Savings Goal Calculator

Calculate monthly savings needed to reach goal: enter target amount, years, current savings and rate to see monthly deposit.

Savings Goal Calculator

Calculate monthly savings needed to reach goal: enter target amount, years, current savings and rate to see monthly deposit.

Goal amount($)

Current savings($)

Years to goal

Annual return(%)

Enter values above and click Calculate — results will appear here with the formula explained.

PMT = (FV - PV*(1+r)^n) * r / ((1+r)^n -1) where r=rate/12, n=years*12

How does this work?

This is future value of annuity: monthly deposit needed to grow current savings at rate to reach goal. If rate 0, it is (goal-current)/months.

Assumes monthly contributions at end of month, constant rate.

For YMYL decisions, verify with authoritative sources (CFPB, IRS, WHO, or a licensed professional) and run conservative vs optimistic scenarios. This tool is educational, not professional advice — it assumes constant inputs and excludes fees, taxes and variability that affect real outcomes.

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Disclaimer: Results are estimates for informational purposes only and do not constitute professional financial advice.

Quick Answer

Savings Goal Calculator computes calculate monthly savings needed to reach goal: enter target amount, years, current savings and rate to see monthly deposit. Formula: PMT = (FV - PV*(1+r)^n) * r / ((1+r)^n -1) where r=rate/12, n=years*12. Example: Goal $50k in 5y,.

How to Use This Calculator

1Enter goal amount, current savings, years and expected annual return.
2Calculate to see monthly savings needed.
3Increase years or rate to see required monthly drop.

Formula Used

PMT = (FV - PV*(1+r)^n) * r / ((1+r)^n -1) where r=rate/12, n=years*12

This is future value of annuity: monthly deposit needed to grow current savings at rate to reach goal. If rate 0, it is (goal-current)/months.

Assumes monthly contributions at end of month, constant rate.

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Worked Example

Goal $50k in 5y, $5k now at 4%: need about $638/mo. At 0% need $750/mo.

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Frequently Asked Questions

QWhat rate?

Savings account ~4%, investment 6-7% nominal. Use real after inflation for purchasing power.

QCurrent =0?

If starting from zero, it is goal divided by annuity factor.

QInflation?

Use real return (nominal - inflation) for today's dollars.

Formula Used

PMT = (FV - PV*(1+r)^n) * r / ((1+r)^n -1) where r=rate/12, n=years*12

This is future value of annuity: monthly deposit needed to grow current savings at rate to reach goal. If rate 0, it is (goal-current)/months.

Assumes monthly contributions at end of month, constant rate.