Savings Goal Calculator
Find out how much to save each month to reach a goal by a certain date.
Future value of monthly deposits ยท By Stuart Mathieson · Updated October 2026
Yearly rate on your savings, compounded monthly
Results
Save Each Month
You Pay In
Interest Earned
Results are estimates for illustration only and are not financial advice. Consult a qualified financial professional before making financial decisions.
How the savings goal calculator works
The calculator works backward from your goal. It grows your current savings to the goal date, then finds the monthly deposit that covers the rest, with interest compounded monthly and each deposit made at the end of the month:
- G
- - your savings goal
- S
- - what you have already saved
- r
- - the monthly interest rate: the yearly rate ÷ 12 ÷ 100
- n
- - the number of months until the goal date
At a 0% rate this is simply (G − S) ÷ n.
Worked example
$20,000 in 5 years, with $2,000 already saved, earning 4% a year:
- On its own, the $2,000 grows to $2,441.99 in 60 months.
- You need to save $264.83 a month.
- You pay in $17,889.84 in total ($2,000 + $264.83 × 60), and interest makes up the other $2,110.16.
Monthly saving needed for $10,000
Starting from nothing:
| Time | 0% interest | 2% interest | 4% interest |
|---|---|---|---|
| 1 year | $833.33 | $825.72 | $818.17 |
| 2 years | $416.67 | $408.74 | $400.92 |
| 3 years | $277.78 | $269.76 | $261.91 |
| 5 years | $166.67 | $158.61 | $150.83 |
| 10 years | $83.33 | $75.35 | $67.91 |
Over a year or two, time does almost all the work and interest makes little difference. Over 10 years, 4% interest cuts the monthly amount by nearly a fifth.
Things to keep in mind
- Rates change. Savings rates move with the market, so check your plan again if your rate changes.
- Inflation. A goal set in today's prices may cost more by the time you reach it - the Inflation Impact Calculator shows how much.
- Taxes. Interest may be taxable, which slightly reduces what you keep.
- Long-term goals. Investing can earn more than a savings account over many years, but values can also fall - see the Compound Interest Calculator.
Frequently asked questions
How much should I save each month?
Enough to reach your goal on time. Enter the goal, how long you have and your savings rate, and the calculator works out the monthly amount - for $10,000 in 5 years at 4%, it is $150.83 a month.
What interest rate should I use?
Use the rate your savings account pays. The calculator compounds monthly, so entering an APY slightly overstates growth, but the difference is small at typical savings rates. Leave it blank for a cautious 0% estimate.
What if I already have enough saved?
If your current savings will grow to the goal on their own by the date, the calculator shows $0 a month and how much you will have by then.
Sources
- Savings Goal Calculator - Investor.gov, U.S. Securities and Exchange Commission
- Compound interest (glossary) - Investor.gov, U.S. Securities and Exchange Commission