This savings goal calculator works backwards from your target: tell it the goal, the deadline and what you have already saved, and it returns the exact monthly deposit that gets you there with interest helping.
The Backwards Formula
First, your existing savings grow on their own: H × (1+r)^n. Whatever gap remains must be filled by a deposit stream, priced as an annuity in reverse: deposit = gap × r ÷ ((1+r)^n − 1). The levers rank brutally: time is the strongest (the deposit roughly halves when the horizon doubles, thanks to compounding); rate helps modestly at savings-account levels and powerfully at portfolio levels; and every dollar already saved works the entire term. Projecting a deposit you already have in mind, instead, is the Future Value Calculator's direction. Part of our Finance Calculators collection.
Worked Example (Verified)
Goal $50,000 in 5 years, $5,000 already saved, 5% return:
- The $5,000 grows to $6,417 on its own — free progress before you deposit a cent
- Gap to fill: $43,583 → monthly deposit of $640.87
- Your deposits total $38,452; interest supplies the remaining ~$5,131 of the goal
- Stretch to 7 years and the deposit falls to about $428 — two extra years of compounding do more than most raises can
Goal-Setting Details That Change the Answer
- Inflate the goal, not the rate: a $50,000 house deposit needed in 5 years at 3% housing inflation is really a ~$58,000 target. Run the inflated number.
- Emergency funds belong in high-yield savings (~4–5% recent years), not investments — the timeline is "unknown/Tuesday," and this calculator's rate field should match the account the money truly sits in.
- Automate the deposit on payday: plans that depend on monthly willpower have their own (unmodeled) failure rate.
- Multiple goals? Run each separately with its own deadline — blended goals produce blended deposits and unblended stress.
Related Tools
- Future Value Calculator — deposits projected forward
- Savings Calculator — account growth, simply
- Finance Calculators — the full collection
Frequently Asked Questions
How much should I save per month for a goal?
Divide the goal's future gap by the annuity factor: on the example ($50k in 5 years, $5k saved, 5% return) the answer is $640.87/month. The calculator handles any goal, deadline and starting amount.
How fast can I build a $10,000 emergency fund?
From zero at ~4.5% in a high-yield account: about $399/month for 2 years, or $260/month for 3 years. A starter $1,000 milestone first (then 3 months of expenses) is the sequencing most advisors teach.
What return should I enter?
The rate of the account the money will actually sit in: ~4–5% for current high-yield savings, near 0.5% for traditional savings (a quiet emergency in itself), 6–7% as a cautious planning rate for long-horizon investments — never a hoped-for market return for short deadlines.
Does starting amount really matter that much?
Yes: the starting $5,000 at work for the full 5 years contributes $6,417 — it saves you about $94 of monthly deposit versus starting from zero ($735.23). Every month earlier that money starts is a small permanent raise.
What if my savings already exceed the goal's growth path?
The calculator says so — deposits needed drop to zero when your current savings, grown at the entered rate, pass the goal by the deadline. That's a signal to move the goalposts, not to stop saving.
Is this savings goal calculator free?
Yes — free, instant, no sign-up.