Savings Goal Calculator
Work out how much to save each month to hit a target by a date, how long your current deposits will take, or what they grow to with interest.
The interactive tool loads here when JavaScript runs.
About this toolWhat is the Savings Goal Calculator?
The Savings Goal Calculator answers the three questions people ask before opening a savings account or starting a sinking fund: how much do I need to put away each month to reach a number by a certain date, how long will it take at the amount I can afford, and what will my balance be if I keep going. Pick one of the three modes and the other fields rearrange themselves around it.
You can include money already saved, an interest rate with its compounding frequency, deposits weekly, every two weeks, monthly, quarterly or yearly, and whether each deposit lands at the start or the end of the period. The result shows the deposit or the time, how much of the final balance came from you and how much from interest, a stacked growth chart and a year-by-year table.
Everything runs in your browser. The inputs are kept in the page address, so Share copies a link that reopens the same plan.
- Three modes: deposit needed, time to goal and final balance
- Starting balance, any compounding frequency and five deposit frequencies
- Deposits at the start or end of each period (annuity due or ordinary annuity)
- Stacked growth chart and year-by-year table of deposits, interest and balance
- Formula panel with the rate per period and the solved equation
- Copy, share link and currency symbol choice
How to use the Savings Goal Calculator
- Choose Deposit needed, Time to goal or Final balance at the top of the form.
- Enter the savings goal and any starting balance you already have.
- Enter the interest rate your account pays and how often it compounds. Use 0 for a cash jar or a current account.
- Set the time to save in years (2.5 means two and a half years) or, in the other modes, the deposit you plan to make.
- Pick the deposit frequency and whether you deposit at the start or end of each period, then read the result, the chart and the yearly table.
Worked examples
Deposit needed for a 50,000 goal
Input
Goal 50,000, starting balance 5,000, 4.5% compounded monthly, 5 years, monthly deposits at month end
Output
Save 651.44 a month (60 deposits)
You deposit 39,086 in total. The starting 5,000 grows to about 6,259 on its own, and interest on the deposits supplies the rest. Switching to deposits at the start of each month lowers the figure to 649.00.
How long at 500 a month
Input
Same goal and rate, 500 per month
Output
6 years 4 months (76 deposits), balance 50,519.05
The exact solution is 75.2 deposits, so the goal is crossed during the 76th month. The balance shown is the amount after that last deposit, which is why it is slightly above the goal.
A short-term goal with no interest
Input
Goal 20,000, nothing saved, 0%, 2 years, monthly
Output
833.33 a month
At 0% the calculator divides the gap by the number of deposits. Comparing this with the same goal at 4% shows how little interest helps over a two-year horizon: the deposit drops by only about 30 a month.
Background and insight
Under the hood this is the future value of a lump sum plus the future value of a level series of deposits: FV = P(1 + i)^n + D × [((1 + i)^n − 1) / i]. P is the starting balance, D the deposit, n the number of deposits and i the interest rate per deposit period. When deposits are made at the start of each period the series part is multiplied by (1 + i), because every deposit earns one extra period of interest. Finance textbooks call the two cases an ordinary annuity and an annuity due.
Banks quote a nominal annual rate together with a compounding frequency, and the deposit frequency is often different. The calculator converts the quoted rate to the equivalent rate for one deposit period with i = (1 + r/m)^(m/p) − 1, where m is compounding periods a year and p is deposits a year. With monthly compounding and monthly deposits this is simply r/12. With daily compounding and monthly deposits it is slightly more than r/12, which is the effect the APY on a savings account advertises.
Solving for the deposit rearranges the formula: D = (Goal − P(1 + i)^n) ÷ the bracketed factor. Solving for time uses logarithms, n = ln[(Goal × i + D × a) ÷ (P × i + D × a)] ÷ ln(1 + i) where a is 1 or (1 + i), and the answer is rounded up to a whole deposit because you cannot make 75.2 deposits. Both results match the PMT and NPER functions in Excel and Google Sheets.
Common use cases
House deposit or down payment
Find the monthly amount that reaches a down payment target by the date you want to buy, using the rate on your high-yield savings account.
Emergency fund
Set three to six months of expenses as the goal and see how long your current monthly transfer takes to get there.
Sinking funds for known costs
Plan for a car replacement, school fees or a wedding by solving for the deposit with yearly or quarterly contributions.
Checking a bank projection
Reproduce the balance a bank or app projects, then change compounding or deposit timing to see where small differences come from.
Tips and limitations
- Savings rates change. Treat the interest rate as an assumption and rerun the plan with a lower rate to see how much slack you need.
- For a long goal such as a house in ten years, the goal itself rises with prices. Inflate the target with the Inflation Calculator first, then solve for the deposit.
- Interest in a taxable account is usually taxed each year. Using an after-tax rate (for example 4.5% × (1 − 0.22) = 3.5%) gives a more honest deposit figure.
- Time to goal is rounded up to whole deposits. The yearly table shows the balance at each year end, with a partial last year when the plan does not end on a year boundary.
- A negative rate is accepted to model fees larger than interest. If the balance can never reach the goal, the calculator says so instead of showing a number.
Frequently asked questions
How much do I need to save each month to reach my goal?
Enter the goal, what you have now, your account rate and the number of years in Deposit needed mode. For 50,000 in five years with 5,000 already saved at 4.5% compounded monthly, the answer is 651.44 a month. The formula is the target minus the grown starting balance, divided by the future value factor of the deposits.
How is time to reach a savings goal calculated?
The calculator solves the future value equation for the number of deposits using logarithms and rounds up to the next whole deposit. At 0% it is simply the remaining amount divided by the deposit. If the deposit is zero and the rate cannot grow the starting balance to the goal, it tells you the goal is never reached.
Does depositing at the start of the month make a difference?
A small one. Each deposit earns one extra month of interest, so the series is worth (1 + i) times more. At 4.5% over five years the required monthly deposit falls from 651.44 to 649.00. The gap widens with higher rates and longer horizons.
Should I use the APY or the interest rate?
Enter the nominal rate (APR) and choose its compounding frequency, which is how the calculator expects it. If you only know the APY, enter it with annual compounding: that produces the same growth because APY already includes compounding.
Can I plan for a goal in present-day money?
Yes, in two steps. Use the Inflation Calculator to turn today's price into the future price at an assumed inflation rate, then enter that future amount as the goal here. Otherwise you will reach the number on time but it will buy less than you planned.
Why is my final balance a little above the goal in Time to goal mode?
Because the time is rounded up to a whole deposit. The goal is usually crossed partway through the last period, and the balance shown is the amount after the final full deposit and interest.
Is there an in-depth guide to the Savings Goal Calculator?
Yes. “Saving for a Goal When Prices Keep Rising” covers the background, how it works, common pitfalls and worked examples. Read the full guide.
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