Savings Timeframe Calculator
How long to reach a given savings target.
(Scroll down for help)
Legend
- Interest Rate
- The yearly interest rate you will earn. Assumes monthly compounding (like a savings account).
- Initial Balance
- The amount of funds you will have to start with.
- Monthly Contribution
- Amount you will contribute monthly to the account. Enter zero for none.
- Final Balance
- The total amount of funds you want to end up with.
This financial math calculator is the Time Value of Money annuity formula solved for n (number of months). Similar to Excel's nper formula.
Formula:
n = log ( (i*FV+PMT)/(i*PV+PMT) )
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log (i + 1)
Where:
n = number of months
i = monthly interest rate as a decimal (ex 4% annual use: 4/1200)
FV = future value of annuity
PV = present value of annuity
PMT = amount of each monthly payments
