Savings goal calculator
United States · 2026 rates
Also for Canada
Also for United KingdomSaving for a down payment, a car, a vacation or an emergency fund? See how much to save each month, or how long it will take to get there.
How the calculator works
Your current savings and each monthly deposit earn interest that is added monthly. The calculator finds the monthly amount that reaches your goal on time, or counts how many months it takes.
Example
To turn $2,000 into $20,000 in 3 years at 4%, save $464.77 a month. You deposit $18,731.54 in total and interest adds $1,268.46. Saving $500 a month gets you there in 2 years and 10 months.
Where to keep savings for a goal
- High-yield savings account: easy access and FDIC insurance at banks (NCUA at credit unions), good for emergency funds and short-term goals.
- Certificates of deposit (CDs): a fixed rate for a set term, useful when you know exactly when you need the money.
- Money market accounts: similar to savings accounts, sometimes with check-writing.
Frequently asked questions
Is interest on savings taxable?
Yes. Interest from savings accounts and CDs is taxed as ordinary income, and your bank will send a Form 1099-INT if you earn $10 or more in a year.
How big should my emergency fund be?
A common guide is three to six months of essential expenses, kept in an account you can access quickly.
Assumes a steady rate with interest added monthly. Estimates for guidance only.
Last checked and updated: October 2026