Work out the monthly deposit needed to reach a savings target by a deadline, with interest.
| Input | Result |
|---|---|
| $25k goal, $5k saved, 4%, 5 yrs | $285.00/month |
| $10k goal, $0 saved, 2%, 2 yrs | $408.74/month |
| $50k goal, $20k saved, 5%, 10 yrs | $109.86/month |
The fixed monthly deposit needed so that your current savings plus deposits plus interest reach the goal on time.
If current savings alone will reach the goal, no monthly deposit is needed and the calculator says so.
Use a conservative rate, savings accounts currently pay 3–5%; investment returns are not guaranteed.
The "annual return" box is the assumption doing the most work. For goals under about three years, almost all of the money must come from deposits, and the return barely matters, so use a conservative savings-account rate and plan the monthly amount accordingly. For horizons beyond five years, invested money can carry more of the load, but only if you can genuinely tolerate the balance falling in a bad year. A useful discipline: run the calculation three times, at a savings rate, at a conservative portfolio rate, and at zero, and see how the monthly deposit changes. The spread is the price of uncertainty, stated in dollars per month.
Dre and Sam want a $25,000 house-repair fund in 5 years and have $5,000 already parked, earning 4% in a savings account. The calculator says: save about $285 a month. Two levers shorten that: pushing the deadline to 4 years raises it to about $374, and starting from $8,000 instead of $5,000 cuts the 5-year figure to about $225. When people say they "can't save more", the alternative dials are time and starting amount, both are on the page.
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Official sources used on this page:
Source-dependent figures are reviewed when the cited issuer publishes an update. Worked examples show the formula applied to the listed inputs; interactive results are calculated in your browser.
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