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Finance Calculators
Savings Plan Calculator
Calculate how many months it will take to reach a savings goal given a starting balance, monthly contribution and interest rate.
Months to reach goal
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Years to reach goal
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Total you will contribute
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About the Savings Plan Calculator
This calculator works out how long it will take to reach a specific savings target by simulating monthly growth of your balance, combining compound interest with your ongoing monthly contribution.
Formula: Each month, Balance = Balance × (1 + Monthly Rate) + Monthly Contribution, repeated until the balance reaches the goal.
Because interest compounds on a growing balance, reaching a goal often takes noticeably less time than a simple division of the shortfall by your monthly contribution would suggest.
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