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.
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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.
References
- Savings Goal CalculatorU.S. Securities and Exchange Commission · investor.gov
- Compound Interest CalculatorU.S. Securities and Exchange Commission · investor.gov
Frequently asked
How is the monthly deposit calculated?
What if I already have enough saved?
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