Choose a savings mode: deadline, budget, emergency fund, or 529 college plan.
Monthly Contribution Required
$460.45
3 years deadline
Goal Amount
$20,000.00
Current Savings
$2,000.00
Remaining to Save
$18,000.00
Total Contributions
$16,576.20
Interest Earned
$1,424.01
Compare high-yield savings rates → Compound Interest Calculator
See how contributions and interest move your balance toward the target.
| Year | Starting Balance | Contributions This Year | Interest This Year | Ending Balance | Progress to Goal |
|---|---|---|---|---|---|
| 1 | $2,000.00 | $5,525.40 | $207.28 | $7,732.68 | 38.7% |
| 2 | $7,732.68 | $5,525.40 | $470.64 | $13,728.71 | 68.6% |
| 3 | $13,728.71 | $5,525.40 | $746.09 | $20,000.21 | 100.0% |
Try realistic goals and apply any preset to the form instantly.
A savings goal calculator takes the guesswork out of financial planning. Whether you are saving for a house down payment, an emergency fund, a vacation, or any other target, this tool answers two essential questions: how much you need to save each month to reach your goal by a specific date, and how long it will take to reach your goal with a fixed monthly budget.
In deadline mode, you set your target amount and timeframe, and the calculator solves for the required monthly contribution. It accounts for interest earned on your existing savings and each monthly deposit, so the required amount is often lower than simply dividing the remaining gap by the number of months.
Deadline mode formula
PMT = (Goal - Current x (1 + r)^n) x r / ((1 + r)^n - 1)
Where r is the monthly interest rate (annual rate / 12) and n is the number of months until your deadline.
In budget mode, you set a fixed monthly contribution amount and the calculator determines how many months it will take to reach your goal. It runs a month-by-month simulation, applying interest to your growing balance and adding your contribution each period. This approach handles edge cases cleanly and mirrors how real savings accounts grow over time.
Existing savings begin earning interest immediately, which reduces the monthly contribution needed or shortens your timeline. Even a modest head start can save you months of saving. For example, having $5,000 already saved toward a $30,000 goal at 4.5% APY means interest alone contributes several hundred dollars over a 3-year period, lowering your required monthly deposit.
For the most accurate results, use the current APY from your savings account or the expected return rate of your investment vehicle. This calculator uses nominal dollars and does not adjust for inflation — for multi-year goals, consider increasing your target amount to account for rising costs.
Common questions about rates, timelines, and planning assumptions.
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This calculator is for educational and planning purposes only and does not constitute financial advice. Results are estimates based on the inputs provided and assume a fixed interest rate and consistent monthly contributions. Actual savings returns may vary. Consult a qualified financial advisor for personalized guidance.