Savings goal calculator

Set a target and a deadline to get the monthly amount you need to put aside.

Formula Finance

Save each month

Total you pay in: US$8,365.77
Interest earned: US$634.23
Final balance: US$10,000.00

TotalUS$10,000.00

Already saved: US$1,000.0010%
Total you pay in: US$8,365.7783.7%
Interest earned: US$634.236.3%

How it works

Your current savings grow at the monthly rate (annual rate ÷ 12) until the deadline. Whatever they fall short of the goal must come from monthly deposits, which also earn interest.

Deposits are assumed at the end of each month. If your current savings alone will reach the goal, the monthly amount is zero and the final balance shows where they will end up.

Formula

i = annual rate ÷ 12 ÷ 100,  n = months
Shortfall = goal − current × (1 + i)^n
Monthly = shortfall × i ÷ ((1 + i)^n − 1)
At 0%: monthly = shortfall ÷ n

Worked example

To reach 10,000 in 3 years with 1,000 already saved at 4%, the 1,000 grows to 1,127.27, and you need to save 232.38 a month. You pay in 8,365.77 and earn 634.23 of interest.

Questions people ask

What if the interest rate changes?

Rerun the calculation with the new rate and your current balance. Savings rates usually change over time, so the result is an estimate.

Should I include inflation?

If the goal is a future price, raise it by expected inflation first with the inflation calculator, then enter that amount here.