How Long to Save $20,000 Emergency Fund?
Saving $500 per month at 4% interest with no existing savings, you will reach a $20,000 emergency fund in about 37 months.
How to use this tool
- Enter savings goal, current savings, monthly deposit and annual interest rate in the fields above.
- Results update instantly as you type — or click Calculate.
- Read your months to reach goal and the full breakdown beneath it.
Calculate how many months it takes to build a $20,000 emergency fund with monthly deposits and interest.
Frequently asked questions
- Does interest speed things up?
- Yes. With a positive rate your balance compounds while you save, so you reach the goal a little sooner than deposits alone would suggest.