Savings Goal Calculator

Find how much you need to save each month to reach a savings goal by a target date, with interest compounded monthly.

$
$
years
%
Compounded monthly. A high-yield savings account or CD rate.
Monthly saving needed
$926.32
Total you deposit
$33,347.70
Interest earned
$2,152.30
Current savings will grow to
$0.00

Estimate generated with SortedSums: https://sortedsums.com/savings-goal-calculator/. For informational purposes only; verify before relying on it.

Estimate only. This tool is for informational and educational purposes. Results depend on your inputs and simplifying assumptions, and are not a substitute for professional engineering, design or financial advice. Always verify with a qualified professional and applicable codes before purchasing, building or making decisions.

How it’s calculated

Regular end-of-month deposits form an ordinary annuity. Solve its future value formula for the payment, after subtracting what your existing savings will grow to on their own.

i = r ÷ 12, n = years × 12 Gap = goal − current × (1 + i)^n Monthly saving = Gap × i ÷ ((1 + i)^n − 1)

Example (OpenStax Contemporary Mathematics): to have $35,500 for a car in 3 years at 4.25% compounded monthly, i = 0.0425 ÷ 12 = 0.0035417 and n = 36, so the deposit is 35,500 × 0.0035417 ÷ ((1.0035417)^36 − 1) ≈ $926.32 a month (the textbook rounds up to $926.33 so the goal is not missed by a cent).

Frequently asked questions

What if I can only save less each month?

Lengthen the timeline, lower the goal or look for a higher rate. Try different years in the calculator to see the trade-off.

Should I count on investment returns?

For short-term goals (under about 5 years) use a savings or CD rate, since stock returns can be negative over short periods.

Does it include taxes on interest?

No. Interest is usually taxable, so your after-tax growth will be slightly lower.

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Sources

Formulas are taken from the free public references above. Results are provided “as is” for informational and educational purposes only. See our disclaimer.

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