Savings Goal Calculator

Written byOleh Soloninupdated 27 September 2026

Currency

What to work out

Goal amount

Months to goal

Interest rate, % a year

The savings account rate, compounded monthly; enter 0 if the money earns nothing.

Advanced options

Already saved

Rise in the goal's price, % a year

If the goal is a purchase whose price rises with inflation, the goal is raised to the end of the term.

Result

Save per month

$400.92

Total deposits

$9,621.98

Interest adds

$378.02

Balance at the end

$10,000.00

Months

Working

Deposit = 10,000.00 × 0.3333% ÷ ((1 + 0.3333%)^24 − 1) = 400.92 Without interest: 416.67 a month

Savings plan

 Month        Deposits      Interest         Balance
     1          400.92          0.00          400.92
     2          801.83          1.34          803.17
     3        1,202.75          4.01        1,206.76
     4        1,603.66          8.04        1,611.70
     5        2,004.58         13.41        2,017.99
     6        2,405.50         20.14        2,425.63
     7        2,806.41         28.22        2,834.63
     8        3,207.33         37.67        3,245.00
     9        3,608.24         48.49        3,656.73
    10        4,009.16         60.68        4,069.83
    11        4,410.07         74.24        4,484.32
    12        4,810.99         89.19        4,900.18
    13        5,211.91        105.52        5,317.43
    14        5,612.82        123.25        5,736.07
    15        6,013.74        142.37        6,156.11
    16        6,414.65        162.89        6,577.54
    17        6,815.57        184.81        7,000.38
    18        7,216.49        208.15        7,424.63
    19        7,617.40        232.90        7,850.30
    20        8,018.32        259.06        8,277.38
    21        8,419.23        286.66        8,705.89
    22        8,820.15        315.68        9,135.82
    23        9,221.07        346.13        9,567.19
    24        9,621.98        378.02       10,000.00

Deposit for other terms

      Term       Per month        Interest
      6 mo        1,652.83           83.01
     12 mo          818.17          182.01
>    24 mo          400.92          378.02
     36 mo          261.91          571.37
     60 mo          150.83          950.09
    120 mo           67.91        1,850.58

This result is informational only and is not professional advice.

From the goal to a monthly amount, and back from a deposit to a date

How much to save each month to reach a goal by a date, and how long a goal takes at the amount you can save: with interest on the balance, money already saved, a rising goal price, a month-by-month savings plan and the deposit for other terms.

This calculator answers two questions: how much to put aside each month so the goal is there by a date, and the reverse, how many months the goal takes if you save what you can.

If the money sits in a savings account, interest covers part of the goal and the monthly amount is smaller. The calculator takes money already saved and a rising goal price into account, and shows the formula, a savings plan month by month and how the deposit changes with the term.

How to use

Choose the question: how much to save each month, or how long it takes at your deposit.
Enter the goal and the term, or the goal and the amount you save each month.
Enter the savings account rate, or 0 if the money earns nothing.
In the extra settings add what you have already saved and a yearly rise in the goal's price if it is a purchase that gets dearer.
Read the deposit or the time needed, the interest, the Working lines and the savings plan.

How to work out how much to save each month

Without interest it is simple: (goal − already saved) ÷ number of months. To save 10,000 in 24 months you need 416.67 a month.

With interest on the balance, deposit = (goal − saved × (1 + i)ⁿ) × i ÷ ((1 + i)ⁿ − 1), where i is the monthly rate (yearly rate ÷ 12) and n the number of months. At 4% a year compounded monthly the same 10,000 in 24 months needs 400.92 a month: 9,621.98 of your own money and 378.02 of interest.

How the term changes the monthly amount

The strongest lever is time. Stretching the goal from one year to two cuts the deposit by more than half, and over ten years interest at 4% covers 1,850.58 of a 10,000 goal. The Deposit for other terms table reworks this for your own goal.

A 10,000 goal at 4% a year compounded monthly. Worked out with this calculator.
Term	Save per month	Interest adds
6 months	1,652.83	83.01
1 year	818.17	182.01
2 years	400.92	378.02
3 years	261.91	571.37
5 years	150.83	950.09
10 years	67.91	1,850.58

How much the interest rate matters

Over a short term the rate barely moves the deposit: over two years, 5% instead of nothing saves under 20 a month. Over ten years it matters far more: at 4% you save 67.91 a month instead of 83.33, and interest supplies almost a fifth of the goal.

