Savings Goal Calculator
Find the monthly saving needed to reach your target.
Required monthly saving
Monthly compounding and deposits at month end. Returns zero if current savings already meet the future target.
Formula checked · NumberSwift · Review process
For informational purposes only. Results are estimates and do not constitute financial advice.
How this calculator works
The required deposit accounts for growth on existing savings and on future monthly contributions. With a zero interest rate, the remaining target is simply divided by the number of months. If your existing balance already grows to the target without new deposits, the required contribution is zero.
Formula
Monthly deposit = max(0, (goal − P(1+r)^n) × r / ((1+r)^n − 1)), where P is existing savings, r = annual rate / 100 / 12 and n is months. At 0%: max(0, (goal − P)/n).
Assumptions & limitations
Monthly compounding and deposits at month end. Returns zero if current savings already meet the future target.
Sources & reference material
- OpenStax: annuities ↗
Background for fixed periodic payments and contributions.
Worked example
With no interest, $18,000 over 60 months requires $300 per month.
To test a monthly amount you have already chosen, use the Compound Interest Calculator and compare deposits with interest earned.
Our approach to calculations ↗Common questions
What if my savings already meet the goal?
The required contribution is zero when the existing amount grows to the target under the entered assumptions.
When are monthly deposits made?
At month end in this model, with interest compounded monthly from the entered nominal annual rate.
What happens at 0% interest?
The remaining target is divided by the number of months. $18,000 over 60 months requires $300 a month.