Savings Goal Calculator
Find the monthly amount you need to save to reach a target by a chosen date.
Enter your details below.
How to use
- Enter the total amount you want to save.
- Enter the expected annual interest rate and the number of months you have.
- Press Calculate to see the monthly saving, your total contributions and the interest earned.
About this tool
This calculator works backwards from your target amount to find a regular monthly saving. It uses the future value of a series of monthly payments, with interest compounded monthly, so each payment earns interest for the months that remain. If the rate is zero, the monthly amount is simply the goal divided by the number of months.
Frequently asked questions
What if my interest rate is zero?
Then you simply divide the goal by the number of months, because no interest helps you along the way. Any positive rate lowers the monthly amount you need.
Should I include money I have already saved?
This version starts from zero and finds the monthly saving for the full goal. If you already have savings, subtract them from the goal first and enter the remainder.