A 10,000 goal, interest compounded monthly. Worked out with this calculator.
Rate	2 years: per month	2 years: interest	10 years: per month	10 years: interest
0%	416.67	0	83.33	0
2%	408.74	190.34	75.35	958.39
4%	400.92	378.02	67.91	1,850.58
5%	397.05	470.87	64.40	2,272.14

How long it takes at the amount you save

If you know what you can save, choose the second question. Saving 300 a month at 5% a year, 10,000 takes 2 years 8 months, with 9,600 of deposits and 646.63 of interest. Without interest it would take 2 years 10 months.

The time runs to the first month in which the balance reaches the goal, so the balance at the end is usually a little above it. That is also why 400 a month at 4% takes 25 months: it is just short of the 400.92 needed for 24.

Money already saved and a rising goal price

Money you have already saved earns interest for the whole term, so it cuts the deposit by more than its share divided by the months. Starting with 2,000, a 10,000 goal over two years at 4% needs 314.07 a month instead of 400.92.

If you are saving for a purchase that gets dearer, enter the yearly rise in its price and the goal is raised to the end of the term. At 3% a year, 10,000 in two years becomes 10,609, and the deposit rises to 425.33.

The savings plan month by month

The Savings plan table shows how much has gone in, how much interest has been added and the balance after each month, or after each year for terms over three years. In the example the balance after a year is 4,900.18: 4,810.99 of deposits and 89.19 of interest. In the second year interest grows faster because it is earned on a bigger balance.

Tax on interest is not deducted, so check how interest on savings is taxed where you live.

What this calculator shows

How much to save each month, or how long the goal takes
How much you pay in and how much interest adds
The goal after a rise in its price
The deposit formula with your numbers
A savings plan by month or year and the deposit for other terms

What to keep in mind

Deposits go in at the end of each month and interest is added monthly on the balance at the yearly rate ÷ 12.
The rate and the rise in the goal's price stay the same for the whole term.
Tax on interest is not included.

FAQs

How much do I need to save each month to reach my goal?

Without interest, (goal − already saved) ÷ months: 10,000 in 24 months is 416.67. At 4% a year compounded monthly, 400.92 a month is enough, because interest adds 378.02.

How long will it take to save 10,000 at 300 a month?

At 5% a year, 2 years 8 months; with no interest, 2 years 10 months. Choose the how-long option and enter your own goal, deposit and rate.

What if I cannot manage the monthly amount?

Extend the term, lower the goal or find a better rate. Time does the most: 10,000 in one year is 818.17 a month, in three years 261.91 at 4%.

How much does the interest rate matter?

Over a year or two, very little: 397.05 a month at 5% against 416.67 with no interest over two years. Over ten years at 5%, more: 64.40 against 83.33.

How do I account for inflation when saving for something?

Enter how much the goal's price rises each year. At 3% a year, 10,000 becomes 10,609 in two years, and the deposit at 4% rises from 400.92 to 425.33.

How much do existing savings help?

More than you might expect, because they earn interest the whole time. Starting with 2,000 cuts the deposit for a 10,000 goal over two years at 4% from 400.92 to 314.07.

Why do I end up with a bit more than the goal?

The how-long option rounds up to the first whole month in which the balance reaches the goal. At 400 a month and 4%, the goal needs 25 months, and the balance at the end is a little over 10,000.

What is the formula for a monthly savings deposit with interest?

Deposit = (goal − saved × (1 + i)ⁿ) × i ÷ ((1 + i)ⁿ − 1), with i the monthly rate and n the months. For 10,000 over 24 months at 4% a year, i = 0.3333% and the deposit is 400.92.

Worked example

10,000 in two years

Input: Goal 10,000, 24 months, 4% a year

Output: Save 400.92 a month; interest adds 378.02

Note: Without interest it would be 416.67 a month. Saving 300 a month at 5%, the goal takes 2 years 8 months.

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