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.
Example
Scenario: A $20,000 goal, $2,000 already saved, at 4% annual interest, over 5 years.
Result: Current savings grow to about $2,443 on their own, leaving a required monthly contribution of roughly $270 to reach the $20,000 goal.
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.