Savings Goal Calculator

Choose a mode: find the monthly amount needed to reach your goal by a deadline, or find the time to reach your goal given a monthly contribution. Uses annual interest rate (APR) with monthly compounding; deposits occur at the end of each month.

Target amount

Starting balance

Annual interest rate (APR %)

Time to save

Required monthly contribution

0.00 USD

Total contributions

0.00 USD

Interest earned

0.00 USD

Uses monthly compounding. Deposits happen at the end of each month (ordinary annuity). For start-of-month deposits we can add an option if needed.

FAQ

How do you calculate the required monthly amount?

We solve the future value of an annuity formula for the monthly payment: PMT = (FV − P(1+i)^N) · i ÷ ((1+i)^N − 1), where i is the monthly rate and N is months.

How do you calculate the time to reach a goal?

We solve for N using logarithms: N = ln((PMT + i·FV) ÷ (PMT + i·P)) ÷ ln(1+i), then convert months to years and months.

Does this include taxes or fees?

No. Enter a lower APR or a higher target to approximate the impact of fees and taxes.