Start from what you are already saving, and this works out when you get there.
It is the same relationship as the other savings calculator, solved for the other unknown — use this when the contribution is fixed and the question is the date.
Works out how long a savings target takes to reach at your current rate of saving.
Contribution
What you are putting aside each period now, not what you intend to.
The time is how long the target takes at the current rate. If it is longer than you want, increase the contribution and re-run.
The relationship is not proportional. Increasing the contribution by a quarter reduces the time by more than a quarter, because the higher balance also earns more along the way.
On short horizons the interest contributes little, so the answer is roughly the shortfall divided by the contribution. On longer ones the gap widens and compounding starts to shorten the wait noticeably.
Every figure below is computed by the same calculator on this page, from the inputs described. Nothing here is typed in by hand, so an example cannot disagree with the tool.
Compare against dividing the shortfall by the contribution: interest brings the date forward, though on this horizon not by a great deal.
The balance is projected forward period by period: interest is credited at the periodic rate and the contribution is added, until the balance reaches the target.
The count of periods is converted to years and months for display.
The contribution never changes
Every period, uninterrupted, at the same amount.
The rate holds
Savings rates move with the cash rate.
It assumes the target does not move
A deposit target chasing a rising market is a moving goal, and the calculator has no view on prices.
Works out how much to set aside each period to reach a savings target by a deadline.
Shows how a balance grows over time with regular deposits and compounding interest.
Works out how long a loan takes to clear at a chosen repayment, and what it costs in interest along the way.
This calculator can be embedded on a business website, branded to match it, with a call to action that sends the enquiry to that business rather than collecting anything here.