Savings Goal Calculator

How to use the Savings Goal Calculator

1. In the first box, enter your goal, what you've saved so far, how many years you have, and your account's interest rate.
2. The tool tells you the monthly deposit needed to get there on time.
3. In the second box, enter how much you can save each month to see how long the goal will take.
4. Adjust the numbers to find a plan that fits your budget.

How it's calculated

Your account's APY is turned into a monthly rate i = (1 + APY)^1/12 − 1. Money you've already saved grows to S × (1 + i)ⁿ over n months. The monthly deposit that closes the remaining gap comes from the future-value-of-payments formula:

For "how long will it take", the tool adds interest and your deposit month by month until the balance reaches the goal.

Frequently asked questions

What interest rate should I enter?
Use the APY of the account you'll save in, such as a high-yield savings account. If the money will sit in a regular checking account, enter 0.

Why is the amount I need less than goal ÷ months?
Because interest does part of the work. The higher the rate and the longer the time frame, the more interest contributes.

Is this good for an emergency fund?
Yes. Set your goal to the amount you want on hand (many people aim for a few months of expenses) and see what monthly amount gets you there.