Savings goals
How long does it take to save $20,000?
Starting from $0, saving $500 a month reaches $20,000 in 40 months, or 3 years and 4 months, with no interest.
The example at a glance
- $250 each month
- 80 months
- $500 each month
- 40 months
- $750 each month
- 27 months
- $1,000 each month
- 20 months
Make the example fit your life
Already having $5,000 saves ten months at a $500 monthly contribution. The target would take 30 months. You can compare up to four plans below to choose a contribution that fits your budget.
Does adding interest guarantee an earlier finish?
The calculator assumes a fixed rate and monthly compounding. Actual savings rates, taxes and fees can change the outcome. Keep the 0% scenario as a contribution-only comparison and use a rate appropriate to your account for another scenario.
These examples show the stated assumptions. Calculators and reports are educational estimates; rates and local costs can differ. About our methods.