saving for a house down payment
  • Planning for a wedding, car, or vacation
  • Setting a realistic monthly savings target

Limitations & assumptions

  • Assumes consistent contributions and a steady interest rate.
  • Does not factor in irregular income or unexpected expenses.
  • Excludes taxes on interest earned.

Frequently asked questions

A common guideline is 20% of income (the 50/30/20 rule). For a specific goal, work backward: saving $500/month at 4.5% APY reaches $20,000 in about 35 months. At $300/month it takes 58 months — 23 months longer and $400 less in interest earned.

Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.