Time to Save a Target Calculator
Estimate how many months it will take to reach an Australian savings goal given your starting balance, regular deposits and interest rate.
Your results
Calculation breakdown
- Monthly growth
- Balance = balance × (1 + monthly rate) + monthly deposit, repeated until the target is met
Worked example
Starting with $2,000 and depositing $500 a month at 4% p.a., a $20,000 goal is reached in about 34 months.
Assumptions
- Interest compounds monthly on the growing balance.
- Assumes deposits are made at the same time each month without interruption.
How this calculator works
Enter your savings goal, current balance, regular monthly deposit and expected annual interest rate to estimate how many months it will take to reach your target. The calculation compounds interest monthly and includes your ongoing deposits, giving a realistic timeframe for goals like a holiday, car or house deposit.
Frequently asked questions
What if I never reach the goal?
If your deposits and interest can't outpace the target within a reasonable time, the calculator will flag that you need to increase savings or the timeframe.
Does this account for interest on the growing balance?
Yes, interest compounds monthly on your growing balance as deposits are added, giving a more accurate timeline than simple division.
Can I use this for a house deposit?
Yes, this works for any lump-sum savings goal; see the dedicated Home Deposit calculator for stamp duty and LMI-specific detail.
Results are estimates only and are not financial, tax, legal or credit advice.