Savings goal calculator
Name the amount you want and the date you want it by. This works backwards to the monthly contribution that gets you there, and tells you how long the same goal takes at a figure you can actually afford.
- Total you contribute
- $16,406
- Interest earned
- $1,594
- Growth on what you already have
- $323
- Months at your affordable amount
- 66
- That is how many years
- 5.5 years
The formula
Rearranging the future value formula for the payment: PMT = (FV − P(1 + i)^n) · i / ((1 + i)^n − 1), with i the monthly rate and n the number of months. The time at a fixed contribution comes from solving the same equation for n with logarithms.
Worked example
To reach 20,000 in five years with 2,000 already saved at 3%: 273.44 a month. You contribute 16,406, the 2,000 grows by 323, and interest supplies the remaining 1,594.
How to use it
- 1Enter the full target, not the amount still missing — what you have already saved goes in its own field and keeps earning.
- 2Use the rate your account actually pays, not a hoped-for investment return, if the money has to be there on a fixed date.
- 3Fill in what you can realistically manage each month to see the honest timeline, which is often the more useful answer.
Questions people ask
Why is the monthly figure lower than the target divided by the months?
Because interest does part of the work, and because money you already hold keeps growing. The gap widens with the rate and the time.
Should I use an investment return here?
Only if the deadline is soft. For a deposit you need on a known date, a volatile investment can be down exactly when you need it, so a savings rate is the honest input.
Last reviewed: 2026-10-20