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Savings Goal Calculator

A savings goal calculator tells you the exact amount to set aside each month to reach a target by a chosen date. It allows for compound growth on both your current savings and your monthly contributions, then shows how the balance climbs toward the goal year by year. Everything runs in your browser, with no signup.

Updated for 2026

Your goal

Drag a slider or type a value. Results update instantly.
$
$
% / yr
years
Save each month
$0
Money you add Interest
Target
$0
You contribute
$0
Interest earned
$0
Current savings
$0

Year by year progress

This table shows the balance at the end of each year as you save toward the goal, split into the money you have added and the interest it has earned along the way.

YearYou addedInterestBalance

How the monthly saving is calculated

The future value of your current savings plus a stream of monthly contributions must equal your target. Solving that for the contribution gives:

PMT = ( Target − P(1 + i)n ) / ( [ (1 + i)n − 1 ] / i )

where P is your current savings, i is the annual return divided by 12, and n is the number of months. The calculator compounds monthly and adds each contribution at the end of the month.

Worked example (Stand: 2026)
  • Savings target$50,000
  • Current savings (P)$5,000
  • Annual return (6 percent, so i)0.005
  • Months (5 years, so n)60
  • Save each month (PMT)$620
  • You contribute monthly, total$37,199
  • Interest earned$7,801
  • Plus current savings$5,000

Frequently asked questions

How much do I need to save each month?
It depends on your target, your current savings, the return you earn, and your time frame. The figure above solves for the exact monthly amount so the balance reaches your goal on time.
Does compound growth reduce how much I save?
Yes. A higher return or a longer time frame means your money compounds more, so you need to set aside less each month to hit the same target.
What return rate should I assume?
Use a rate that matches where the money sits. A savings account may be a few percent, while a broad stock index has historically averaged around 7 percent before inflation over long periods. Returns are not guaranteed, so try a range.
Does this calculator store my numbers?
No. Everything is calculated in your browser. Nothing you enter is sent to a server or saved.

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