Savings Goal Calculator
Find how much to save each month to reach a goal by a deadline.
Monthly deposit
662.08
- Total deposits
- 39,724.61
- Interest earned
- 5,275.39
Show the work
Monthly interest rate
r = annual rate ÷ 100 ÷ 12
4 ÷ 100 ÷ 12 = 0.003333333333
Number of months
n = years × 12
5 × 12 = 60
What you have saved grows to
S × (1 + r) to the power of n
5,000.00 × (1 + 0.003333333333) to the power of 60 = 6,104.98
Still needed from deposits
goal − grown savings
50,000.00 − 6,104.983 = 43,895.02
Monthly deposit
deposit = needed × r ÷ ((1 + r) to the power of n − 1)
43,895.02 × 0.003333333333 ÷ ((1 + 0.003333333333) to the power of 60 − 1) = 662.08
Estimates for general information only — not financial advice.
How it works
Monthly deposit = (Goal − S(1 + i)^n) × i ÷ ((1 + i)^n − 1), with i = rate ÷ 12, n = months
Questions
- How does the savings goal calculator work?
- Monthly deposit = (Goal − S(1 + i)^n) × i ÷ ((1 + i)^n − 1), with i = rate ÷ 12, n = months.
- What do I need to enter?
- Savings goal, Saved so far, Annual interest rate, Years to reach it. Optional fields can be left blank.
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