YourToolsBuddy

Savings Goal Calculator

Find the monthly deposit needed for a savings target with initial savings and compound interest.

Enter savings target; see assumptions below for the model limits.

Enter initial savings; see assumptions below for the model limits.

Enter nominal annual interest (%); see assumptions below for the model limits.

Enter time to goal; see assumptions below for the model limits.

Choose the option that matches your situation.

Changes the currency label; amounts are not converted.

Your results

Required monthly deposit
$814.41
Total deposited
$9,772.90
Interest earned
$227.10
Projected final balance
$10,000.00

Calculations run in your browser. Results are estimates where described below.

How the calculation works

Monthly deposit = max(0, [goal − initial × (1 + r)ⁿ] ÷ [((1 + r)ⁿ − 1) ÷ r]). At zero rate the denominator is n.

Worked example

A 12,000 goal in 12 months with no initial savings and no interest requires 1,000 monthly.

Assumptions and limits

Month-end deposits and fixed nominal annual rate compounded monthly. No fees or taxes. When existing savings already reach the goal, required deposits are zero and the actual projected balance is shown.

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