🎯 Savings Goal Calculator
Tell it the target and the deadline — it works out the monthly amount that gets you there.
How it works
Working backwards from a target takes two steps. First, your existing savings grow on their own: current savings × (1 + monthly rate)months. Whatever is still missing has to come from a string of equal monthly deposits, and the deposit size comes from the future-value-of-annuity formula: PMT = (Goal − grown savings) × i ÷ ((1 + i)n − 1), where i is the monthly rate and n the number of months.
Each deposit earns interest for the months it sits in the account, which is why the total you pay in is always less than the gap you started with.
An example
Suppose you want $25,000 in 4 years, you already have $2,000 saved, and the account pays 5% a year. That $2,000 grows to about $2,441.79 by itself. The calculator says you need to save $425.51 a month. Over the 48 months you would put in $20,424.34 of new deposits, and interest chips in the remaining $2,575.66 — your savings plus deposits plus interest land exactly on the $25,000 goal.
Common questions
What if I can save more than the amount shown?
You will simply get there sooner, or overshoot the goal. Try shortening the years to see the trade-off — halving the time always more than doubles the monthly amount, because interest has less time to help.
Should I count savings I already have?
Yes, always include them. Money already in the account earns interest for the full period, so it noticeably reduces the monthly amount you need to find.
What rate should I use for a normal savings account?
Whatever your account actually pays — check its APY. If your money sits in a plain current account earning nothing, enter 0% and the calculator will just split the goal into equal monthly parts.
Related calculators
This calculator gives estimates for learning. Rates, taxes and rules change, and your lender or the IRS has the final numbers — check big decisions against the real documents.