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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.

Monthly deposit needed
$—
Total contributed
$—
Interest earned
$—
About this calculator

How it works

Formula:

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

VariableMeaning
PMTMonthly deposit needed
FVSavings goal (future value)
PVCurrent savings (present value)
rMonthly rate = annual rate ÷ 12 ÷ 100
nMonths = 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

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.

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