Savings Goal Calculator
Find out how much to save each month to reach your financial goal.
Inputs
$
$
%
Results
Required Monthly Savings
$268.96
Total Contributions
$37,275.38
Interest Earned
$12,724.62
Months to Goal
120 months
Formula
PMT = (FV - PV(1+r)^n) × r / [(1+r)^n - 1]
Solves for the required monthly deposit to grow current savings to the goal amount at the given rate over the specified period.
Worked Example
Goal: $50,000 | Current: $5,000 | Rate: 5% | Time: 10yr
Required monthly savings: ~$268/month
When to Use This Calculator
Use when you have a specific savings target (emergency fund, down payment, vacation) and want to know how much to set aside each month.
Important Assumptions
- Rate is constant.
- Contributions are consistent.
- No withdrawals.
Common Mistakes to Avoid
- Setting an unrealistically high rate assumption.
- Not adjusting the goal for inflation if the target is many years away.
Frequently Asked Questions
What if I already have enough?
If your current savings plus projected interest already exceed the goal, the calculator shows $0 required monthly savings.
Related Calculators
Methodology: This calculator uses standard financial formulas documented above. All calculation engines are unit-tested for accuracy.View full methodology
Disclaimer: This calculator provides estimates for educational purposes only. Results do not constitute financial advice.Full disclaimer