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How many months a regular deposit takes to reach a savings target.
Free to use, no sign-up required. Savings Goal is one of 198 tools built into Xenition, alongside a chat that can use them for you.
Tells you how many months it will take to reach a savings target, given what you have saved already, a fixed monthly deposit and the interest your account pays.
The tool steps forward one month at a time: balance = balance × (1 + yearly rate ÷ 12) + deposit, until the balance reaches the goal. Interest compounds monthly and the deposit is added at the end of each month. If the goal is not reached within 1,200 months (100 years), it tells you to raise the deposit.
A 10,000 goal with 2,000 saved, 300 a month and 3% interest is reached in 26 months (2.2 years). The ending balance is 10,182.84: 7,800 from deposits and 382.84 from interest.
Deposits come in whole months, so the month that crosses the goal usually overshoots it a little. The extra is simply what that final deposit adds on top.
Over short horizons, very little; the deposit does most of the work. In the example, interest supplies under 400 of the 8,000 gap. Over many years, compounding matters far more.
You do not have to open Savings Goal to use it. Ask Xenition in plain language and it runs the right tool, then carries the answer into whatever you are working on — a document, a spreadsheet, a deck.