Savings Goal Calculator
Find the monthly amount you need to save to hit a target by a set date, accounting for your current balance and the interest it earns along the way.
Required monthly contribution
-
Show the math
Your balance grows, then contributions close the remaining gap:
PMT = (goal − P(1 + i)n) / (((1 + i)n − 1) / i)
Your current savings compound at the rate, and the tool solves for the level monthly amount whose growth fills the rest by the target date. If your balance alone will reach the goal, the required contribution is zero. Your current savings, total contributions, and interest add up to the goal.
What this does
A savings goal calculator finds the monthly amount you need to set aside to hit a target by a set date, accounting for your current balance and the interest it earns along the way.
How to use it
- Enter your savings goal and target date.
- Enter your current balance.
- Enter the interest rate you expect to earn.
- Read the monthly contribution required.
How it works
The tool grows your current balance at the expected rate, then solves for the level monthly contribution whose compounded future value closes the remaining gap to your goal by the target date.
Understanding your result
A higher rate means your balance does more of the work, lowering the monthly amount you need. If your current savings already grow to meet the goal, the required contribution shows as zero.
Example
To reach $20,000 in 4 years starting from $2,000 at 4% interest, you would need to save roughly $360 a month.
Sources & methodology
- U.S. SEC Investor.gov, Compound Interest Calculator, How savings grow over time
- Consumer Financial Protection Bureau, Consumer Tools, Guides for saving toward a goal
Last updated .
Frequently asked questions
How is the required monthly amount found?
The tool grows your current balance at the expected rate, then solves for the level monthly contribution whose compounded future value closes the remaining gap to your goal by the target date.
What if my current savings already cover it?
If your existing balance will grow to meet or exceed the goal on its own, the required monthly contribution shows as zero.
Does the interest rate matter?
Yes, a higher rate means your balance does more of the work, lowering the monthly amount you need to set aside. For a cash goal, use your savings account rate.
Is my data stored?
No. Everything is computed locally in your browser.
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