Saving & investing
Savings Goal Calculator
Find how much to save each month to hit a target by a set date, or how long your current deposit will take, with interest and a month-by-month chart.
Save each month
$662.08
for 5 years to reach $50,000.00
Total deposits
$39,724.80
60 deposits of $662.08, $7,944.96 a year
Interest earned
$5,275.41
Final balance
$50,000.21
started with $5,000.00
How the $662.08 a month is worked out
The future-value formula run backwards. Your $5,000.00 compounds on its own to $6,104.98 over 60 months at 0.3333% a month, leaving $43,895.02 for the deposits to cover. Dividing that by the annuity factor ((1 + r)^n − 1) ÷ r = 66.299 gives $662.08 a month.
Because it compounds for the whole 60 months, the $5,000.00 you have already saved covers $6,104.98 of the target, more than its face value. A head start therefore cuts the monthly figure by more than the amount itself suggests.
Nominal target, before tax. An estimate, not financial advice, providers may calculate differently.
- Balance
The plan
| Year | Deposited | Interest | End balance |
|---|---|---|---|
| 1 | $7,944.96 | $351.00 | $13,295.96 |
| 2 | $7,944.96 | $688.99 | $21,929.90 |
| 3 | $7,944.96 | $1,040.75 | $30,915.61 |
| 4 | $7,944.96 | $1,406.84 | $40,267.41 |
| 5 | $7,944.96 | $1,787.84 | $50,000.21 |
Interest is credited monthly on the balance before that month's deposit, so each year row is twelve of the month rows added up.
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How this is calculated
A savings goal has three moving parts: the amount you want, the time you have and the money you put in each month. Fix any two and the third follows, and this calculator lets you fix the target and either the timeframe or the deposit, then works out the missing piece with interest included. In Monthly needed mode you enter a target, what you have already saved, the interest rate and a number of years, and the calculator returns the deposit that gets you there exactly on time; in Time needed mode you enter the deposit you can afford and it returns how many months the goal will take. Deposits are assumed to land at the end of each month, after that month's interest is credited, and at 0% both modes reduce to plain division.
FVP × (1 + r)n + c × ((1 + r)n − 1) ÷ r
c(FV − P × (1 + r)n) × r ÷ ((1 + r)n − 1)
nln((c + FV × r) ÷ (c + P × r)) ÷ ln(1 + r)
- FV
- the target amount
- P
- the amount already saved
- c
- the monthly deposit
- r
- the monthly rate: the annual rate divided by 12
- n
- the number of months
What this does not include
- Inflation: the target is a fixed nominal amount.
- Tax on the interest earned.
- Rate changes during the plan.
- Irregular or lump-sum deposits; treat a windfall as an increase to Already saved.
How this calculator works
Savings goal guide: the deposit formula and the time formula. How the annuity formula is solved for the monthly deposit or for the number of months, a $50,000 goal worked both ways, and which lever makes a goal easier.
This calculator is for general information only and is not financial advice. Results are estimates based on the figures you enter and the stated formula; lenders and providers may round or calculate differently. Check any decision with the institution involved or a qualified adviser.