SAVINGS GOAL CALCULATOR

How to calculate a savings goal

1. 1

   Enter your savings goal and how much you have already saved.

2. 2

   Set the expected annual interest rate.

3. 3

   Choose whether to solve for time or for the monthly deposit.

4. 4

   Enter your monthly deposit or target years, then read the result.

Questions

How is the time to reach a savings goal calculated?

The tool simulates month by month: each month your balance earns interest at the annual rate divided by 12, then your deposit is added, until the balance reaches the goal.

How is the required monthly deposit worked out?

It uses the future value of an annuity formula, subtracting the growth of your existing savings first, then dividing the remaining amount across the months so compound interest is included.

What if I enter a 0% interest rate?

Then there is no growth and the tool simply divides what you still need by the number of months.

Is my data sent anywhere?

No. All calculations run in your browser and nothing you enter is stored or uploaded.

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