What if I can't afford the suggested monthly amount?

Try extending your timeline or lowering your goal amount and recalculating — both reduce the required monthly contribution.

Should I assume a high interest rate to lower my required contribution?

Be conservative. Using an optimistic rate makes the required contribution look smaller than it may actually need to be if real returns come in lower.

Savings Goal Calculator

Find the monthly contribution required to reach a specific savings target by a future date, based on your current savings and an expected annual return.

Total you'll contribute

Growth from interest

How this calculator works

This calculator solves the future value of an annuity formula for the payment amount: PMT = (FV − PV(1+r)^n) × r / [(1+r)^n − 1], where FV is your goal, PV is your current savings, r is the monthly interest rate, and n is the number of months until your target date. When the interest rate is 0%, it simplifies to PMT = (FV − PV) / n.

Formula reference: Investopedia: Future Value of an Annuity

Example

Example: to reach a $30,000 goal in 5 years (60 months), starting with $4,000 saved and earning 4% annually, you would need to contribute about $379 per month.

Frequently asked questions

What if I can't afford the suggested monthly amount?: Try extending your timeline or lowering your goal amount and recalculating — both reduce the required monthly contribution.
Should I assume a high interest rate to lower my required contribution?: Be conservative. Using an optimistic rate makes the required contribution look smaller than it may actually need to be if real returns come in lower.

This calculator provides estimates for general informational purposes only and does not constitute financial, tax, or legal advice. Always confirm important numbers with a qualified professional or your lender/institution before making a decision.