Savings Goal Calculator
Savings Goal Calculator: Calculate the monthly deposit needed to reach a target with optional starting savings and interest.
Savings Goal Calculator
Savings Goal Calculator: Enter your savings target, existing balance, nominal annual interest rate and number of years. The calculator estimates the monthly end-of-month amount you need to contribute.
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How to use Savings Goal Calculator
Enter your savings target, existing balance, nominal annual interest rate and number of years. The calculator estimates the monthly end-of-month amount you need to contribute.
How Savings Goal Calculator calculates the result
Grow the starting balance monthly at the annual nominal rate divided by 12, then solve for the equal end-of-month deposit that reaches the target after the chosen number of months. At a zero rate, divide the remaining target by the month count.
Example
To save 12,000 in one year starting from zero at 0% interest, contribute 1,000 monthly.
What to know
Assumes constant nominal annual rate divided into 12 monthly periods and monthly compounding. No taxes, inflation, fees, volatility or irregular deposits. This is a model rather than a guarantee.