Plan Your Path to a Million. Track Your Goals
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.
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:
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.