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Financial Planning

Savings Goal Calculator

Find the monthly deposit needed to reach a savings goal by a target date, accounting for interest on existing and new savings.

Your inputs

Results

Required monthly deposit

$464.77

Total you will deposit
$16,731.54
Interest earned
$1,268.46
What your current savings grow to
$2,254.54

✓Exact calculation — rounded only for display

Inputs are never added to links for financial, salary or health calculators.

What this calculator does

Whether it is a car, a holiday or a house deposit, this tool works backwards from your goal to tell you how much to set aside each month.

Formula and method

Required deposit = (Goal − S(1 + i)^N) × i / ((1 + i)^N − 1), with i = annual rate ÷ 12 and N = months. If i = 0, deposit = (Goal − S) ÷ N.

Worked example

Calculated by this tool with its default inputs:

Inputs

  • Savings goal: 20000 (any currency)
  • Already saved: 2000 (any currency)
  • Annual interest rate: 4 %
  • Time to reach the goal: 3 years

Results

  • Required monthly deposit: 464.77
  • Total you will deposit: 16,731.54
  • Interest earned: 1,268.46
  • What your current savings grow to: 2,254.54

How to read the results

If your current savings already grow to the goal, no deposit is needed. Otherwise the result is the level monthly amount that hits the goal exactly.

Assumptions and limitations

  • Assumes deposits at the end of each month and a constant interest rate.
  • Taxes on interest are ignored.

Financial results are estimates based on the inputs and assumptions shown. They are not financial advice; confirm figures with your lender, provider or a qualified adviser before making decisions.

Questions

Does the interest rate matter much for short goals?

Over a year or two the effect is small; for long goals it matters more. Try a 0 % rate to see the pure saving needed.

Methodology and verification

Result type
Exact mathematical calculation (rounded only for display)
Formula version
1.0
Automated verification
4 reference and validation test cases, checked against independently computed values. The site cannot be built if any of them fail.
Editorial review
Awaiting human editorial review. The explanation was drafted with AI assistance; the formula and examples are verified by the automated tests above.

Privacy

Everything you enter is calculated in this browser and is not sent to Numerith or anyone else. Because this calculator can involve personal financial or health details, your inputs are never added to share links or saved to history. Privacy policy