Free Savings Calculator
Monthly deposit needed to reach a savings goal by a target date.
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Inputs
Result
Monthly deposit needed
$537.92
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Estimates only. Verify with a professional for consequential decisions.
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Short answer
Solve the future-value-of-annuity formula for PMT: given a goal, rate, and time, back-solve the monthly contribution needed.
What is the Savings Calculator?
The reverse of a projection calculator — you set the goal and it tells you what to save each month to hit it.
How does the Savings Calculator work?
Grow the starting balance to the target date. Solve the annuity formula for the monthly contribution that closes any remaining gap.
Formula
Variables
goalTarget amountstartCurrent balanceiMonthly ratemMonths
Explanation
Isolates PMT from the standard future-value-of-annuity equation, offset by the growth of any starting balance.
Examples
Example 1: $100k goal, $10k now, 5%, 10 yr
About $543 per month.
Applications
- Emergency fund planning
- House down payment
- Vacation, tuition, or wedding savings
Advantages
- Answers the question people actually ask
- Includes both lump-sum and monthly-contribution growth
Limitations
- Assumes a fixed return
- Ignores taxes on interest earned
Common mistakes
- Using stock-market returns for short-horizon cash savings
Tips
- Use 4–5% for high-yield savings, 6–8% for long-horizon investment
Related concepts
The Savings Calculator sits inside the Finance Calculators hub, in the investing & retirement cluster. Growing capital and planning for withdrawal. Understanding the terms below makes the output easier to interpret and easier to compare against neighbouring measures.
Practical use cases and industry applications
Understanding Savings
The reverse of a projection calculator — you set the goal and it tells you what to save each month to hit it. Within finance calculators, savings belongs to the investing & retirement cluster, where it shares terminology and assumptions with closely related tools.
Learning how savings is calculated
Isolates PMT from the standard future-value-of-annuity equation, offset by the growth of any starting balance. Working through the variables one at a time — goal, start, i, m — makes the result reproducible by hand and easier to sanity-check.
Using savings to make a decision
Emergency fund planning House down payment Vacation, tuition, or wedding savings Because outputs depend on the assumptions you enter, run more than one scenario before committing to a figure.
How savings compares with related measures
compound growth, asset allocation, withdrawal rate, yield all describe adjacent aspects of investing & retirement. Comparing this calculator's output against those measures — using the related tools listed on this page — prevents a single metric from being read in isolation.
Frequently asked questions
What if I can't afford the monthly amount?
Extend the time horizon, raise the return by accepting more risk, or reduce the goal.
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