Savings Goal Calculator
Savings Goal Calculator
Calculates the monthly deposit needed to reach your goal with monthly compounding. Current savings grow with interest; each deposit is added at month-end.
Results
Savings goal
$50,000.00
Current savings
$5,000.00
Required monthly deposit
$88.65
Total contributions
$21,275.22
Total interest earned
$23,724.78
Final balance
$50,000.00
Savings growth chart
Year-by-year schedule
| Year | Interest earned | Contributions | Balance |
|---|---|---|---|
| 1 | $280.53 | $1,063.76 | $6,344.29 |
| 2 | $349.31 | $1,063.76 | $7,757.36 |
| 3 | $421.60 | $1,063.76 | $9,242.72 |
| 4 | $497.59 | $1,063.76 | $10,804.07 |
| 5 | $577.48 | $1,063.76 | $12,445.31 |
| 6 | $661.45 | $1,063.76 | $14,170.52 |
| 7 | $749.71 | $1,063.76 | $15,983.99 |
| 8 | $842.49 | $1,063.76 | $17,890.24 |
| 9 | $940.02 | $1,063.76 | $19,894.02 |
| 10 | $1,042.54 | $1,063.76 | $22,000.32 |
| 11 | $1,150.30 | $1,063.76 | $24,214.38 |
| 12 | $1,263.57 | $1,063.76 | $26,541.71 |
| 13 | $1,382.64 | $1,063.76 | $28,988.11 |
| 14 | $1,507.81 | $1,063.76 | $31,559.68 |
| 15 | $1,639.37 | $1,063.76 | $34,262.82 |
| 16 | $1,777.67 | $1,063.76 | $37,104.25 |
| 17 | $1,923.04 | $1,063.76 | $40,091.05 |
| 18 | $2,075.85 | $1,063.76 | $43,230.67 |
| 19 | $2,236.48 | $1,063.76 | $46,530.91 |
| 20 | $2,405.33 | $1,063.76 | $50,000.00 |
How to use
- Enter your savings goal, current savings, annual interest rate, and years to reach the goal.
- Review the required monthly deposit in the summary cards.
- Use the growth chart and table to see how your balance builds toward the goal each year.
FAQ
What does this savings goal calculator show?
It calculates the monthly deposit needed to reach a target savings amount, assuming monthly compounding and deposits at the end of each month. It also shows total contributions, interest earned, and a year-by-year schedule.
What do the chart lines mean?
Balance is your total savings over time. Savings + contributions is your current savings plus all deposits made so far (before interest). The gap between the two lines is interest earned.
What formula is used?
The tool solves for the monthly payment in a future-value annuity formula with monthly compounding: FV = PV×(1+i)^n + PMT×(((1+i)^n − 1)/i), where PV is current savings, i is the monthly rate, and n is months.
Is my data uploaded?
No. Processing runs locally in your browser.
Does this tool provide financial advice?
No. Results are informational estimates only and do not replace professional advice.
Introduction
A savings goal calculator helps you answer a practical question: how much do I need to save each month to reach a target amount by a certain date?
Enter your goal, what you have saved today, an expected annual interest rate, and a time horizon. The tool computes a required monthly deposit and shows how your balance grows with compound interest over time.
What is savings goal calculator?
Savings Goal Calculator uses four inputs:
- Savings goal — the target amount you want to reach
- Current savings — what you already have saved
- Annual interest rate (%) — expected return on your savings (APY-style annual rate)
- Years to reach goal — how long you plan to save
It estimates:
- Required monthly deposit — how much to add each month
- Total contributions — all monthly deposits combined
- Total interest earned — growth from compounding
- Final balance — should match your goal (with monthly compounding)
An interactive chart and year-by-year table show the path from today’s savings to your goal.
Understanding the chart lines
The growth chart shows two lines that separate deposits from interest growth.
1. Balance (blue line)
What it shows: Your total savings at the end of each year — current savings plus deposits plus compounded interest.
Why it matters: This is the line that approaches your goal. It curves upward when interest compounds on a growing balance.
2. Savings + contributions (gray dashed line)
What it shows: Current savings plus all contributions made so far — excluding interest.
Why it matters: The gap between this line and the blue balance line is exactly the interest earned. It answers: “How much did I put in vs how much did the account earn?”
How the monthly deposit is calculated
The tool assumes monthly compounding and a fixed deposit at the end of each month:
FV = PV × (1 + i)^n + PMT × (((1 + i)^n − 1) / i)
Where:
FV= savings goalPV= current savingsi= annual rate ÷ 12 (monthly rate as a decimal)n= years × 12 (number of months)PMT= required monthly deposit (what we solve for)
If the interest rate is 0%, the formula simplifies to linear saving: PMT = (goal − current savings) / n.
Common Use Cases
- Planning monthly savings for an emergency fund, down payment, or vacation.
- Estimating deposits needed for a retirement or college savings target.
- Comparing how a higher interest rate reduces required monthly savings.
- Teaching compound growth with a visual schedule.
Best Practices
- Use a realistic interest rate — savings accounts, CDs, and investments differ widely.
- Remember taxes, fees, and inflation are not included unless you adjust inputs manually.
- If you already meet the goal with current savings, no monthly deposit is required.
- Treat outputs as planning estimates, not guarantees or financial advice.