Plan monthly savings toward a goal
How long until the goal at this deposit — and how much of the total is interest? A month-by-month simulation gives both.
Tools used in this guide
The job
"Save 500 a month, goal 20,000" is really two questions: when does it land, and what does interest add? Simulating each month answers both without guessing.
Simulate
Enter the goal, the monthly deposit, and the current balance; add an APY if the account pays one. The tool iterates monthly — interest at APY/12 lands before each deposit — and reports months, deposits paid, and interest earned.
- A 0% APY is the pure-savings baseline; compare against it to see what the yield buys.
- If the horizon exceeds 1,200 months the tool reports unreachable rather than extrapolating.
Worked example
Goal 20,000, deposit 500, start 2,000, APY 4%: the balance crosses the line in month 34 — about 1,209 of it is interest.
Where it stops
Fixed deposit and fixed APY — no contribution changes, rate swings, taxes, or fees. Deposits land at month start; the model does not care about currency.