Calculator
Savings goal calculator
Counts months until a balance reaches a goal. Each month, interest is rounded to the cent and then the contribution is added.
Time
2 years and 1 month
You would add
$1,000.00
Interest, if the rate holds
$0.00
Ending balance in the last counted month
$1,000.00
How this is calculated
Monthly rate = annual percentage rate ÷ 12. Interest this month = round(balance in cents × monthly rate) ÷ 100. The contribution is added after interest. Counting stops at 600 months (50 years). A zero contribution and a zero rate cannot reach a higher goal, and the calculator says so instead of inventing a date.
The rate is optional. Leave it at 0 if you do not want to assume a yield. This is not a forecast of any bank’s interest rate, and it ignores taxes on interest.