Savings Goal Calculator

Find out how long it will take to reach your savings goal

Last reviewed: July 2026How we build & verifyEstimate only. Verify important decisions with a qualified professional

Goal Amount ($)

Current Savings ($)

Monthly Contribution ($)

Annual Interest Rate (%)

How it works

Works backwards from a target amount and a deadline to the deposit you need to make each period. It is the future-value annuity formula rearranged to solve for the payment.

Formula

PMT = FV × r / ((1 + r)^n − 1)

Variables

FVsavings target
PMTrequired deposit per period
rinterest rate per period
nnumber of deposits

Worked example

Inputs: Save $30,000 in 4 years at 5% annual interest, depositing monthly

r = 0.05 / 12 = 0.0041667, n = 48
(1.0041667)^48 ≈ 1.22090
PMT = 30,000 × 0.0041667 / 0.22090
Deposits total 565.88 × 48 = 27,162; interest supplies the other 2,838

Result: $565.88 per month

Notes

If you already hold a starting balance, subtract its future value from the target first: FV_needed = Goal − PV × (1 + r)^n.
This formula assumes deposits at the end of each period (ordinary annuity). Depositing at the start of each period earns one extra period of interest, so divide the result by (1 + r).
For goals under about three years, keep the money in cash or short-term instruments. Market volatility over a short horizon can easily wipe out the return you assumed.
Automating the transfer on payday is what actually makes the number happen; savings left to month-end surplus rarely hit the schedule.

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Frequently Asked Questions

Yes. Savings Goal Calculator costs nothing, needs no account, and runs right in your browser. There is no paywall, no watermark on the results, and no limit on how many times you can run the numbers.

Savings Goal Calculator uses the standard formula for this kind of calculation, so the output is only as good as the figures you type in. Rates, fees, and rules in finance shift over time, and we review the underlying assumptions on a regular schedule; check the "Last reviewed" date above for the most recent pass. Spotted something off? There's a feedback button in the bottom-right corner.

Treat the output of Savings Goal Calculator as a starting point, not final advice. Tax filings, loan approvals, insurance claims, property deals, and legal matters all depend on details a calculator cannot see: your full financial picture, local rules, and the specifics of your paperwork. Run the numbers here, then confirm anything consequential with an accountant, lawyer, or licensed advisor.

How it works

Works backwards from a target amount and a deadline to the deposit you need to make each period. It is the future-value annuity formula rearranged to solve for the payment.

Formula

PMT = FV × r / ((1 + r)^n − 1)

Variables

FVsavings target
PMTrequired deposit per period
rinterest rate per period
nnumber of deposits

Worked example

Inputs: Save $30,000 in 4 years at 5% annual interest, depositing monthly

r = 0.05 / 12 = 0.0041667, n = 48
(1.0041667)^48 ≈ 1.22090
PMT = 30,000 × 0.0041667 / 0.22090
Deposits total 565.88 × 48 = 27,162; interest supplies the other 2,838

Result: $565.88 per month

Notes

If you already hold a starting balance, subtract its future value from the target first: FV_needed = Goal − PV × (1 + r)^n.
This formula assumes deposits at the end of each period (ordinary annuity). Depositing at the start of each period earns one extra period of interest, so divide the result by (1 + r).
For goals under about three years, keep the money in cash or short-term instruments. Market volatility over a short horizon can easily wipe out the return you assumed.
Automating the transfer on payday is what actually makes the number happen; savings left to month-end surplus rarely hit the schedule.

Savings Goal Calculator

How it works

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Frequently Asked Questions

Savings Goal Calculator

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Frequently Asked Questions