Savings goal calculator
Plan how to reach a savings target, such as a down payment, a car or a trip. Pick whether you want the monthly deposit needed or the time it takes with a deposit you choose.
- Runs in your browser
- Free, no account needed
- Copy or download the result
Result
Example
Solve for: Monthly deposit needed Savings goal: 20000 Current savings: 2000 Annual return: 4 Years to goal: 5 Monthly deposit: 300
Monthly deposit needed: $265.44 Number of deposits: 60 Total deposited: $15,926.52 Growth from returns: $2,073.48 Current savings grow to: $2,433.31 Assumes deposits at the end of each month and growth compounded monthly at 0.3274% per month, equal to 4.00% per year. Returns are not guaranteed, so this is an estimate.
How to use the savings goal calculator
- Under Solve for, choose Monthly deposit needed or Time to reach goal.
- Enter the Savings goal, Current savings and Annual return.
- Enter Years to goal for the deposit mode, or Monthly deposit for the time mode, then press Run.
- Press Copy result to keep the plan.
How it works
Deposits are made at the end of each month, and growth compounds monthly at the rate that equals your annual return over a year.
Deposit needed = (goal - current savings grown to the end date) x i / ((1 + i)^n - 1), where i is the monthly rate and n is the number of months.
Time mode adds deposits month by month and reports the first month the balance meets the goal, up to 100 years.
The annual return must be 0% to 30% and years must be whole, 1 to 100. Returns are not guaranteed, so results are estimates.
Everything runs in your browser. Your input is not uploaded or stored.
Questions and answers
How much do I need to save each month to reach my goal?
Enter the goal, what you have now, the expected return and the number of years. The tool solves for the end-of-month deposit that reaches the goal.
What return should I enter?
Use the rate your savings account or investment is likely to earn. Use 0% to see the amount needed without any growth.
What if my current savings already cover the goal?
The tool says no deposits are needed when your current savings, with growth, reach the goal on their own.