Savings Goal Calculator
You know the number you want. This gives you the month you get there, and shows what the interest is doing for you while you wait.
| Months to goal | — |
| Goal reached | — |
| You deposit | — |
| Interest earns | — |
| Same goal at 0% APY | — |
| Deposit needed to finish in 24 mo | — |
APY compounds monthly, deposit lands at month end. Real APYs move with the Fed, treat long horizons as a plan, not a promise.
How the math works
Month loop: balance = balance × (1 + APY/12) + deposit, repeated until the balance meets the goal (capped at 600 months).
Interest earned = final balance − starting balance − all deposits. Over 3-4 years at 4% APY this is typically 3-6% of the goal, real money.
24-month target: solves the flat monthly deposit that hits the goal in 24 months with interest working, for budgeting the other direction.
Provenance: the 3.5-4.5% APY band reflects FDIC-bank high-yield savings rates advertised in late 2026; your bank's rate is what to enter.
Frequently asked questions
How long to save $20,000 at $500 a month?
About 37 months with no interest, about 35 months at 4% APY starting from nothing. The interest shaves more off as the balance grows, so the last year moves faster than the first.
Is 4% APY worth it over a cash account at 0%?
On a $20,000 goal reached in three years, 4% APY contributes roughly $1,100, which is two months of deposits you do not have to make. HYSA rates track the Fed, so long plans reprice, but the math never goes negative on an FDIC account.
Should I hit the goal faster with a bigger deposit?
The tool answers that directly: set your deposit, read the 24-month number. Doubling monthly deposits roughly halves the timeline, and finishing earlier means fewer months of rate risk.