# Free savings goal calculator

> A savings goal calculator tells you how much to deposit each month to hit a target amount by a specific date, factoring in what you already have saved and the interest you'll earn.

Find the monthly deposit needed to reach any savings target, given your current balance, interest rate, and time horizon.

**Interactive version:** https://onlinecalculator.me/finance/savings-goal/
**Category:** Finance

## How it works

**Formula:**

PMT = (FV − PV × (1+r)^n) × r ÷ ((1+r)^n − 1)

| Variable | Meaning |
|----------|---------|
| PMT | Monthly deposit needed |
| FV | Savings goal (future value) |
| PV | Current savings (present value) |
| r | Monthly rate = annual rate ÷ 12 ÷ 100 |
| n | Months = years × 12 |

## Worked example

Goal: $10,000 | Current savings: $0 | Rate: 5% | Time: 3 years

- r = 0.05 ÷ 12 ≈ 0.004167
- n = 36
- PMT = 10,000 × 0.004167 ÷ ((1.004167)^36 − 1) ≈ **$257.83/month**

## Notes

A higher interest rate reduces the monthly deposit needed because your money compounds over time. This calculator assumes consistent monthly deposits and a fixed interest rate. Actual savings account rates vary.

## Frequently asked questions

### How is the monthly deposit calculated?

The formula is PMT = (FV − PV × (1+r)^n) × r ÷ ((1+r)^n − 1), where FV is the target, PV is current savings, r is monthly rate, and n is months. At 0% rate it simplifies to (FV − PV) ÷ n.

### What if I already have enough saved?

If your current savings already meet or exceed the target, the required monthly deposit is $0.

### Does this assume monthly compounding?

Yes. The annual rate is divided by 12 and compounded monthly, which is standard for savings accounts.

### What is the interest shown?

Interest = target − current savings − total contributed. It is the growth attributable to the account's interest rate.

### How do I share my calculation?

Click "Share with my numbers" to copy a URL that restores all four inputs.

## Sources

- [Savings Goal Calculator](https://www.investor.gov/financial-tools-calculators/calculators/savings-goal-calculator) — U.S. Securities and Exchange Commission
- [Compound Interest Calculator](https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator) — U.S. Securities and Exchange Commission

## Related calculators

- [Compound interest calculator](https://onlinecalculator.me/finance/compound-interest/) — See how a lump sum grows at a given rate over time.
- [Retirement calculator](https://onlinecalculator.me/finance/retirement/) — Project your nest egg from savings contributions and a target age.
- [Simple interest calculator](https://onlinecalculator.me/finance/simple-interest/) — Calculate interest earned on principal using I = Prt.
- [Loan calculator](https://onlinecalculator.me/finance/loan/) — Monthly payment and amortization for fixed-rate loans.

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