Savings Goal Calculator
Tell the calculator your savings goal, what you already have and the yearly interest rate, then choose what to find: the monthly deposit that reaches the goal in a set number of years, or the time a deposit you can afford will take. It shows your deposits, the interest earned and the final balance, to the cent. Everything runs in your browser.
The model matches the compound interest calculator: interest is added each month at the yearly rate divided by 12, and your deposit is added at the end of the month. The monthly deposit is the smallest amount, to the cent, that reaches the goal. Real accounts differ in how and when they pay interest, rates change, and taxes and inflation are not included. It is an estimate for planning, not financial advice.
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Math & MoneyAbout the Savings Goal Calculator
A savings goal works backward from a target. To reach 20,000 in 3 years from 1,000 already saved at 4% a year, you need to deposit 494.29 a month. Your deposits add up to 17,794.44, the interest earned is 1,205.60, and together with the 1,000 you started with the balance ends at 20,000.04, the first whole-cent figure at or above the goal. With no interest the sum is simpler: 10,000 in 12 months is 833.34 a month, one cent above 10,000 divided by 12 because 833.33 times 12 falls a cent short. The other way round, 250 a month with no interest takes 40 months, which is 3 years 4 months, to reach 10,000. The model is the same as the compound interest calculator: each month the balance first earns interest at the yearly rate divided by 12, then your deposit is added at the end of the month. The balance is tracked with exact integer arithmetic and rounded to cents only to compare with your goal, so the deposit shown is the smallest whole-cent amount that works. Real accounts differ in how and when they pay interest, rates change over time, and taxes and inflation are not included. Nothing you enter is uploaded.
How do I calculate the monthly deposit for a savings goal?▾
With no interest, subtract what you have from the goal and divide by the number of months. With interest, the deposit is smaller because the balance grows. For 10,000 in 12 months at 12% a year (1% a month), the deposit is 788.49 a month, against 833.34 with no interest.
How long will it take to save a certain amount?▾
Choose the time needed option and enter a monthly deposit. With 250 a month and no interest, reaching 10,000 takes 40 months, which is 3 years 4 months. With 500 a month, 1,000 already saved and 4% a year, reaching 20,000 takes 3 years.
When is interest added in this calculator?▾
Monthly. Each month the balance earns the yearly rate divided by 12, and then your deposit is added at the end of that month. This matches the compound interest calculator on this site, so the two agree.
What if I already have enough saved?▾
If your starting amount, with its interest, already reaches the goal in the time you chose, the monthly deposit shown is zero and the calculator says your savings grow to the goal on their own.
Why does it say the goal cannot be reached?▾
In the time needed mode, a deposit is checked for up to 100 years. A very small deposit with a low rate may not reach a large goal in that time, so raise the deposit or lower the goal.