Savings, budgets and cards
Savings Goal Calculator: How Long to Save
Set a goal, such as a home deposit, and the amount you can put away. See how long it takes and what the interest adds.
- Cost
- Free
- Your figures
- Stay in your browser
- Method
- Set out below
For example, a home deposit and the costs of buying.
Deposit frequency
Time to reach your goal
7 years 6 months
With 90 monthly deposits of $500, on top of the $5,000 you have now.
- Total deposited
- $50,000
- Interest earned
- $10,410
- Balance when the goal is reached
- $60,410
Estimate only, based on the figures entered and the assumptions listed below. It is not a quote, an offer of credit or personal advice.
Your balance on the way to the goal
The balance at the start, at the end of each year, and on the day it reaches the goal.
Balance ends at $60,410.
Show the figures as a tableHide the table
| Point | Balance |
|---|---|
| Start | $5,000 |
| End of year 1 | $11,355 |
| End of year 2 | $18,002 |
| End of year 3 | $24,954 |
| End of year 4 | $32,226 |
| End of year 5 | $39,832 |
| End of year 6 | $47,787 |
| End of year 7 | $56,108 |
| Goal reached, 7 years 6 months | $60,410 |
How this calculator works
Enter what you have saved, your goal and the amount you can deposit regularly. The calculator counts forward until the balance reaches the goal.
Small increases to the regular deposit often bring the date forward more than a higher interest rate does.
Assumptions
- Interest compounds at the deposit frequency and deposits are made at the end of each period. A year is taken as 52 weeks or 26 fortnights.
- The rate stays the same until the goal is reached.
- The calculator looks up to 100 years ahead. A goal further away than that shows as not reached.
- Account fees and tax on interest are not included.
Want the number a lender would actually give you?
Send through your figures and we will run them against our panel of 45 lenders for a real answer.
Mon - Fri 09:00 - 18:00 | Sat 09:00 - 13:00 | Sun - CLOSED