Savings Goal Calculator
Pick a target amount and a deadline, and this calculator tells you the monthly deposit that gets you there. It accounts for the savings you already have and for the interest or investment return your money earns along the way, so the answer is usually smaller than simply dividing the goal by the number of months.
- Save each month
- $360.41
- Total deposits over the period
- $21,624.78
- Growth of current savings
- $1,104.98
It works for any goal with a number and a date attached: an emergency fund, a house down payment, a car bought in cash, a wedding, or a sabbatical. If your current savings alone will grow past the target in time, the required monthly deposit is zero and the calculator says so.
How it's calculated
Monthly = (goal − current × (1+r)ⁿ) × r / ((1+r)ⁿ − 1)
r is the monthly return (annual rate divided by 12) and n is the number of months until the deadline. The first term removes what your existing savings will grow into; the rest is the standard annuity formula solved for the payment.
Worked example
Goal: $30,000 for a down payment in 5 years, starting with $5,000 in an account earning 4% per year. The $5,000 grows to about $6,105 on its own, leaving $23,895 to build. That takes $360.41 per month; total deposits come to $21,625 and interest covers the rest.
Frequently asked questions
›What rate should I enter?
Use the rate your money will actually earn: a high-yield savings account rate for short-term goals, or a conservative investment estimate for goals many years out. For money needed within a couple of years, most advice favors savings accounts over stocks.
›Why is the monthly amount less than goal divided by months?
Two reasons: your existing savings keep growing, and every deposit earns interest from the day it lands. The longer the timeline and the higher the rate, the bigger the gap.
›Should I adjust the goal for inflation?
For goals more than a few years away, yes. A target that costs $30,000 today will cost roughly $33,000 in five years at 2% inflation. Enter the future price as the goal, or subtract expected inflation from your return rate.
›What if I miss a month?
Nothing breaks; you just arrive slightly later or need slightly larger deposits afterward. Rerun the calculator with your new balance and remaining time to get back on track.
Related tools
Compound Interest Calculator
See how your savings grow with compound interest. Calculate the future value of an investment with an initial deposit, monthly contributions, and annual return.
Salary to Hourly Calculator
Convert between annual salary and hourly wage instantly. See equivalent monthly, weekly, and daily pay based on your hours per week.
Mortgage Calculator
Calculate your monthly mortgage payment and see the full payoff schedule. Add an extra monthly payment to see how many years and how much interest you save.