Time to a savings goal
Apply monthly growth and end-of-month deposits until the target is reached.
How this works
Starting with current savings P, repeat P = P × (1+i) + C, where i = assumed annual percentage return/1200 and C is the end-of-month contribution. Count whole months until P reaches or exceeds the target. If current savings already meet the target, the result is zero months.
Example
The illustration may use different inputs from the reproducible default inputs listed below.
With the defaults, the first month ends at $5,000 × (1 + 4/1200) + $300 = approximately $5,316.67. The same monthly process continues until savings reach $20,000. With all reset-default inputs, whole months to goal: 45.
- Target ($)
- 20000
- Current savings ($)
- 5000
- Monthly contribution ($)
- 300
- Assumed annual return (%)
- 4
- Whole months to goal
- 45
Scope and assumptions
Assumes a constant nonnegative return and an unchanged monthly contribution, with no taxes, fees, withdrawals or losses. The reported final balance may exceed the target because contributions occur in whole months. Targets not reached within 1,200 months return an error; this is not a forecast of actual returns.
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