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Savings Goal Calculator
Enter the amount you want, what you already have and when you need it. The calculator gives the monthly deposit that gets you there.
Example
To turn $5,000 into $50,000 in 5 years at 4%, save $662.08 a month. You deposit $39,725 in total and interest adds $5,275.39.
How the savings goal calculator works
First the calculator works out what your existing savings grow to by the target date. The difference between that and your goal is the gap your monthly deposits have to fill.
The deposit comes from the future value formula for regular payments: PMT = gap × i / ((1 + i)N − 1), where i is the monthly interest rate and N the number of months.
Interest is compounded monthly and deposits are made at the end of each month.
Common questions
What if I cannot afford the monthly amount?
Extend the time or lower the goal and watch the monthly figure change. Adding a year often cuts the deposit more than you expect.
What interest rate should I enter?
For money you need within a few years, use the rate of a savings account or similar low-risk product. Enter 0 to see the amount with no interest at all.
Is the goal adjusted for rising prices?
No. If the thing you are saving for will cost more in the future, use the inflation calculator to estimate its future price and enter that as your goal.