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Savings goal calculator: How long will it take?

How many years does it take for 100,000 to become 200,000? And how much faster does it go if you deposit every month? The calculator finds the time to your goal from the starting amount, deposits and the return you choose.

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Applies to the amounts in this calculator.

The amount you have now.

GBP

The amount you want to reach.

GBP

The return per year you want to assume. It is an assumption, not a promise.

%

Before tax. A fixed annual return is an assumption, not a promised return. Deposits at the end of each month.

…

Worked example
  • Savings: Without deposits
  • Starting amount: 100,000.00 GBP
  • Target amount: 200,000.00 GBP
  • Annual return: 7 %

Result

Time to the goal

10.2448 years

First whole year with the goal reached

11 years

Working

  1. n = ln(goal / K) / ln(1 + r/100)
    ln(200,000.00 GBP / 100,000.00 GBP) / ln(1 + 7/100) = 10.2448 years
  2. first whole year = n rounded up
    10.2448 years rounded up = 11 years

It can be used for a specific purchase, savings or a desired investment fortune. You decide the target amount yourself.

Time to the goal without new deposits

When the amount grows only with compound interest, the formula is number of years = ln(target/starting amount) / ln(1 + annual return). Here it applies to a positive return and a target larger than the starting amount.

The higher the return you enter, the shorter the calculated time. That only changes the assumption of the calculation, however, not the likelihood of achieving the return.

Doubling at 7% per year

Mathematically, an amount doubles in about 10.24 years at 7% annual growth. On an account where interest is only added once a year, the balance is not at least doubled until the interest is added after 11 years.

Monthly deposits shorten the way

With a fixed deposit, the balance is calculated month by month. The result shows the first month in which the savings reach the goal, as well as how much you have paid in yourself.

If the starting amount already meets the goal, the waiting time is zero. If there is neither a return nor new deposits, a smaller balance gets no closer to the goal.

If you would rather keep a specific end date, you can use the required monthly savings calculator. It finds the deposit that matches the time horizon you choose.