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Savings Goal Calculator: How Much to Save Each Month

Enter your target, what you have already saved, your deadline and an interest rate. Get the monthly amount that gets you there.

Formulas checked by the WhyExplain editorial team · Updated October 2026

What this calculator tells you

It works backwards from your goal. You say how much you want and by when. The calculator grows your current savings at the interest rate you enter, then finds the monthly deposit that covers the rest. Interest is added monthly and deposits are made at the end of each month.

The formula

Monthly deposit = (Goal − Saved × (1 + i)N) × i ÷ ((1 + i)N − 1)i = yearly rate ÷ 12 · N = number of months · at 0% interest the deposit is simply (Goal − Saved) ÷ N
Worked example (illustration)Goal $20,000 in 5 years, $2,000 already saved, 4% a year: save $264.83 a month. You put in $17,889.84 in total and interest adds the other $2,110.16.

Choosing a realistic interest rate

Use the rate you can actually get, not the one you hope for. For a goal a few years away, most people keep the money in savings accounts or similar low-risk products, so use a rate close to what your bank pays today. If the money is invested, returns can be higher on average but they are not guaranteed, and a short deadline leaves little time to recover from a fall.

The US Securities and Exchange Commission's investor site offers a similar savings goal tool that also lets you change how often interest compounds [1].

Three ways to make the monthly number smaller

  • Start earlier. More months means a smaller deposit each month, and more time for interest to help.
  • Put in a lump sum now. Money already saved earns interest for the whole period.
  • Raise the rate you earn. Moving idle cash to a better-paying account lowers what you need to add yourself.

To see why time matters so much, read how compound interest works. If your goal is many years away, index funds are worth understanding too.

Frequently asked questions

Does the calculator include inflation?

No. The goal is in today's dollars. If your goal is years away, raise the target a little to allow for rising prices. Our inflation calculator shows how much.

What if the result is $0?

It means your current savings, growing at the rate you entered, reach the goal on their own before the deadline.

Are deposits made at the start or the end of the month?

At the end of each month. Saving at the start of the month would earn slightly more interest and lower the deposit a little.

Is interest taxed?

Often, yes. Interest from savings accounts is usually taxable income, so your real growth may be lower than the figure shown.

Sources

  1. [1] Investor.gov (US SEC): Savings Goal Calculator

This calculator is for education. It assumes a steady rate every year, which real life rarely gives you, and it is not personal financial advice.

Keep going

CalculatorCompound Interest CalculatorWatch savings and investments grow, with monthly deposits and a year-by-year table.CalculatorInflation CalculatorSee how much prices rise, and how much buying power cash loses, over the years.CalculatorLoan Repayment CalculatorMonthly payment, total interest and how much an extra payment saves.ExplainerWhat Is Compound Interest?Why money grows faster over time.ExplainerWhat Is Inflation?Why your goal may cost more later.