Savings Goal Calculator

Find the monthly amount you need to save to reach a goal by a specific date.

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Use your bank's current rate. Rates change, so treat this as an estimate.

Your results will appear here as you type.

How this is calculated

Monthly rate r = (1 + APY)^(1/12) − 1. Monthly deposit = (Goal − Saved × (1 + r)^n) × r ÷ ((1 + r)^n − 1), where n is the number of months. With 0% APY, deposit = (Goal − Saved) ÷ n.

Assumptions

  • Assumes a constant APY compounded monthly and deposits at the end of each month. Rates can change.

Estimates for planning and education only. Not financial, tax or legal advice, and not an official government calculation. Calculations run in your browser; nothing you enter is stored or sent.

How to use this calculator

Enter your goal, what you have already saved, how many months you have and the APY on your savings account. The calculator works out the monthly deposit needed, including estimated interest.

Example

To reach $10,000 in 24 months with $1,000 already saved and a 3.5% APY, you need to deposit about $360 a month. Interest contributes roughly $360 of the total.

Make it automatic

Set up an automatic transfer for the day after payday. Money you never see in your checking account is much easier to leave alone. If the monthly amount is too high, extend the deadline or start smaller and increase the transfer with each raise.

Not sure where the money will come from? Start with lowering your monthly bills.

Frequently asked questions

Is the interest guaranteed?

No. Savings account rates can change at any time, so treat the interest figure as an estimate. Deposits at FDIC-insured banks are protected up to the legal limit, but the rate is not fixed.

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