Savings goal, Current savings, Years to reach it, Annual interest rate
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How this calculator works
Enter the amount you want, how long you have and the interest rate you expect. The calculator first grows your current savings with monthly compounding, then spreads the remaining gap over equal deposits made at the end of each month. A higher rate or a longer time lowers the deposit you need.
Formula
- Monthly rate i = annual rate / 12, number of deposits n = years × 12
- Growth of current savings = current × (1 + i)^n
- Monthly deposit = (goal − growth of current savings) × i / ((1 + i)^n − 1)
- At 0% interest: monthly deposit = (goal − current) / n
Worked example
20,000 in 5 years at 4%, starting from zero
- Savings goal
- 20,000
- Current savings
- 0
- Years to reach it
- 5 years
- Annual interest rate
- 4%
Result301.66 per month
60 monthly deposits to reach 20,000.00.
Things to keep in mind
- Interest rates change and investment returns are not guaranteed.
- Figures are estimates for planning. They are not financial advice, and they ignore taxes and fees unless stated.
Frequently asked questions
How much should I save each month?
Enter your goal, deadline and rate. For example, reaching 20,000 in 5 years at 4% from zero takes about 301.66 a month.
Does it matter when in the month I deposit?
Slightly. This calculator assumes deposits at the end of each month. Depositing at the start earns one extra month of interest each time.
What if my current savings already cover the goal?
The calculator reports that no further deposits are needed and shows how much the balance grows to.
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Results are estimates based on the values you enter and the published method shown above. They do not replace professional medical, financial or legal advice. Method reviewed October 7, 2026. About this site