Savings Goal Calculator
This calculator answers the question: how much do I need to save each month to reach a specific savings goal? Enter your goal amount, your current savings, the interest rate your account earns, and your target timeline. The calculator solves for the monthly deposit required to reach your goal, accounting for compound interest. This is useful for planning a down payment, vacation, wedding, car purchase, or any major financial milestone.
Savings goal formula
PMT = (FV - PV × (1 + r)^n) × r / ((1 + r)^n - 1)
where FV = goal, PV = current savings, r = monthly rate, n = number of months
This rearranges the future value formula to solve for the monthly payment (PMT) required to reach your goal.
How to use this calculator
- Enter your savings goal in the "Goal amount" field.
- Enter how much you have saved today in the "Current savings" field.
- Enter your account's annual interest rate (APR) in the "Annual interest rate" field.
- Enter the number of years you have to reach your goal in the "Number of years" field.
- The calculator displays the monthly deposit amount needed, plus details on how interest will grow your money.
Understanding your results
Monthly deposit needed is the amount you must save each month to reach your goal on your target date.
Growth from current savings shows how much your initial savings will grow through compound interest alone, without any additional deposits.
Interest from deposits is the interest earned on your monthly contributions over the years.
Savings goal calculator: frequently asked questions
How is the monthly payment calculated?
The calculator uses the annuity formula to solve for the payment (PMT) that reaches your goal. It accounts for your current savings, the target amount, the interest rate, and the number of years. The formula rearranges the future value equation to isolate the monthly payment.
What if I do not have any current savings?
You can enter zero for your current savings. The calculator will then tell you the monthly deposit needed to reach your goal starting from scratch. The interest earned will help you reach your target faster.
Does the calculator include leap years or monthly variation?
No, this calculator assumes 12 equal months per year. It uses a simplified monthly compounding model. For more precision in real-world planning, consult your bank about exact compounding schedules.
What if my goal is too high or timeline too short?
If the calculator shows a very high monthly payment, consider extending your timeline or lowering your goal. Even a few extra years can significantly reduce the monthly amount needed due to compounding.
Can I adjust the goal or timeline after the calculation?
Yes, simply change any of the input fields and the calculator will instantly recalculate the monthly deposit needed.
Official sources
- U.S. Securities and Exchange Commission (SEC): Saving and Investing.
- CFPB Savings Goal Resource: Consumer Financial Protection Bureau.
Reviewed by the CalculatorHub team, edited by James Graham, 14 June 2026. See our methodology.