Savings & Interest
Savings Goal Calculator
Enter your savings goal, current balance, interest rate, and deadline to find the exact monthly contribution you need to reach your target.
Emergency fund, down payment, holiday, retirement — any target amount.
🔒 All calculations happen instantly in your browser. No data is sent to any server.
How the calculation works
Future Value of Existing Savings = P × (1 + r/12)ⁿ
Remaining Needed = Goal − Future Value of Existing Savings
Required Monthly Payment (PMT) = Remaining × r/12 ÷ [(1 + r/12)ⁿ − 1]
Where r = annual rate, n = months. This is the reverse of a future value calculation — solving for the regular payment needed to reach a target balance.
Example: Goal $20,000 · Current $2,000 · 4.5% rate · 24 months → Monthly ≈ $756
Frequently Asked Questions
- Any lump-sum target: emergency fund (3–6 months expenses), house down payment, car, wedding, vacation, college tuition, or a specific retirement milestone. Just enter the target amount and your deadline in months.
- Your current savings will grow with compound interest over the period, so you need to save less each month. The calculator grows your existing balance at the full rate, then calculates the gap to your goal.
- Two options: extend your timeline (more months reduces each payment) or lower the goal. Try increasing the months input to see how much the required monthly payment drops — even a 6-month extension often makes a big difference.
- The standard recommendation is 3–6 months of essential living expenses. If your monthly expenses are $3,000, aim for $9,000–$18,000. High-yield savings accounts (4–5% in 2024) are the right vehicle — liquid, low-risk, and interest-bearing.
- High-yield savings accounts (HYSAs) offered 4–5% APY in 2024. Traditional bank savings accounts offer far less (0.1–0.5%). For goals over 5 years, a diversified investment portfolio may be more appropriate than a savings account.