Savings Goal Calculator
Savings goal calculator: the monthly deposit that reaches a target in a set number of months, or the months a set deposit takes, compounded monthly. How it works
Use the Savings Goal Calculator
About the Savings Goal Calculator
To reach $10,000 in 24 months from $1,000 already saved at 4.5% a year, put away about $355.33 a month. Interest adds $472.07 and you pay in $9,527.93 yourself. The savings goal calculator compounds the rate monthly and assumes a deposit at the end of each month; at 0% the answer is just (target − current savings) ÷ months. Switch to Time to reach goal for the other question: $300 a month reaches $10,000 from nothing in 34 months at 0%, or in 29 months from $1,000 saved at 4.5%.
Monthly deposit needed from $0 saved at 4.5% a year
| Target | 12 months | 24 months | 36 months | 60 months |
|---|---|---|---|---|
| $5,000 | $408.14 | $199.49 | $129.98 | $74.47 |
| $10,000 | $816.29 | $398.98 | $259.97 | $148.93 |
| $20,000 | $1,632.57 | $797.96 | $519.94 | $297.86 |
| $50,000 | $4,081.43 | $1,994.89 | $1,299.85 | $744.65 |
Interest compounded monthly, deposits at the end of each month, no savings at the start. The monthly deposit scales with the target.
$10,000 in 24 months from $1,000 saved, by interest rate
| Annual rate | Monthly deposit | Interest earned |
|---|---|---|
| 0% | $375.00 | $0.00 |
| 2% | $366.20 | $211.30 |
| 4.5% | $355.33 | $472.07 |
| 6% | $348.89 | $626.75 |
At 0% the deposit is (target − current savings) ÷ months. A higher rate lowers the deposit because interest does more of the work.
How to use this tool
- Enter the target amount and what you have saved so far (0 if nothing).
- Enter the annual interest rate in percent, or 0 if the money earns none.
- Enter the months until you need the money, as a whole number from 1 to 1,200.
- Read the required monthly savings, the progress bar, the interest earned and the total out of pocket.
- Or choose Time to reach goal, enter a monthly deposit and read the months it takes.
Frequently asked questions
- How much do I need to save each month to reach $10,000?
- From $0 at 4.5% a year, $816.29 a month for 12 months, $398.98 for 24 months, $259.97 for 36 months and $148.93 for 60 months. With no interest, 12 months is $833.33 a month.
- How do I calculate monthly savings for a goal with interest?
- Divide the annual rate by 12 to get r, and count the months n. The deposit is (target − current × (1 + r)^n) × r ÷ ((1 + r)^n − 1). For $10,000 with $1,000 saved at 4.5% over 24 months that is $355.33.
- Why is the monthly amount lower than the target divided by the months?
- The $9,000 still to save over 24 months is $375.00 a month at 0%. At 4.5%, interest on the deposits and on the $1,000 already saved cuts it to $355.33, and at 6% to $348.89.
- What if I already have enough saved?
- The required monthly savings is $0.00 and the page says your current savings already reach the target in that time. With $10,000 saved toward a $10,000 goal at 4.5% for 24 months, the Interest Earned card shows $939.90: what the money you already have earns over the 24 months, since nothing new is added.
- What does Total Out-of-Pocket mean?
- Your current savings plus all the new deposits, before interest. On the default goal that is $1,000 plus 24 deposits of about $355.33, which is $9,527.93, and the remaining $472.07 of the $10,000 is interest.
- Does it include fees, taxes or a changing interest rate?
- No. The rate is fixed for the whole period, deposits are made at the end of each month and nothing is taken out for fees or tax. A real account can pay less, so treat the deposit as a planning figure.
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