This calculator will compute how long it will take you to reach your desired savings goal, based on three factors: the amount you currently have set aside, the amount you can add to your savings each month and the annual interest rate you expect to earn.
Instructions: To calculate the how long it will take to reach your savings goal, enter the beginning balance, your savings goal, the monthly dollar amount you plan to deposit and the interest rate you expect to earn, then click the "compute" button. Note that this calculator is based on monthly compounding.
Note: When entering numbers into the data fields only use numbers and applicable decimal points. Entering commas, dollar signs, or any other non-numeric characters will cause an error. Also please note that this calculator has been tested to work with Internet Explorer 3.01 and Netscape Navigator 3.01 web browsers. However, both must have the JavaScript option turned on.
DISCLAIMER: The accuracy of this calculator and its application to your specificsituation is not guaranteed. We encourage you seek advice from qualifiedprofessionals regarding all personal finance issues.
“Whatever you are doing with credit, stop now and evaluate your situation fully. If you’re not sure your finances are out of control, talk to a counselor at GreenPath. And, if you are sure your finances are out of control, talk to a counselor at GreenPath.”
– Loretta D.,Houston, TX