Savings Goal Calculator

Find out how much to save each month to reach a target amount by a set date, including growth on what you already have.

%
years
Monthly saving needed
554.69
Total you will deposit
66,563.37
Growth on current savings
4,096.98
Interest earned on deposits
24,339.64

Formula

Monthly saving = (Goal − Current savings × (1 + i)^n) × i ÷ ((1 + i)^n − 1), where i is the monthly return and n the number of months.

About this calculator

Use it for retirement, a house deposit, education or an emergency fund. Deposits are assumed at the end of each month with monthly compounding. Results are estimates for education and planning. They are not financial advice, and real returns are never guaranteed.

Amounts are shown without a currency symbol, so the calculator works for any currency: enter all values in the same one.

Frequently asked questions

Should I allow for inflation?

Yes for long goals. Either raise the goal to its future cost with the inflation calculator, or enter a real return (expected return minus inflation).

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