Savings goal calculator
Enter what you are saving for, what you have already, and what you can put aside each month. See how long the target actually takes.
How this is calculated
The balance is stepped forward one month at a time: interest is applied at one twelfth of the annual rate, then the monthly contribution is added.
The answer is the first month the balance reaches or passes the target.
If the contribution is zero and the rate is zero, the target is never reached and the calculator says so rather than returning a misleading number.
Interest does part of the work, and the split between what you contribute and what the interest adds is shown separately so you can see how much is actually yours to find.
Rates used · 2026/27
| Compounding | monthly |
| Contributions | added at the end of each month |
| Inflation | not applied |
| Maximum term | 100 years, beyond which it reports never |
Last checked July 2026. Source: HMRC and gov.uk.
Worked example
Saving for a £20,000 deposit with £4,000 already put aside and £400 a month at 4.5% takes 3 years 1 month. Of the £16,000 gap, £14,800 comes from your contributions and £1,200 from interest.
Common questions
What if the timescale is too long?
Raise the monthly amount, lower the target, or both. The rate makes far less difference over short periods than the contribution does.
Does the rate matter much?
Less than people expect over a few years. On a three year goal the contribution does almost all the work, and the interest is a rounding adjustment.
Should I use this for a house deposit?
It works well for that. Bear in mind that house prices may move while you save, so the target itself is not fixed.
Does it account for inflation?
No. For a long goal, subtract your inflation assumption from the rate to see the answer in today's money.