What if my account pays no interest?

Enter 0%. The calculator then simply divides the gap across your months.

Can I hit the goal without saving anything?

If existing savings plus growth already reach the target, the result shows $0 needed and confirms you are on track.

Does it handle irregular deposits?

No; it assumes level monthly deposits. For windfalls, add them to “already saved” as a simplification.

Finance

Savings Goal Calculator

What this does

Find the monthly saving needed to reach a target amount by a deadline, accounting for growth on what you already have.

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Good to know

Choosing a realistic return

High-yield savings accounts might earn 3–5% today; diversified stock portfolios have historically averaged around 7% after inflation over long periods but swing widely year to year. For goals under three years, prefer conservative assumptions.

Shortening the timeline

If the required monthly amount looks impossible, the levers are: extend the deadline, lower the target, or increase your starting amount. The relationship is non-linear; small deadline extensions can cut the monthly figure sharply.

How it's calculated

The math behind this calculator

PMT = (Goal − Current·(1+i)^n) / (((1+i)^n − 1) / i), i = monthly rate

We first grow your current savings forward at the expected return. Whatever gap remains to the goal must come from new monthly deposits, sized with the future-value-of-an-annuity formula using the effective monthly rate.

Assumptions & limitations

Return compounds monthly at a constant average rate.
Contributions are equal every month, deposited at month-end.
You make no withdrawals along the way.

Worked example

To turn $5,000 already saved into $50,000 within five years at a 4% average return, you need to deposit $663.61 per month.

FAQ

Frequently asked questions

What if my account pays no interest?: Enter 0%. The calculator then simply divides the gap across your months.
Can I hit the goal without saving anything?: If existing savings plus growth already reach the target, the result shows $0 needed and confirms you are on track.
Does it handle irregular deposits?: No; it assumes level monthly deposits. For windfalls, add them to “already saved” as a simplification.

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