Personal Finance
Savings Goal Calculator
Find out how much to save each month to reach a goal.
Use CalculatorSavings Calculator
Plan toward a savings goal two ways: see how long your current plan will take, or find the monthly amount needed to reach the goal on time.
How it works
Choose a mode. “How long” uses your monthly contribution to find when you'll hit the goal. “How much” uses a target time to find the required monthly contribution.
Interest is applied monthly at the annual rate ÷ 12, with deposits at the end of each month.
Formula & methodology
Required monthly = (Goal − S(1 + r)^n) × r ÷ ((1 + r)^n − 1)
- S
- Current savings
- r
- Monthly interest rate (annual ÷ 12)
- n
- Number of months
At 0% interest, the required monthly amount is (Goal − S) ÷ n.
In “how long” mode the balance is simulated month by month until it reaches the goal.
Illustrative example
Saving $20,000 for a down payment
Starting with $2,000 and earning 4% a year, reaching $20,000 in 3 years requires saving about $465 a month.
Saving $500 a month instead would reach the goal in about 34 months.
Hypothetical figures for illustration only.
Frequently asked questions
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