Savings Calculator
Find the monthly savings needed to reach a future goal.
Try an example
$321.99
About this calculator
How This Savings Calculator Works
Enter a savings goal, any amount you've already saved, an expected interest rate, and a timeframe, and the calculator solves for the monthly contribution needed to reach the goal — accounting for interest growth along the way.
Worked Example
To reach a $50,000 goal in 10 years at 5% annual interest, starting from $0, you'd need to save $321.99/month — contributing $38,639.31 of your own money in total, with the remaining $11,360.69 coming from interest growth.
The Formula
This is the future value annuity formula solved in reverse: Required monthly = (Goal − FV of current savings) × r ÷ [(1 + r)ⁿ − 1], where r is the monthly interest rate and n is the number of months. Current savings are first grown forward on their own, and the remaining gap to the goal is then solved for as a series of equal monthly contributions.
Savings Calculator vs. Future Value Calculator
These two calculators solve opposite problems using the same underlying math. The Future Value Calculator answers "if I save this much per month, what will I end up with?" This calculator answers the reverse: "I need this much by a certain date — how much do I need to save per month to get there?"
Worked example
To reach a $50,000 goal in 10 years at 5% annual interest, starting from $0, you'd need to save $321.99/month — contributing $38,639.31 in total, with the rest coming from interest growth.
Frequently asked questions
How is this different from the Future Value Calculator?
Future Value tells you what a given contribution grows to. This calculator solves the reverse problem: given a target amount, it tells you what monthly contribution is required to reach it.
What if I already have some savings toward my goal?
Enter it as current savings — the calculator accounts for that amount growing on its own first, then solves for the monthly contribution needed to cover the remaining gap.
What interest rate should I assume?
Use a rate that matches where the money will actually sit — a high-yield savings account, a CD, or an investment account will have very different realistic rates.