Savings goal calculator
Set the amount you want, such as a car or a house deposit, and see the monthly deposit it takes.
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Processing and privacy: The result is calculated inside your browser and your data is not sent to any server.
How to use it
- Enter savings goal, current savings, expected annual return and term.
- The result appears straight away and updates as you edit.
- Copy the result, or copy a link that keeps the same values to share it.
How it is calculated
i = annual rate / 12, N = years × 12. Monthly deposit = (Goal − Savings × (1+i)^N) × i / ((1+i)^N − 1), paid at the end of each month. At 0%: (Goal − Savings) / N.
Example
Inputs: Savings goal = 100,000 your currency, Current savings = 10,000 your currency, Expected annual return = 4 %, Term = 5 years. Result: Monthly deposit needed: 1,324.15; Total deposits: 79,449.22; Interest earned: 10,550.78.
Limits and caveats
- Assumes a fixed return compounded monthly; real returns vary.
- Inflation is not included; the goal is in nominal terms.
Questions about this tool
Are deposits at the start or end of the month?
The calculator assumes the end of each month. Depositing at the start lowers the amount needed slightly.
What if the return is zero?
The monthly deposit is simply the gap between the goal and your savings divided by the number of months.
How do I allow for inflation?
Raise the goal to its expected future cost, which the inflation impact calculator can give you.