Savings Goal Calculator
Find out how much you need to save each month to reach any savings goal, with compounding interest.
How the savings goal calculator works
This calculator works backward from your goal: it takes your current savings, grows them at your expected rate of return for your timeframe, and then figures out exactly how much you'd need to contribute every month — on top of that growth — to close the remaining gap by your target date.
The formula
Required monthly contribution = (Goal − Future value of current savings) × r ÷ [(1+r)n − 1], where r is your monthly rate of return and n is the number of months, with the "future value of current savings" calculated as Current savings × (1+r)n.
Choosing a realistic rate of return
If your goal money will sit in a high-yield savings account or CD, use a conservative rate (roughly matching current savings account APYs). If it will be invested in the market over several years, a higher expected return may be reasonable — but investing also carries risk of loss, unlike a savings account, so match your rate assumption to where the money will actually sit.
Frequently asked questions
What if the required monthly contribution seems too high?
Try extending your timeframe, increasing your current savings first, or aiming for a slightly lower goal — small changes to any of these inputs can substantially lower the monthly amount needed.
Should I use this for a short-term goal like a vacation or a long-term goal like a house down payment?
It works for either — for short-term goals (under 2–3 years), a low, safe rate of return (like a savings account) is usually more appropriate than a market-based rate, since there's less time to recover from a downturn.
Does this account for taxes on investment growth?
No — this shows a pre-tax projection. If your goal money will be invested outside a tax-advantaged account, actual after-tax growth may be somewhat lower.
What if I can already afford more than the required amount?
Contributing more than the calculated minimum will let you reach your goal earlier or build in a buffer — try lowering the timeframe to see the more ambitious monthly amount needed to hit the goal sooner.