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Savings Goal Calculator

Enter your savings goal and timeline to find the monthly amount needed.

Estimate how long it will take to reach your savings goal (or how much you need to save each month) based on your current balance, monthly contributions, and expected annual return.

Solve for

Target amount

Current savings

Monthly contribution

Annual interest/return rate (%)

Assumes monthly compounding.

How this calculator works

This calculator assumes monthly contributions made at the end of each month and monthly compounding of the annual rate you enter. When solving for time, it uses the future value of a series formula to estimate the months needed: FV = PV*(1+r)^n + PMT*(((1+r)^n - 1)/r). When solving for contribution, it rearranges the same formula to find the monthly amount needed for a given timeframe. Results are estimates and for informational purposes only.