Savings goal calculator

Enter your target and current savings to find the time needed or the monthly contribution for a fixed deadline.

Savings goal
Already saved
Monthly contribution
Annual interest rate
%

Time to reach your goal

1 yr

Exact period12 mo.
Projected balance120,000
Current savings and contributions120,000
Modelled interest0

Use the same currency or amount unit for every money field and result.

Contents

Turn a savings goal into a monthly plan

Equal savings blocks climbing towards a target flag

Enter the amount you want to reach and what is already saved. The calculator can return either the number of whole months needed or the minimum equal contribution for a deadline.

The model adds one contribution at the end of each month

The current balance starts earning interest immediately. Each recurring contribution arrives after that month's interest is applied, which is the timing used by an ordinary annuity. The annual rate is divided by 12 to obtain the monthly rate.

Bn=P(1+i)n+C(1+i)nโˆ’1iB_n=P(1+i)^n+C\frac{(1+i)^n-1}{i}

Here Bn is the balance after n months, P is the current savings, C is the monthly contribution, and i is the monthly rate. With a 0% rate, the same plan becomes Bn = P + Cn. OpenStax gives this future-value factor for ordinary annuity savings.

Three plans you can check by hand

A one-year target: starting from zero and adding 10,000 per month reaches 120,000 in exactly 12 months when the rate is 0%.

A head start with interest: a 200,000 goal, 50,000 already saved, 10,000 per month, and a 6% nominal annual rate takes 15 months. The modelled balance after the last contribution is about 209,249.61.

A fixed three-year deadline: to grow 100,000 to 500,000 in 36 months at 6%, the minimum contribution is 9,668.78 per month. Rounding upward leaves a final balance near 500,000.20.

A forecast rate is an assumption, not a promise

Compound interest means that new interest is calculated on the principal and interest already credited. The Consumer Financial Protection Bureau explains this effect, but an actual account may compound daily, change its rate, charge fees, or apply different rules to new deposits.

The calculator does not include inflation, taxes, fees, withdrawals, missed contributions, or changing returns. Compare the 0% result with a cautious positive-rate scenario. The gap shows how much of the plan depends on assumed growth.

Questions about a savings goal

These answers clarify timing, currencies, rounding, and the cases where a simple monthly model needs adjustment.

Which mode should I choose?

Choose time to goal when you know the monthly contribution. Choose contribution by deadline when the number of months is fixed.

Can I leave the annual rate at 0%?

Yes. A 0% plan is a conservative baseline based only on current savings and future contributions.

When is each monthly contribution added?

At the end of the month, after that month's modelled interest. Deposits made at the beginning of a month would have one extra period to grow.

Why is the required contribution rounded upward?

Rounding to the nearest cent could leave a small shortfall. Rounding upward makes the displayed minimum reach or slightly exceed the target.

Does the calculator support any currency?

Yes. It performs amount arithmetic without a currency symbol, so use the same currency or unit in every money field.

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Calcopedia (en) โ†’ Savings goal