Savings Goal Calculator
Calculate how much to save each month with this free online savings goal calculator, or how long it takes to reach your goal with interest.
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How to use Savings Goal Calculator
- 1Choose whether you want the monthly deposit needed or the time to reach your goal
- 2Enter your savings goal, current savings and the annual interest rate
- 3Add your time frame or monthly deposit and read the result, total deposits and interest earned
Frequently asked questions
How much do I need to save per month to reach $10,000 in 3 years?▾
Starting from $1,000 at 5% interest compounded monthly, you need to save about $228 per month for 36 months to reach $10,000. Without interest it would be $250 per month.
Does interest make a big difference to a savings goal?▾
Over short periods the effect is small, but over 10 years or more compound interest can cover a large share of the goal, so a higher-yield savings account lowers the monthly deposit you need.
How is the monthly deposit calculated?▾
The calculator grows your current savings at the monthly interest rate, subtracts that from your goal, and solves the future value of an annuity formula for the deposit made at the end of each month.
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