## Savings Timeframe Calculator

How long to reach a given savings target. (Scroll down for help.)

## Legend

**Interest Rate**- The yearly interest rate you will earn. Assumes monthly compounding (like a savings account).
**Initial Balance**- The amount of funds you will have to start with.
**Monthly Contribution**- Amount you will contribute monthly to the account. Enter zero for none.
**Final Balance**- The total amount of funds you want to end up with.

This financial math calculator is the Time Value of Money annuity formula solved for n (number of months). Similar to Excel's nper formula.

Formula: n = log( (i*FV+PMT)/(i*PV+PMT) ) ----------------------- log (i + 1)Where:

n = number of months

i = monthly interest rate as a decimal (ex 4% annual use: 4/1200)

FV = future value of annuity

PV = present value of annuity

PMT = amount of each monthly payments