Savings Goal Calculator
Find out how much you need to deposit each month to reach a savings goal by a target date. Enter your goal, what you've already saved, and an expected rate, and this calculator works out the required deposit for you.
Your required monthly deposit will appear here
Enter your goal, current savings, and time frame, then click calculate.
Quick Answer
PMT = [FV - PV(1 + i)^N] x i / [(1 + i)^N - 1], where i is the monthly rate that matches your APY and N is the number of months. On a $30,000 goal in 5 years with $2,000 already saved at 4% APY, that comes out to about $416.55 a month. This is the same set of inputs the SEC's Investor.gov Savings Goal Calculator uses.
How It Works: Formula & Variables
PMT = [FV − PV(1 + i)^N] × i / [(1 + i)^N − 1]
- FV (Goal)
- The target balance you want to reach.
- PV (Current)
- What you've already saved toward this goal.
- i (Rate)
- The monthly rate that matches your APY, or (1 + APY)^(1/12) − 1. Dividing the APY by 12 instead would compound it twice and understate the deposit you need.
- N (Periods)
- The number of months until your target date.
With no starting balance (PV = 0), this simplifies to PMT = FV × i / [(1 + i)^N − 1].
Source: SEC, Investor.gov Savings Goal Calculator, which takes the same inputs: goal, initial investment, years to grow, estimated rate, and compound frequency.
Worked Examples
Example: $30,000 goal in 5 years, $2,000 already saved, 4% APY
The existing $2,000 grows to about $2,433.31 on its own over 5 years, leaving $27,566.69 still to fund through deposits. That works out to about $416.55 a month.
Key Concepts
This tool solves the reverse problem: Instead of asking "what will I end up with," it asks "what do I need to put in," which is often the more useful question once you already have a specific target in mind.
Existing savings do real work: A balance you already have keeps compounding on its own the whole time, so the calculator only asks you to cover what's left after that growth.
A longer runway is usually the easiest lever to pull: Pushing the target date back a year or two often lowers the required deposit more reliably than assuming a better return.
Common Mistakes
Ignoring the growth of your existing balance: Leaving it out overstates the deposit you actually need, since your current savings are already working toward the goal on their own.
Assuming an optimistic rate to shrink the required deposit: A rate that's too high on paper leaves you short in practice, since the account won't actually grow as fast as assumed.
Mixing this up with a forward-projecting savings calculator: One tool solves for your ending balance, the other solves for the deposit. Using the wrong one leaves you plugging numbers into the wrong side of the equation.
Frequently Asked Questions
How much you need to deposit each period to reach a specific savings target by a specific date, given what you've already saved and the rate you expect to earn.
A savings calculator projects your ending balance forward from your planned deposits. This calculator runs in the opposite direction: you set the target first, and it works out the deposit needed to get there.
Yes. The calculator grows your existing balance forward to your target date on its own, then only asks you to cover whatever gap remains between that grown balance and your goal.
A realistic APY for the account you plan to keep this money in. If you're not sure, use a current savings or CD rate rather than a market return, since this tool assumes a fairly stable, low-risk account.
Stretching the timeline, increasing your starting balance, or, if realistic, assuming a slightly higher rate will all lower the required deposit. Extending the timeline tends to be the most reliable lever, since it doesn't depend on guessing at a better return.
Slightly. Depositing at the start of each period gives that money one extra period to grow, which lowers the required deposit by a small amount.
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