Savings goal calculator
Calculator
The calculator needs JavaScript. The tables below give the same numbers for common cases.
How it is worked out
- Monthly rate i = 0.00333333, months m = 60.
- Your savings so far grow to $2,441.99.
- Deposit = (goal − that) × i ÷ ((1 + i)^m − 1) = $264.83.
| Inputs | Answer |
|---|---|
| Savings goal: 20000; Already saved: 2000; Annual interest rate: 4; Years to reach it: 5 | To reach $20,000.00 in 5 years at 4% you need to save $264.83 a month. |
| Savings goal: 5000; Already saved: 0; Annual interest rate: 2; Years to reach it: 1 | To reach $5,000.00 in 1 years at 2% you need to save $412.86 a month. |
| Savings goal: 100000; Already saved: 10000; Annual interest rate: 5; Years to reach it: 10 | To reach $100,000.00 in 10 years at 5% you need to save $537.92 a month. |
How to use it
Enter the amount you want, what you have saved already, an expected yearly interest rate and the time. The calculator finds the monthly deposit that makes the goal come true, after your current savings have grown on their own.
For $20,000 in 5 years from $2,000 at 4%, the monthly deposit is about $265. Interest is compounded monthly and deposits are made at the end of each month. These are estimates from the numbers you type, not financial advice or an offer; real products add fees and change rates.
Frequently asked questions
How much should I save a month to reach a goal?
Use this calculator: it solves the future-value formula for the monthly deposit.
What if my interest rate is 0?
Then the deposit is simply (goal − savings) ÷ months.
Do the numbers include tax?
No; interest may be taxable depending on the account and where you live.
Method: standard arithmetic shown step by step; no outside data is used. Checked 2026-11-12.
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General information only. Results are plain arithmetic on the numbers you enter; check anything important (money, health, school work) against your own records or the official source.