Calculation desk / interest & growth
Savings Goal Calculator
Solve for the end-of-month monthly contribution needed to reach a savings target.
Savings Goal Calculator: Find the equal monthly deposit needed to reach a savings target from an existing balance by the end of a whole number of years. The starting money earns interest for the full period, while new contributions arrive at each month end. The answer depends on a constant nominal rate and monthly compounding. Runs 100% locally in your browser with zero server file uploads.
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- Calculators
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- Free · no sign-up
- Availability
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Required monthly contribution
$273.26
- Initial deposit at goal date
- $6,416.79
- Total paid in
- $21,395.48
Monthly contribution = (goal − initial deposit × (1 + annual rate ÷ 12)^months) × (annual rate ÷ 12) ÷ ((1 + annual rate ÷ 12)^months − 1); contributions are end-of-month- This is an educational/planning estimate only, not personalized financial advice.
- Actual products, taxes, fees, contribution dates, and returns differ; confirm terms with the relevant provider.
- Inputs follow common calculator conventions such as initial amount, recurring contribution, time, estimated annual rate, and compounding frequency described by Investor.gov: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
- The solved payment is an ordinary annuity: each contribution is made at month end and monthly compounding is used.
Formula and worked example
Monthly contribution = (goal − initial deposit × (1 + annual rate ÷ 12)^months) × (annual rate ÷ 12) ÷ ((1 + annual rate ÷ 12)^months − 1); contributions are end-of-month
A worked example with sample values:
| Inputs | |
|---|---|
| Goal amount | $25,000.00 |
| Initial deposit | $5,000.00 |
| Annual rate | 5% |
| Time | 5 years |
| Results | |
|---|---|
| Required monthly contribution | $273.26 |
| Initial deposit at goal date | $6,416.79 |
| Total paid in | $21,395.48 |
Solving for the monthly contribution
Let G be goal, P initial deposit, r decimal annual nominal rate, i = r ÷ 12 monthly rate and n = 12 × years. Define F = (1 + i)^n. Required month-end contribution C = (G − P × F) × i ÷ (F − 1). At zero interest, C = (G − P) ÷ n.
For G = $25,000, P = $5,000, a sample 5% nominal rate and 5 years, i = 0.05 ÷ 12, n = 60 and F = 1.283358679. The starting deposit grows to $6,416.79. C = (25,000 − 5,000 × F) × i ÷ (F − 1) = $273.258006, displayed as $273.26 monthly. Total contributions using the unrounded C are $21,395.48, including the initial $5,000.
A target in future money
Investor.gov's compound-interest calculator (https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator) separates initial funds, regular saving, duration and interest assumptions. This goal calculation reverses that type of projection. An advertised APY includes compounding already; for monthly nominal interest use r = 12 × ((1 + APY)^(1 ÷ 12) − 1), with APY expressed as a decimal.
Set G to the money required at the future date. If the target represents today's purchasing power, inflation may raise that future amount; the BLS constant-dollar guide (https://www.bls.gov/cpi/factsheets/purchasing-power-constant-dollars.htm) explains the distinction. The rule of 72 only approximates doubling of a lump sum and cannot calculate your contribution requirement.
How to use it
- Enter the amounts, rate and duration shown in the worked example or your own scenario.
- Calculate to update the result and review the assumptions.
- Compare the formula and example before using the result for planning.
Privacy & limitations
Inputs and calculations stay in your browser. No values are uploaded.
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Frequently asked questions
Why is the required deposit lower when I already have savings?
The initial balance grows before the target shortfall is divided across monthly deposits. This means a starting deposit offsets more than its face amount when the assumed interest rate is positive. Enter only money actually available for this goal, rather than the target amount again.
What if my initial savings already grow beyond the target?
This calculator rejects a target below the projected starting balance instead of recommending negative contributions or withdrawals. At exact equality the required contribution is zero. Raise the target, shorten the duration or use a separate withdrawal plan if the starting funds already exceed what you need.
Will saving the displayed monthly amount hit the target exactly?
The formula solves using unrounded amounts; the displayed deposit is rounded to currency precision. A tiny rounding shortfall can accumulate, so round a practical deposit upwards if appropriate. Beginning-of-month transfers, missed deposits or changing interest also change the outcome.
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