Savings Calculator
Find out what you must save each month to reach a target by a chosen date.
About Savings Calculator
This solves for the monthly deposit required so that your current savings, plus contributions, plus interest, grow to your goal by the target date.
Formula
Monthly payment to reach a future goal
PMT = (FV − PV·(1+i)ᴺ) × i / ((1+i)ᴺ − 1)
- PMT
- Required monthly contribution
- FV
- Savings goal (future value)
- PV
- Current savings (present value)
- i
- Monthly interest rate = Annual rate ÷ 12
- N
- Total months = Years × 12
Worked example
With the default values below, Savings Calculator returns Monthly Contribution Needed of $662.08. Change any input above and every figure here is recalculated in your browser.
Inputs used
- Savings Goalaccepts 100–10,000,000 $
- 50,000 $
- Current Savingsaccepts 0–10,000,000 $
- 5,000 $
- Annual Interest Rateaccepts 0–20 %
- 4 %
- Years to Goalaccepts 0.5–50 years
- 5 years
Results
- Monthly Contribution Needed
- $662.08
- Total You'll Contribute
- $39,725
- Interest Earned
- $5,275
Step by step
- 1Monthly interest rate: Annual rate ÷ 12= 0.3333%
- 2Total months to goal= 60 months
- 3Future value of current savings at month N: PV × (1 + i)ᴺ= $6,104.98
- 4Remaining amount still needed from contributions= $43,895.02
- 5Monthly contribution needed: (Goal − Grown) × i / ((1 + i)ᴺ − 1)= $662.08
Assumptions and limits
- The result is derived only from the 4 inputs listed above. Anything not among them is not part of the calculation.
- In particular, this calculator does not take inflation, tax or fees or charges into account.
- Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
- Estimates only and not financial advice. Interest rates on savings can change over time.
- This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.
How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.
Estimates only and not financial advice. Interest rates on savings can change over time.
Frequently Asked Questions
What if the monthly amount is zero?
That means your current savings will already grow to meet or exceed your goal at the given rate — no further contributions are needed.
Does it assume monthly compounding?
Yes, interest is compounded monthly and contributions are added at the end of each month.