Savings Goal Calculator
Find how much to save each month to reach a savings goal by a set date.
About the Savings Goal Calculator
Enter your goal, what you've already saved, how many years you have and the interest rate. The calculator gives the monthly (and weekly) saving needed and how much comes from interest.
The calculator grows what you already have, then works out the monthly deposit whose future value covers the rest. Starting earlier lowers the monthly amount because interest does more of the work.
The formula
PMT = (Goal − Current × (1 + i)ⁿ) × i ÷ ((1 + i)ⁿ − 1)
- i
- monthly rate equivalent to the APY
- n
- number of months
Worked example
Saving 20,000 in 3 years with 2,000 already put by, at 4%
- Monthly saving: 465.38 (about 107 a week)
- You put in 18,754 including what you have
- Interest adds about 1,246
Questions people ask
Should I invest instead?
For goals under 3–5 years, keeping the money in savings avoids market losses.
How can I lower the monthly amount?
Extend the deadline or lower the goal; each extra year noticeably cuts the monthly amount, and a higher return helps over long periods.