Savings Goal Calculator
Find the monthly deposit needed to reach a savings goal by a set date, with interest. Free and accurate.
Independently verified for accuracy
Calculator by Toolsloft ↗- Required monthly deposit
- 735.23
This calculator tells you how much to set aside each month to reach a savings target by a chosen date, taking interest into account. Use it to plan for a down payment, a wedding, a vacation, or an emergency fund.
How this is calculated
It solves the future value of an annuity for the monthly deposit: deposit = (target minus initial balance grown at the monthly rate) times the monthly rate, divided by the growth factor minus one. The monthly rate is the annual rate divided by 12. At 0% the required deposit is simply the remaining amount divided by the number of months.
How to use
- Enter the savings target you want to reach.
- Enter your starting balance and the annual interest rate as a percentage.
- Enter the number of months you have to save.
- Read the required monthly deposit.
Examples
- $50,000 in 5 years at 5%:
$735.23/mo - $20,000 in 3 years at 4% with $5,000 saved:
$376.19/mo
FAQ
- Does this include interest earned along the way?
- Yes. The calculator assumes your balance earns the annual rate you enter, compounded monthly, so the required deposit is lower than the goal divided by the number of months.
- What if I already have some savings?
- Enter your current balance as the starting balance. That amount grows at the monthly rate over the period, and the deposit is set so the grown balance plus your deposits reaches the target.