Savings Goal Calculator
Enter your savings goal, starting balance, and annual interest rate to find the required monthly deposit or the time needed to reach your target.
Savings Goal
$
$
%
years
Or enter a target date:
$
Fill in the details on the left and click Calculate
Results will appear here
Required Monthly Contribution
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—
Savings Goal
—
Total Contributions
—
Interest Earned
—
Starting Balance
0%
Goal
$0
$20,000
Year-by-Year Projection
Formula:
FV = PV(1+r)^n + PMT × ((1+r)^n − 1) / r, where r = annual rate / 12 and n = months. Solved for PMT.
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Summary
Enter your savings goal, starting balance, and annual interest rate to find the required monthly deposit or the time needed to reach your target.
How it works
- Choose a mode: "Find Monthly Contribution" to calculate how much to save each month, or "Find Time to Goal" to see when you will reach your target.
- Enter your savings goal amount and your current starting balance.
- Enter the annual interest rate your savings will earn (use 0 for no interest).
- In "Find Monthly Contribution" mode, enter a target date or number of years. In "Find Time to Goal" mode, enter your planned monthly deposit.
- Click Calculate to see the result, including total contributions and interest earned over the period.
Use cases
- A new graduate wanting to save $20,000 for a home down payment in 3 years calculates the exact monthly transfer to their high-yield savings account.
- A parent contributing a fixed $200 per month to a college fund discovers when the balance will cross $50,000.
- Someone planning an international trip uses the calculator to figure out how much to set aside each month to reach their $5,000 travel budget by a departure date.
- An investor with an existing $10,000 balance and a 4.5% APY account finds the extra monthly top-up required to retire with $500,000.
Frequently Asked Questions
Last updated: 2026-06-09 ·
Reviewed by Nham Vu