Savings Goal Calculator
Calculate the monthly contribution you need to reach a specific savings goal by a target date, factoring in any starting balance and interest.
What This Calculator Does
This calculator tells you how much you need to set aside each month to reach a specific savings goal by a target date, taking into account any money you have already saved and the interest or investment return you expect to earn along the way.
The Formula
The calculator first projects your current savings forward using compound growth: Future Value = Current Savings × (1 + monthly rate)^months. It then figures out how much of the remaining goal must come from new monthly contributions, using the savings annuity formula: Contribution = Remaining Goal × r / [(1+r)^n – 1], where r is the monthly rate and n is the number of months, so that regular deposits plus their own compounding reach your goal on time.
Important Notes
This calculator assumes a constant monthly contribution and a steady rate of return, which real investments rarely provide exactly. It is intended for general educational and planning purposes only and does not constitute financial advice; actual results will vary with market conditions.