CalcArcade.

Savings Goal Calculator

Enter the amount you want to reach, what you have saved already, the yearly interest you expect and how many years you have. The calculator shows the monthly deposit that gets you there.

Your numbers

Result

Estimate for information only, not professional advice. Last reviewed .

How we calculate it

Deposits are made at the end of each month and interest compounds monthly at the yearly rate divided by 12. Your current savings grow to C × (1 + r)^n, and the deposits must cover the gap to the goal G.

The deposit is d = (G − C × (1 + r)^n) × r ÷ ((1 + r)^n − 1), where r is the monthly rate and n the number of months. With a 0% rate the deposit is (G − C) ÷ n.

How to read your result

  • Monthly deposit is what you need to save each month to reach the goal on time.
  • Total deposits is what you put in. Interest earned is the growth that covers the rest.
  • The breakdown bar shows how much of the goal comes from your savings, your deposits and interest.
  • A note appears if your current savings would already reach the goal with growth alone.

Common mistakes

  • Assuming a high interest rate. Savings accounts pay far less than stock market averages, so use the rate you will really get.
  • Ignoring inflation. A goal that is a fixed number buys less in the future.
  • Setting the goal date too short, which makes the monthly deposit unrealistic.
  • Counting money you will need for emergencies as part of the goal.

Assumptions and limits

  • The interest rate is an assumption. Real savings rates change, and returns on investments are not guaranteed.
  • Taxes and fees are not included, and the goal is not adjusted for inflation.
  • If your current savings would already reach the goal, the monthly deposit shows as zero.

Frequently asked questions

How do I choose an interest rate?

Use the rate your savings account or investment currently pays, or a cautious estimate. Try a lower rate as well to see how much room you have if returns disappoint.

What if I want to deposit at the start of the month?

This calculator assumes deposits at the end of each month. Depositing at the start earns slightly more interest, so the needed amount would be a little lower.

Should I count inflation?

The goal is a plain money amount. If prices rise, the same amount will buy less later. The inflation calculator shows how much a future goal needs to be to match today’s buying power.

Related calculators

Worked example (a fixed example using the starting numbers, it does not change as you type)

Inputs: Savings goal ($) = 20000; Current savings ($) = 2000; Expected yearly interest (%) = 4; Time to reach the goal (years) = 5.

  • Monthly deposit $264.83
  • Total deposits $15,889.84
  • Interest earned $2,110.16
  • Balance at the end $20,000.00

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Last reviewed: . Formulas and assumptions are described on our methodology page. For information only; not professional advice.