Savings Goal Calculator
Find the monthly savings amount needed to reach a target savings goal by a future date.
About the Savings Goal Calculator
Rather than projecting forward from a contribution amount, this calculator works backward from a target: tell it what you want to have saved, what you already have, your expected rate, and your timeline, and it tells you the monthly deposit required to get there.
How It Works
The calculator first projects your current savings forward on its own, using compound growth at the given rate, to see how much of the goal that money alone will cover. It then solves for the level monthly contribution needed to close the remaining gap by the deadline, accounting for the growth those future contributions will also earn.
Required Monthly = (Goal − FutureValue(Current Savings)) × r / [(1+r)^n − 1], where r is the monthly rate and n is the number of months.
Worked example
Scenario: A $20,000 goal in 5 years, with $2,000 already saved, earning 4% a year compounded monthly.
- Existing savings grow to 2,000 × (1 + 0.04/12)^60 = $2,441.99.
- Gap to close: $20,000 − $2,441.99 = $17,558.01.
- Required deposit = 17,558.01 × 0.003333 ÷ [(1.003333)^60 − 1] = $264.83 a month.
- Check: 60 × $264.83 = $15,890 deposited; the other $1,668 comes from interest.
Result: Save about $264.83 a month to reach $20,000 in 5 years.
Make the goal achievable
If the required monthly contribution is too high, adjust one variable at a time: extend the timeline, increase the starting balance, lower the target, or test a different return assumption. Do not rely on an aggressive return rate simply to make the target fit.
Tips and common mistakes
- Round the monthly amount up and automate it on payday; small shortfalls compound just like interest does.
- For goals under three years, use a savings-account rate rather than a stock-market return.
- If the answer is too high, try one change at a time: more years, a bigger starting amount, or a lower target.
Assumptions & Limitations
- Assumes the monthly contribution is made consistently for the entire period without gaps.
- The same annual rate is applied to both the existing balance and future contributions.
- If your current savings already exceed the future goal, the required monthly contribution is shown as zero rather than negative.
- Does not adjust for taxes on investment growth.
Sources and review
Method: Solves the future-value-of-annuity formula for the monthly deposit after growing existing savings at the same rate.
Sources:
- U.S. Securities and Exchange Commission, Investor.gov guidance on saving and compound interest.
Last reviewed: October 2026 by Faheem Ali, founder of CalculatorAnything. The method and examples are provided for transparency; results remain estimates and may contain errors.
Results are estimates for planning and comparison, not financial advice or a lender's quote. Rates, fees, tax rules and regulations vary by country and change over time; confirm figures with your lender or a licensed adviser. Spotted an error? Tell us — see our editorial policy for how corrections are handled.