How to use the Savings Goal Calculator
Enter the amount you want at the deadline, any savings already set aside, and an expected annual rate. Choose Target date or Number of months for the deadline. The calculator applies monthly compounding and end-of-month contributions, then shows the formula, assumptions, intermediate values, and a result you can copy or download.
- Enter Target amount ($).
- Enter Current savings toward this goal ($), or leave it blank to use $0.
- Enter Expected annual rate of return (%), or leave it blank to use 0%.
- Choose Target date or Number of months, then enter the matching deadline.
- Click Calculate to show Result. Click Reset to clear the fields and hide the result.
How the required monthly contribution is calculated
The calculator divides Expected annual rate of return (%) by 12 to get the monthly rate. It grows Current savings toward this goal ($) to the deadline, subtracts that future value from Target amount ($), and calculates the equal contribution due at each month's end. At 0%, it divides the remaining amount by the number of months.
Target amount ($): 20000
Current savings toward this goal ($): 3000
Expected annual rate of return (%): 0
Months until deadline: 24
Required monthly contribution: $708.33If the projected value of current savings reaches the target, Required monthly contribution is $0. Projected balance at deadline can still exceed the target because the calculation leaves the existing savings in place.
Target date or Number of months
Choose Target date for a calendar deadline. The date must be in the future. The calculator converts it to a whole number of months from today and uses at least one month.
Choose Number of months for a direct period. The value must be greater than 0. Decimal values are rounded up, and values above 1200 months produce an error.
What the Savings Goal Calculator shows
After a valid calculation, Result shows Required monthly contribution, Months until deadline, and Projected balance at deadline. Formula used displays the equations. The assumptions table records the entered values, future value of current savings, amount needed from contributions, total contributed, total growth earned, and projected balance.
Use Copy result for a plain-text summary or Download result (.txt) for a text file. Each includes the deadline, monthly rate, contribution, projected balance, and formula.
Limits and assumptions
- Target amount ($) must be greater than 0.
- Current savings toward this goal ($) cannot be negative or greater than the target.
- Expected annual rate of return (%) must be between 0% and 100%.
- Growth is compounded monthly, and contributions are assumed at each month's end.
- The projection leaves out taxes, fees, inflation, withdrawals, missed payments, and extra payments.
- The calculation uses the numbers you enter in the browser. It does not fetch rates, bank balances, or other financial records.
Use a date or test a period
Use Target date when the deadline is a calendar date. Use Number of months when you want to compare different periods. Each calculation returns the monthly contribution for the selected deadline.
When another financial calculator fits better
Browse Financial Calculators for related planning tools. Use the Future Value Calculator for a lump sum plus regular contributions. Use the Emergency Fund Calculator when the target depends on expenses, income stability, and target months. Use the Down Payment Calculator for a purchase price, target percentage, and savings plan.
Frequently asked questions
How much should I save each month to reach a savings goal?
Required monthly contribution is the level end-of-month amount that fills the gap between Target amount ($) and the projected value of Current savings toward this goal ($). It uses monthly compounding and your selected deadline.
Can I use a target date for a savings goal?
Yes. Choose Target date and select a future date. The calculator converts it to a whole number of months from today, rounded up.
What happens if my current savings cover the target?
Required monthly contribution becomes $0 when projected current savings cover Target amount ($). Projected balance at deadline may exceed the target.
Does the savings goal calculator include inflation or fees?
The projection leaves out inflation, taxes, fees, withdrawals, missed payments, and extra payments.
Do my savings goal calculator inputs leave my browser?
The calculator performs the calculation in your browser and does not send the entered values to a server.