Savings Goal Calculator
Find the monthly amount you need to save to reach your goal.
Save each month
$464.77
- Total deposits
- $16,731.54
- Interest earned
- $1,268.46
- Final balance
- $20,000.00
How to use the Savings Goal Calculator
- Enter the amount you want to have saved.
- Enter how much you have saved so far and the interest rate on your account.
- Choose how long you have to reach the goal, in years or months.
- Read the monthly amount to save, the total deposits and the interest you will earn.
About the Savings Goal Calculator
Whether you are saving for a deposit, a holiday or an emergency fund, it helps to know how much to put aside each month. This savings goal calculator works out the monthly amount you need to reach a target by your deadline, taking into account what you already have saved and the interest you earn.
The calculator assumes interest compounds monthly and that you make a deposit at the end of every month. Your current savings grow to S × (1 + i)^n, where i is the monthly rate (annual rate ÷ 12) and n is the number of months.
The shortfall between that figure and your goal must come from deposits. The monthly deposit is shortfall × i ÷ ((1 + i)^n − 1). With a 0% rate, it is simply the shortfall divided by the number of months. If your current savings will already grow past the goal, no deposits are needed and the tool tells you so. Interest earned is the goal minus your starting savings minus all deposits.
Frequently asked questions
How is the monthly amount calculated?
It is the level deposit that, together with interest on your balance, brings you exactly to your goal at the deadline.
What if I do not earn any interest?
Enter 0 as the rate. The monthly amount is then your remaining goal divided by the number of months.
Why is the answer lower than goal divided by months?
Because interest on your savings does part of the work, so you need to deposit less than the plain average.
Can I change the deadline?
Yes. A longer deadline lowers the monthly amount. Try different terms to find a monthly figure that fits your budget.
Do interest rates stay fixed?
Savings rates can change. The result assumes a constant rate, so recalculate if your bank changes it.