Savings Goal Calculator

From goal to monthly habit

Saving for a deposit, a wedding or an emergency fund is easier with a monthly figure. This calculator works it backwards from your target.

The formula

It grows your current savings at the monthly rate, subtracts that from the goal and spreads the rest over your deposits: payment = remaining x r / ((1 + r)^n - 1).

Example

To reach $20,000 in 3 years from $2,000 already saved, earning 4.5%, you would need about $460 a month. You would deposit roughly $16,600 yourself, and interest covers the remainder.

Making it easier

Use a high-yield or interest-bearing account, extend the timeline, or add lump sums from bonuses. Set up an automatic transfer.

Keep in mind

Interest rates change, and tax may apply. The result is an estimate.

Frequently asked questions