About the Savings Goal Calculator
This calculator works backwards from a target. In one mode you enter the goal, what you already have, the yearly interest rate and how long you have, and it tells you the monthly deposit required. In the other mode you enter a monthly deposit and it tells you how many years and months it will take. Results show what you deposit, the interest earned and the final balance, with a table by year. It assumes a fixed interest rate, a deposit at the end of every month and interest added monthly. Real accounts may pay interest daily or yearly, change rates and charge fees, and tax and inflation are ignored, so the figures are estimates and not financial advice.
Updated September 2026
How to use the Savings Goal Calculator
- 1Choose How much per month? or How long will it take?
- 2Enter your goal, what you have already saved and the yearly interest rate (0 if none).
- 3Enter the time you have, or the monthly deposit you can manage.
- 4Read the deposit or the time needed, plus interest earned and final balance.
- 5Check the year-by-year table and press Copy summary.
Working backwards from a goal
Most savings calculators start with a deposit and show a balance. This one starts with the balance you want. Enter the goal and the date, and it finds the deposit that gets you there. With no interest the sum is just the remaining amount divided by the months. With interest, each deposit grows for the months left, so the required deposit is smaller.
The table shows the balance at the end of each year, so you can check whether you are on track along the way.
How interest shortens the time
Interest adds to your savings without any extra effort from you, and it also earns interest itself. At 6 percent, 400 a month toward 10,000 finishes in about 24 months instead of 25. The larger the goal and the longer the time, the more interest helps. Try changing the rate to see how sensitive the plan is, and use the Compound Interest Calculator to see growth without a target.
Emergency fund, holiday and down payment goals
Set the goal at the full amount you will need, not just the headline price.
- Emergency fund: three to six months of essential spending
- Holiday: the total cost divided by months until you travel
- Down payment: a percentage of the price, plus fees
- Car or education: include the extras such as insurance and books
Making a plan you can keep
A plan only works if you can afford the deposit every month. Try a longer time if the deposit looks too high. Automating the transfer on payday helps, and rounding up to a whole number of months keeps the maths simple. For investing in funds each month, the SIP Calculator is the better fit, and the Loan Calculator helps when the goal is to pay off a debt instead. The Percentage Calculator can turn a target into a percentage of income. These are estimates and not financial advice.
Features
- Monthly deposit needed for a goal by a date
- Time needed for a chosen monthly deposit
- Starting savings and interest rate included
- Total deposits, interest earned and final balance
- Table of progress by year, up to 50 years
- Clear message when a goal can never be reached
- Currency symbol picker
- Runs in your browser
Frequently asked questions
How much should I save each month to reach my goal?
Divide what you still need by the number of months if your savings earn nothing. With interest the answer is lower. To reach 10,000 in 24 months with no interest you need about 416.67 a month, and at 6 percent about 393.21. Enter your numbers in the first mode.
How long will it take to save a target amount?
Choose How long will it take? and enter your monthly deposit. Saving 400 a month toward 10,000 at 6 percent takes about 24 months, a little less than the 25 it would take with no interest.
Does interest make a big difference?
Over a short time, not much: it saves only a few months or a few dollars a month. Over many years it matters more, because interest earns interest. Compare a rate of 0 with your real rate to see the gap.
What if I already have some savings?
Enter it in Already saved. That money also earns interest, so it lowers the monthly deposit or shortens the time. If it already covers the goal, the tool says you have enough.
How do I include a down payment or emergency fund goal?
Treat it like any other goal: enter the full target, such as a down payment of 20,000 or three months of expenses, the amount already set aside and your deadline. Aim for a round number of months you can keep up.
Is my interest rate the APR or APY?
This page takes a yearly rate and adds interest monthly at one twelfth of it. If your account quotes APY, which already includes compounding, your real growth may be slightly higher than shown. Use the nominal yearly rate where you can.
Why does it say the goal is never reached?
If you deposit nothing and your savings earn too little to grow to the goal, there is no answer. Raise the monthly deposit or the interest rate, or lower the goal.