Savings Goal Calculator
Find the monthly deposit needed to reach a savings target, accounting for an initial balance and assumed interest.
Your result
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Choose Calculate to see your result.
How to use this calculator
- Enter your values in the labeled fields, keeping the displayed units.
- Choose Calculate or press Enter in a single-line field.
- Review the result and the assumptions below before using it.
Formula and method
Monthly deposit = (target − initial × (1 + r)^n) × r / ((1 + r)^n − 1), where r = annual rate / 1200. At zero interest, divide the gap by n.
Worked example
A target of 10,000, starting at 1,000 over 12 months with zero interest, needs 750 per month.
What the result assumes
Deposits occur at the end of each month. Interest is assumed constant and compounds monthly; taxes, fees, and inflation are excluded.
Common question
What if my existing savings already meet the target?
The required deposit is zero when the projected existing balance reaches or exceeds your target.