MAKE THE NUMBERS MEAN SOMETHING
Savings goal calculator
Give your goal a monthly number. Set the target, add what you have already saved and explore the difference that time and a return assumption make.
Your assumptions
Range: 0–1,000,000,000
Range: 0–1,000,000,000
Range: 0–1,000,000,000
Range: -50–100
Range: 1–1,200
Results update as you change your assumptions.
Projected savings
An estimate based on your inputs. Actual outcomes can differ.
BEHIND THE CALCULATION
Understand your result.
Find the monthly contribution needed to reach a target amount within your chosen time frame.
How the calculation works
The calculator solves the compound-growth formula for the monthly deposit. With target T, starting balance P, monthly rate r and n months, contribution = (T − P × (1 + r)^n) × r / ((1 + r)^n − 1). At 0%, contribution = (T − P) / n. A negative required contribution is shown as zero. The suggested deposit is rounded up to the next cent to avoid suggesting too little.
To reach 30,000 in 5 years from a starting balance of 6,000 with no return, set aside 400 each month. A positive return assumption reduces the calculated deposit, but that return is uncertain.
Assumptions & limitations
- The target is a future nominal amount; its future purchasing power may be lower.
- Monthly deposits are made at month-end and remain constant.
- The annual rate is effective and is converted to an equivalent monthly rate.
- Fees, taxes and interruptions to contributions are excluded.