Savings goal calculator
Enter a target and a deadline. See how much to put away each month.
How it works
The calculator grows what you have saved already, then finds the monthly deposit that closes the gap, counting interest. Example: a $20,000 goal in 3 years, with $2,000 saved and 4% interest, needs $464.77 a month.
| Time | Monthly deposit | Without interest |
|---|---|---|
| 1 year | $1,636.33 | $1,666.67 |
| 2 years | $801.83 | $833.33 |
| 3 years | $523.81 | $555.56 |
| 5 years | $301.66 | $333.33 |
Common goals
- An emergency fund, often set at a few months of expenses.
- A down payment, where the timeline sets the monthly amount.
- A trip, a car or a wedding, where the date is fixed.
Rates on savings accounts change, so check again if the rate moves. To see a balance for a deposit you already chose, use the savings calculator.
Questions people ask
How much should I save each month?
Divide the amount you need by the months you have, then subtract a little for interest. The calculator does this exactly.
Does interest make a big difference?
For short goals, not much. For goals many years away, a lot.
What if I already have money saved?
Enter it in "Already saved". It grows too and lowers the monthly deposit.