Savings Goal Calculator
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A savings goal has to be worked backwards, not forwards. Fix the target and the deadline first, then ask what your existing savings will grow to by that date — the gap between the two is what your future monthly deposits must cover. Without interest the answer is just the gap divided by the number of months. With interest, each deposit compounds from the month after it goes in, and the formula is: monthly amount = (target − current savings × (1+r)^n) × r ÷ ((1+r)^n − 1), where r is the monthly rate (annual return divided by 12) and n is the term in months. At a 0% return the formula collapses to the no-interest version. This page counts deposits at month-end: interest is calculated on the opening balance first, then that month's deposit is added. The default example makes the difference concrete: a $100,000 target, $20,000 already saved, 3% annual return, 36 months — the monthly amount with interest is $2,076.50, total deposits $74,753.88, interest earned $5,246.12; without interest it would be $2,222.22 a month, so interest covers $145.73 a month for you. The longer the term and the higher the return, the larger the share interest covers.
Three scenarios cover most uses. First, a house down payment or renovation fund: a $300,000 target, $50,000 saved, 2% annual return, 60 months — the monthly amount with interest is $3,881.94, total deposits $232,916.40, interest earned $17,083.60, against $4,166.67 a month without interest. Seeing the $284.73 monthly difference before committing to a figure beats picking a round number by feel. Second, a short-term vacation fund: a $20,000 target, $3,000 saved, 12 months, 0% return — $1,416.67 a month either way, since with no return the two versions agree; here the return assumption does not move the answer at all, and the real question is whether $1,416.67 a month holds for 12 months. Third, checking what you can actually save: enter $2,000 a month against the default target and return, and the projection says 38 months to reach the goal with a $101,613.37 balance and $76,000 deposited — two months past the 36-month deadline, which tells you plainly that $2,000 a month falls slightly short and the fix is either a 38-month deadline or a monthly amount above $2,076.50.
A few edge cases deserve a clear statement. First, an already-met goal: when current savings are at or above the target, the monthly amount is $0 and the page says so outright — it never returns a negative figure. Second, the return is an assumption, not a promise: this page holds one fixed annual return, while deposit rates, money-market yields and investment returns all move, and early-withdrawal rules, product terms and minimums are outside the calculation — treat the monthly amount as a plan, not a guarantee. Third, deposit timing matters: this page counts deposits at month-end, so if you actually save on payday at the start of the month, each deposit earns one extra month of interest and you may reach the goal about a month earlier; the gap is usually within a month depending on the amounts and the return. Fourth, input limits: the target must be greater than 0, current savings 0 or more, annual return 0–20%, term 1–600 months, and the monthly amount either blank (no projection) or greater than 0 — anything outside those bounds prompts you to re-enter. Fifth, inflation is not included: a target priced at today's prices buys less in a few years, so for a long-term goal, raise the target for expected price rises before calculating.
Using it is straightforward: enter the target, current savings, annual return and term, and the monthly amounts (with interest and without), total deposits and interest earned recalculate at once. If you enter a monthly amount you can save, the projection adds the months to the goal, the target month and the balance when reached. The yearly summary below shows each year-end balance, cumulative deposits and cumulative interest, so you can see compounding accelerate in the later years. Copy the result to discuss it with family, or reset to return to the example. Everything is calculated in your browser — nothing is uploaded.
How to use
- Enter the target amount, current savings, annual return and term; the monthly amounts (with interest and without), total deposits and interest earned recalculate at once.
- Compare the with-interest and no-interest figures: the difference is the share interest covers for you, and it grows with a longer term or a higher return.
- Enter the monthly amount you can save (leave it blank to skip the projection) to see the months to the goal, the target month and the balance when reached.
- Read the yearly summary for each year-end balance, cumulative deposits and cumulative interest; copy the result to discuss it with family, or reset to return to the example.
FAQ
How is the monthly amount calculated?
The annual return divided by 12 gives the monthly rate r, and the term in months is n. With interest, the monthly amount = (target − current savings × (1+r)^n) × r ÷ ((1+r)^n − 1), where current savings × (1+r)^n is what existing savings grow to by the deadline. Without interest it is simply (target − current savings) ÷ months. At a 0% return the with-interest formula collapses to the no-interest version, which this page handles correctly.
Why is the with-interest amount lower than the no-interest amount?
Because interest covers part of the target for you. Each deposit compounds from the month after it goes in, and existing savings compound from the first month, so by the deadline the account holds three things: existing savings, the deposits you made, and all the interest earned. With the target fixed, a larger interest share means less principal you must deposit yourself. In the default example, $5,246.12 of interest spread over 36 months lowers the monthly amount by $145.73.
How accurate is the projection from my monthly amount?
It is a plan value under a fixed return and month-end deposits. The page simulates month by month — interest on the opening balance, then the deposit — and the month the balance reaches the target is the goal month; the balance then usually sits slightly above the target because the final deposit is a full month's amount. Real timing moves with returns and deposit timing: saving at the start of the month earns one extra month of interest per deposit and may bring the goal about a month sooner.
What annual return should I enter?
Enter the return you realistically expect from where the money will actually sit, not the highest return on offer. Savings accounts, money-market funds and investments pay different rates, and all of them move over time. A conservative figure gives a higher monthly amount and leaves room in the plan; an optimistic figure makes the monthly amount look easy but leaves a gap you must fill at the deadline. This page does not judge any product's return — it calculates from the number you enter.
Should the target account for inflation?
Yes, for a goal years away. A target priced at today's prices buys less when the time comes — a $300,000 goal set today may fall short in five years. Raise the target for expected price rises before entering it here, and the monthly amount will be on the future-price basis. This page does no inflation adjustment: the target you enter is the balance to reach at the deadline.