First Million Calculator
See how much you need to invest each month to reach your first million. Or, if you prefer, find out how long it takes with the contributions you already make today. It is free, takes 30 seconds and shows your wealth growing year by year.
Wealth growth
Year-by-year projection
| Year | Interest this year | Total invested | Total interest | Wealth |
|---|
How the First Million Calculator works
The calculator simulates your money’s growth with compound interest, the effect of earning returns on the returns you have already accumulated. You choose one of two paths:
- How long will it take? Enter how much you already have invested, how much you can contribute monthly and the expected return. The calculator returns the timeline, in years and months, to hit your first million.
- How much should I contribute monthly? Enter how much you already have, the expected return and how many years you want to take. The calculator returns the exact monthly amount left to invest.
In both cases, you also see how much came out of your pocket, how much came purely from interest and the growth curve of your wealth up to the goal.
What you need to enter
- How much you already have invested (starting capital). It can be zero.
- Monthly contribution, in the "time" mode.
- Expected interest rate: annual or monthly, net of taxes and fees.
- Desired timeframe, in the "monthly contribution" mode.
- Goal: pre-filled with $1,000,000, but you can change it.
How to read the results
After calculating, you see a panel with:
- Time to reach the goal or the monthly contribution needed.
- Total invested: starting capital + contributions.
- Accumulated interest: how much the money earned on its own.
- Final wealth: the result of the journey.
In long-term simulations, more than half of the wealth tends to come from interest, not from contributions. Time and consistency make all the difference.
How much do I need to invest per month for 1 million?
It depends on how much you already have, how long you invest and the return. Here is how much you would need to contribute per month to reach $1 million starting from zero, with a 10% annual return:
| Timeframe | Monthly contribution needed |
|---|---|
| 10 years | ~$5,000 / mo |
| 15 years | ~$2,510 / mo |
| 20 years | ~$1,390 / mo |
| 25 years | ~$810 / mo |
| 30 years | ~$485 / mo |
Doubling the timeframe from 15 to 30 years drops the monthly contribution from ~$2,510 to ~$485, almost five times less per month to reach the same million.
How long does it take to save 1 million?
Suppose you already have $10,000 invested, contribute $1,000 per month and earn an 8% annual return:
- Time to the million: about 25 years and 3 months
- Total invested: ~$313,000
- Accumulated interest: ~$687,000
You put in a little over $300k over the years, and compound interest did the rest: nearly 70% of the wealth.
How to reach your first million faster
The most powerful shortcut is to start now. Each extra year of delay requires a much larger monthly contribution to reach the same result. After that, be consistent: contributing every month, even a little, usually beats large, sporadic contributions.
Reinvest the returns along the way. It is reinvesting that creates the snowball effect of compound interest. At the same time, aim for a return that fits your profile: each extra point on the rate can cut years off the timeline, as long as the risk makes sense for you.
Finally, increase the contribution as your income grows. Whenever you earn more, channel part of that increase into investments before it becomes a fixed expense.
How much does 1 million earn per month?
With $1 million invested, the monthly return depends on the rate. As a reference, gross returns (before tax):
| Return | Gross monthly income |
|---|---|
| 0.5% per month | ~$5,000 |
| 0.7% per month | ~$7,000 |
| 0.8% per month (~10% per year) | ~$8,000 |
| 1.0% per month | ~$10,000 |
Remember these figures are before taxes and do not account for inflation eroding purchasing power over time. To plan retirement with this goal, combine this simulation with the retirement calculator.
Important considerations
The simulation is a projection, not a guarantee. First, remember inflation: $1 million in 20 years buys less than today. With 4% annual inflation, that amount is worth about $450k in today’s purchasing power.
On taxes, always enter the net return. Income tax varies by product and holding period, and that changes the real return of the simulation.
Finally, returns vary in the real world. The calculator assumes a constant rate, but returns swing over time. That is why discipline and a long horizon are what sustain the result.
Frequently asked questions
It depends on the timeframe and the return. Starting from zero and earning 10% per year, it is about $1,390 per month to get there in 20 years, or ~$485 per month in 30 years. The earlier you start, the smaller the monthly amount. Use the calculator above for your exact scenario.
With $1,000 per month, $10,000 of starting capital and 8% per year, it takes about 25 years and 3 months. Increasing the contribution or the return cuts that timeframe a lot. For example, doubling the contribution drops the time to around 17 years.
It is based on the compound interest formula with contributions: FV = PV·(1+i)^n + PMT·[((1+i)^n − 1)/i], where FV is the goal, PV the starting capital, PMT the monthly contribution, i the monthly rate and n the number of months. From it, the calculator solves for the timeframe (n) or the contribution (PMT), depending on the mode.
You choose. The calculator has an "annual / monthly" toggle. Internally it converts the annual rate to monthly effectively, so the result is consistent regardless of the option. Always use the net return, after taxes and fees.
It varies with the investment rate. Earning about 0.8% per month (around 10% per year), $1 million generates roughly $8,000 gross per month. At a more conservative return, near 0.5% per month, it is around $5,000 gross per month, always before taxes and inflation.
Not automatically. The figures are nominal and assume the net return you enter. For a more realistic reading, enter a rate already net of taxes and fees, and remember that inflation reduces the goal’s purchasing power over time. There is also an optional field to adjust the goal for inflation.
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