Millionaire Calculator

Plan Your Path to a Million. Track Your Goals

How the Millionaire Calculator Works

This calculator estimates how long it will take to reach $1,000,000 (or any other goal) in savings based on your initial savings, additional deposits, and interest rate. Adjust these values to see how changes in deposits and interest affect the time to reach your goal.

Formula Behind the Calculation

The calculator uses the compound interest formula to estimate the time to reach the goal:

Formula: A = P(1 + r/n)nt + M[((1 + r/n)nt - 1) / (r/n)]

Where:

  • A is the final amount (your savings goal).
  • P is the initial principal (your current savings).
  • r is the annual interest rate as a decimal.
  • n is the number of times the interest is compounded per year (e.g., 12 for monthly).
  • t is the number of years to reach your goal.
  • M is your monthly or periodic deposit.

Example Calculation

For instance, with $50,000 in savings, monthly deposits of $10,000, and an interest rate of 0.25%, compounding monthly, it will take approximately 7 years and 9 months to reach $1,000,000.