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Savings goal calculator

Enter your goal, what you have saved so far, your timeline and an expected return to see the monthly contribution required.

$
= $50,000
$
= $5,000
%
A high-yield savings account may pay 3-5%; a stock-heavy portfolio has averaged more but with real risk.
Required monthly contribution$663.61
Total contributed (incl. current)$44,816
Interest earned$5,184
New deposits over the period$39,816
Assumptions

Assumes a constant return and end-of-month deposits. Real returns vary; taxes and inflation are not included.

Path to your goal

    Savings Goal Calculator results
    YearContributedInterestBalance
    1$12,963$344.96$13,308
    2$20,927$1,022$21,949
    3$28,890$2,045$30,935
    4$36,853$3,428$40,281
    5$44,816$5,184$50,000

    How the required contribution is calculated

    First we grow your current savings at the expected return. Whatever gap remains between that figure and your goal must be filled by monthly deposits. The deposit is solved from the annuity formula PMT = gap × r / ((1 + r)^n − 1), where r is the monthly rate and n the number of months. At a 0% return it simply becomes the gap divided by n.

    Methodology

    The return you enter is an effective annual rate (what your money actually grows by in a year), converted to a monthly rate with r = (1 + annual)^(1/12) − 1. Deposits are made at the end of each month and the result is not adjusted for inflation or taxes.

    Making the goal easier

    Three levers move the answer: a longer timeline, a higher starting balance and a higher return. Extending a five-year goal to seven years can cut the monthly amount dramatically. Be cautious with the return, though; money needed within a few years usually belongs in safe accounts, not stocks.

    Next steps

    Frequently asked questions

    What return should I assume for a short-term goal?

    For goals under about five years, use the rate on a high-yield savings account, CD or Treasury bills rather than stock market returns, since markets can fall right when you need the money.

    What if my current savings already cover the goal?

    The required contribution shows as $0. Your existing balance is projected to grow past the target on its own.

    Is inflation included?

    No. If your goal is a price that will rise over time, such as a house or tuition, raise the goal amount to reflect expected inflation.

    This calculator is for education and illustration. It does not account for taxes, fees or your personal situation unless stated, and is not financial advice.

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