Free tool · Personal Finance
Savings goal calculator
Tells you how much to put aside each month to reach a savings target in a set number of months, counting what you have already saved and any interest.
General education, not financial advice. Your situation may differ. Disclaimer.
Everything is calculated in your browser. Nothing you type is sent to us or anyone else, and nothing is stored.
How it works
What you have already saved grows with interest over the period. The calculator works out how much is still missing at the end, then the equal monthly deposit that closes that gap once interest is added month by month.
Set the interest rate to 0 if the money will sit in an account that pays nothing.
Monthly deposit = (goal − already saved × (1 + r)ⁿ) × r ÷ ((1 + r)ⁿ − 1), where r is the monthly rate and n the number of months
Worked example
To reach 5,000 in 24 months with 500 already saved at 4% a year, save 178.75 a month. Without interest it would be 187.50.
Limits
- Interest is assumed to be paid monthly at a fixed rate. Real rates change.
- It ignores tax on interest.
Questions
How do I save without noticing?
Set up an automatic transfer for the monthly amount on payday, before you start spending.