Savings Goal Calculator
Find the monthly deposit needed to reach a target balance within a chosen time.
Your result
FINANCIALEnter your values and select calculate.
On this page How it works & practical examples
How to use the Savings Goal Calculator
Separate money already saved from the amount you plan to contribute. This tool assumes the same deposit at the end of every month and monthly compounding. Try a shorter deadline to see how the contribution changes, or a lower rate to create a less optimistic scenario. The result includes the expected final balance, total contributions and the portion attributable to interest.
The calculation
Worked example
With $1,000 already saved, a $20,000 target over 60 months and a zero interest rate, the required monthly deposit is $316.67. A positive interest assumption reduces that estimate.
Assumptions and limits
A constant rate is an assumption rather than a forecast. Taxes, fees and inflation are excluded. If the initial balance alone is projected to meet the goal, the required deposit is zero; the projected balance may then exceed the goal. The deposit is displayed to cents, so actual transfers rounded to cents may cause a small final difference.
Common questions
What happens at 0% interest?
The remaining gap is divided by the number of months. No compound-growth formula is needed.
Are deposits made at the start of the month?
No. This model deposits at month end. Earlier deposits have more time to earn interest and would slightly reduce the required contribution.