CalcVerse

Savings Goal Calculator

Tell the calculator what you want to have, by when, and what you already have saved. It works out the monthly deposit needed, including the growth interest adds along the way.

  • Last updated
  • Formula tested against reference values

Your numbers

Result

Save each month
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Calculating…

Total you deposit
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Interest earned
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Current savings grow to
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How to use this calculator

  1. Enter or choose savings goal.
  2. Enter or choose already saved.
  3. Enter or choose interest or return (per year).
  4. Enter or choose time to goal.
  5. The save each month updates as you type. Use Copy result or Share to keep it.

Formula

PMT=(G−S(1+r)n)×r(1+r)n−1

Monthly saving = (G − S × (1 + r)^n) × r ÷ ((1 + r)^n − 1)

G
savings goal
S
amount already saved
r
monthly rate = annual rate ÷ 12 ÷ 100
n
number of months

Worked example

  1. G = $100,000, S = $0, r = 0.005, n = 60.
  2. (1.005)^60 = 1.34885.
  3. Monthly saving = 100,000 × 0.005 ÷ 0.34885 ≈ $1,433.28.

Saving $1,433.28 a month for five years at 6% reaches $100,000. You deposit about $86,000; interest adds the rest.

What the result means

If the result is zero, the money you already have is projected to reach the goal on its own. A longer time frame lowers the monthly amount sharply because interest has longer to work.

Assumptions and limits

  • Deposits are made at the end of each month.
  • The rate is constant and compounds monthly.
  • Inflation reduces what the goal will buy; use the inflation calculator to set a future-value goal.
  • Taxes on interest are not included.

Questions

How do I plan for inflation?

First use the inflation calculator to find what your goal will cost in the future, then enter that future amount here.

What rate should I use?

Use the rate your savings account or deposit actually pays, or a cautious expected return for investments.

Please note: This calculator gives estimates for planning. It is not financial advice, and lenders’ actual terms, fees and rounding may differ.