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Savings goal calculator

The monthly deposit for a goal, or how long a deposit takes.

Reviewed by Victor Yuki Matusita on . First published .

Your numbers stay on your device
$
$
months

Monthly deposit

$464.77/mo

Saving $464.77 a month for 3 years at 4% takes $2,000 to $20,000: $16,732 from you and $1,268 of interest.

  • Your money $18,732 · 94%
  • Interest $1,268 · 6%

Interest on your savings

%
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Savings plan

How to use the savings goal calculator

  1. Enter your goal, what you have saved and the yearly rate of the account.
  2. Choose whether you want the deposit for a number of months, or the time with a deposit you pick.
  3. Type the months or the deposit, and read the result.
  4. Open the plan by month, or save it as a PDF or a CSV.

How the deposit and the time are worked out

The formula

Each month: balance = balance + balance × r + deposit, with r the yearly rate divided by 12 and the interest rounded to the cent.

The deposit for a date starts from D = (goal − saved × (1 + r)^n) × r ÷ ((1 + r)^n − 1) and moves to the smallest whole-cent deposit that reaches the goal in n months. The time with a deposit is the first month the balance reaches the goal.

Assumptions

  • Deposits are the same every month, made at the end of the month.
  • Interest is added once a month at the yearly rate divided by 12, on the balance, rounded to the cent.
  • The deposit for a date is the smallest whole-cent deposit that reaches the goal by then.
  • No taxes, fees or withdrawals are included.

Worked example

This is the example the calculator opens with, worked out by the same engine you use above.

You enter
Savings goal$20,000.00
Saved so far$2,000.00
I want to knowThe deposit
Months to save36 months
Yearly rate4%
You get
Monthly deposit$464.77
Time to your goal3 years
Balance at the end$20,000.21
Your deposits$16,731.72
Interest$1,268.49

Saving $464.77 a month for 3 years at 4% takes $2,000 to $20,000: $16,732 from you and $1,268 of interest.

Sources

Educational tool

This calculator is an educational tool, not financial advice. The rate an account pays can change.

Questions about savings goals

Why is the deposit lower than the goal divided by the months?

Interest does part of the work, and what you have already saved grows too. At 0% the deposit is exactly what is left divided by the months, rounded up to the cent.

Which rate should I use?

The rate your savings account pays. If it shows an APY, the APR to APY calculator turns it into the yearly rate this calculator uses.

What if I miss a month?

The plan assumes a deposit every month. To catch up, run it again with what you have saved by then and the months that are left.

Can it plan for a goal many years away?

Up to 1,200 months. Over long periods prices also rise, so the goal itself may need to grow.

Privacy

Your numbers stay on your device. The calculator runs in your browser, so nothing you type is sent anywhere, and the link you copy keeps the numbers after the #, a part of the address your browser never sends.