Savings Goal Calculator
Calculate how long it will take to reach your savings target
$
Your target amount
$
What you have now
$
Amount to save each month
%
Annual interest rate
Time to Goal
6y 2m
74 months total
Total Contributions
$42,000.00
Interest Earned
$8,215.51
Final Balance
$50,215.51
Target: $50,000.00
Savings Growth Over Time
| Year | Balance | Contributions |
|---|---|---|
| Year 1 | $11,420.82 | $11,000.00 |
| Year 2 | $18,170.14 | $17,000.00 |
| Year 3 | $25,264.77 | $23,000.00 |
| Year 4 | $32,722.37 | $29,000.00 |
| Year 5 | $40,561.51 | $35,000.00 |
| Year 6 | $48,801.73 | $41,000.00 |
Savings Summary
Starting amount$5,000.00
Monthly savings$500.00
Total deposits$42,000.00
Interest earned$8,215.51
Final balance$50,215.51
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