$25,000 now, $1,000 a month, 7%
$1 million in 308 months, or 25.7 years.
Millionaire calculator
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A steady yearly return, compounded monthly, with the same deposit at the end of every month. Taxes, fees and inflation are not included, so $1 million in the future buys less than it does today.
25 thousand
1 thousand
%
1 million
Time to reach $1,000,000
25.7 years
308 months (age 55.7). You put in $333,000; growth adds the other $667,000.
- Months
- 308
- Total you put in
- $333,000
- Growth
- $667,000
Year 0Year 12Year 26
Milestones
| Milestone | Years | Your age | Put in by then |
|---|---|---|---|
| $100,000 | 4.7 | 34.7 | $81,000 |
| $250,000 | 11.0 | 41.0 | $157,000 |
| $500,000 | 17.7 | 47.7 | $237,000 |
| $1,000,000 | 25.7 | 55.7 | $333,000 |
The road to a million, year by year
A million dollars sounds out of reach, but steady saving and compound growth do most of the work over a long enough time. This tool steps through each month, adding your deposit and the return, until the balance reaches your target.
Start with $25,000 invested, add $1,000 a month and assume a 7% yearly return. You pass $100,000 after about 4.7 years, $500,000 after 17.7 years and $1 million after 25.7 years. Of that million, $333,000 is money you put in; the rest is growth.
The monthly amount and the years matter most. Starting from nothing with $500 a month at 7% takes 36.4 years. Tripling the deposit to $1,500 cuts it to 22.8 years. Every year of delay pushes the finish line back by more than a year, because the last years are when growth is largest.
Remember what the target means. In 25 years, prices may be about twice what they are now, so a future million buys roughly what $480,000 does today. To plan in today's money, take your expected inflation off the return, for example 7% minus 3% gives 4%.
Sources
What this calculator does not account for
- Assumes a steady return every month.
- The target is in future dollars, before inflation.
How this is calculated
Formula: Months to a target
balance next month =balance × (1 + r) + deposit, repeated until the balance reaches the targetWhat the symbols mean
- rMonthly return: yearly return ÷ 12.
- depositThe amount added at the end of each month.
Good to know
- The result is in future dollars. With 3% inflation, $1 million in 25 years buys about what $480,000 buys today.
- For a target based on your spending, use the FIRE number calculator.
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Worked examples
Each example is worked out by the same code as the calculator above.
$0 now, $500 a month, 7%
$1 million in 437 months, or 36.4 years.
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<iframe src="/embed/millionaire-calculator" title="Millionaire calculator" width="100%" height="720" style="border:0;max-width:42rem" loading="lazy"></iframe>Questions
How long does it take to save $1 million?
With $25,000 invested, $1,000 added each month and a 7% return, about 25.7 years.
How much do I need to save a month to be a millionaire?
Starting from zero at 7%, about $500 a month takes 36.4 years and $1,500 a month takes 22.8 years.
What return should I assume?
Many planners use 5% to 7% a year for a stock-heavy mix, after fees and before inflation. Try a lower rate to be cautious.
Does it include inflation?
No. The target is in future dollars. Lower the return by your expected inflation rate to see the answer in today's money.
How much of the $1 million is my own money?
In the default example you put in $333,000 and growth adds about $667,000, which is why starting early matters.