Savings Goal Calculator
Find out how much to save each month to reach a savings goal by a target date.
Assumes a constant interest rate, monthly compounding and deposits at the end of each month. Taxes, fees and inflation are not included.
About this tool
Enter your goal, what you have saved already, the interest rate and how many years you have. The calculator works out the monthly deposit you need, how much you will pay in and how much interest you earn along the way. Works in any currency.
Frequently asked questions
It uses the sinking-fund formula: deposit = shortfall × i ÷ ((1 + i)^n − 1), where i is the monthly rate and n the number of months. Saving 10,000 in one year at 6% needs 10,000 × 0.005 ÷ 0.06168 = 810.66 a month.
Then the goal is simply divided by the number of months. 10,000 over 5 years (60 months) is 166.67 a month.
They grow with interest and reduce what you still need. 1,000 at 4% for 5 years grows to about 1,221, so only about 8,779 of a 10,000 goal must come from deposits — 132.42 a month.
Interest compounds monthly at a fixed rate and deposits are made at the end of each month. Taxes, fees and inflation are not included, so real results will differ.
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