Savings Goal Calculator
Have a number in mind — a down payment, an emergency fund, a big trip? Enter yourgoal, timeline, expected return, and current savings to find the exactmonthly deposit needed to get there.
What the results mean
- Monthly deposit — the fixed amount to save every month, on top of what you already have, to hit the goal on schedule.
- Total deposits — everything you will have put in with your own money.
- Interest earned — the gap between deposits and the goal, paid for by compounding.
- Weekly equivalent — the same target expressed per week, useful if you are paid weekly.
If the monthly number feels impossible, extend the timeline first — it is the most powerful and least risky lever you have.
How it works
- Your current savings are grown forward with compound interest for the full period.
- The shortfall (goal minus grown current savings) must come from monthly deposits.
- The calculator solves the future-value-of-annuity equation for the monthly payment that exactly fills the shortfall.
- Deposits are assumed at the end of each month, compounding monthly.
Formula
Where FV = goal amount, P = current savings, r = annual rate, n = 12 (monthly), t = years. If the rate is 0%, it simplifies to (FV − P) ÷ total months.
Example
Example: $50,000 goal in 5 years at 5%, starting with $5,000
- Monthly deposit needed: ≈ $641
- Total deposits: ≈ $43,446 · Interest earned: ≈ $6,554
- Starting from $0 instead? The monthly deposit jumps to ≈ $735 — that $5,000 head start saves you about $94/month.
Use cases
- House down payment — back-solve the monthly savings for a 20% down payment target.
- Emergency fund — build 3–6 months of expenses on a deadline.
- Big purchases — car, wedding, or sabbatical funded on purpose instead of on credit.
- Retirement catch-up — see what it takes to close a savings gap in 10 years.
Frequently asked questions
How much should I save each month?
It depends on your goal, timeline, and return. Enter the three above and the calculator solves for the monthly amount. A longer timeline or higher return lowers the monthly burden — time is the most powerful lever.
What interest rate should I assume?
Use your account's actual APY: roughly 4–5% for a high-yield savings account in recent years, less for regular savings. For investments, long-run stock market averages are near 10% before inflation — but with volatility this formula smooths away.
What if I already have savings?
Enter it as 'current savings.' Money you already have keeps compounding for the full period, which noticeably reduces what you must add each month.
Does it account for inflation?
No. Enter your goal in today's dollars and treat the result as a nominal figure, or bump your goal up ~2–3% per year to approximate inflation yourself.
What if the monthly amount is unaffordable?
You have three levers: extend the timeline, raise the expected return (usually means taking more investment risk), or lower the goal. Extending time is the safest lever — try adding a year or two above.
I'm in the UK, Canada, or Australia — will this work for me?
Yes. Enter your goal in your local currency and your account's actual interest rate. The $ sign is display-only — the math doesn't care which currency you use.
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Last updated: 2026-10-04 · WebTools Hub