Savings Goal Calculator
A savings goal calculator answers two questions on one page: how much to save each month, or how long a monthly deposit takes. You type the annual rate. The result is before tax.
What do you want to find?
You type the rate. This page does not look one up.
Monthly amount
$132.42
Over 60 months
Formula
In the monthly-amount mode, you set a starting balance, a goal, a rate, and a number of years. The page solves for the deposit at the end of each month that lands on the goal. If the starting balance already meets the goal, the monthly amount is zero. At a 0% rate, the gap is divided evenly by the number of months.
In the time mode, you set the starting balance, the goal, the rate, and the monthly deposit. The page solves for the number of months. The displayed time is rounded up to the next month so the estimate does not claim you finish early.
A deposit of zero cannot close a gap on its own in this tool, even if interest on the starting balance would eventually get there. The result says so instead of showing an endless timeline. Raise the deposit or the starting balance.
The rate you type stays constant. Inflation, taxes on interest, and irregular contributions are not included. Use the figure to set a monthly transfer, then revisit it if the rate or the goal changes. If interest alone would carry the starting balance past the goal before the deadline, the monthly amount is zero.
Goal = start × (1 + m)^M + deposit × (((1 + m)^M − 1) / m)
- m Monthly rate, the annual rate divided by 12.
- M Number of months.
- deposit The unknown in monthly-amount mode, and an input in time mode.
Worked example
To grow $1,000 to $10,000 in 5 years at 4%, the monthly deposit is $132.42.
At the same rate, a $200 monthly deposit from a $1,000 start reaches $10,000 in 3 years 6 months.
Both figures are before tax on interest.
FAQ
Which mode should I use?
Use monthly amount when you have a deadline. Use time when you already know how much you can set aside each month.
What if I enter no monthly deposit?
Time mode explains that the deposit does not reach the goal. It does not return an infinite number of months.
Does the goal include tax?
No. The balance is before tax on interest. A taxable account may need a higher deposit to finish with the same spending money.
Why is the time rounded up?
Months are shown as whole months, rounded up, so the plan does not assume you reach the goal halfway through a month.