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Savings Goal Calculator

Enter a target amount, what you've already saved, a timeframe, and an expected return to find out how much you need to save each month to get there.

Required monthly contribution

$249.59

Total contributions

$34,951.07

Total interest earned

$15,253.44

Show year-by-year breakdown
YearContributionsInterestBalance
1$2,995$408$8,403
2$2,995$617$12,015
3$2,995$840$15,850
4$2,995$1,077$19,922
5$2,995$1,328$24,245
6$2,995$1,595$28,835
7$2,995$1,878$33,708
8$2,995$2,178$38,881
9$2,995$2,497$44,373
10$2,995$2,836$50,205

How the required contribution is calculated

This calculator first projects what your current savings alone will grow to by your deadline, then figures out what level monthly contribution — added on top and left to grow at the same rate — would make up the remaining gap to your goal.

The formula, in plain language

Contribution = (Goal − Current × (1 + r)^n) × r / [(1 + r)^n − 1]

  • Goal — your target amount
  • Current — what you've already saved
  • r — the monthly return rate (annual rate ÷ 12, as a decimal)
  • n — the number of months until your deadline

Worked example

Suppose your goal is $50,000, you already have $5,000 saved, you have 10 years, and you expect a 6% annual return:

  • Your current $5,000 alone is projected to grow to about $9,097 in 10 years
  • Remaining gap to close: roughly $40,903
  • Required monthly contribution: $249.59

Try these exact numbers in the calculator above to see the full year-by-year path to your goal.

Frequently asked questions

How is this different from the compound interest calculator?+

Compound interest projects forward: 'if I save this much each month, what will I end up with?' This calculator works backward from a target: 'I want to end up with this much — how much do I need to save each month to get there?' Same underlying math, opposite question.

What if I'm already on track without adding more?+

If your current savings, left to grow at the expected rate, are projected to reach your goal on their own before the deadline, the calculator shows a required monthly contribution of zero — you don't need to add anything further (assuming the projected return actually holds).

What return rate should I assume?+

For a savings account or CD, use the actual rate you're being offered. For investment accounts, many people use a conservative long-run historical average as a planning estimate — but actual returns vary year to year and are never guaranteed, so treat this as an estimate, not a promise.

Does this account for taxes on investment growth?+

No — it shows nominal growth before any taxes on interest, dividends, or capital gains. Depending on the account type (taxable vs. tax-advantaged) and where you live, taxes could mean you need to save somewhat more than this estimate to hit your actual after-tax goal.

Not financial advice. This calculator is provided for general educational and informational purposes only and does not constitute financial, investment, tax, or legal advice. Results are estimates based on the assumptions you enter and may not reflect actual returns, fees, or taxes. Consult a qualified financial professional before making decisions based on this information.