Savings Goal Calculator
Target-based savings plan
Set a goal, deadline, and growth estimate
Result
Calculation summary
Enter values to see the result
Savings path preview
Projected progress toward the goal
- Required monthly savings
- $569.99
- Estimated growth
- $5,800.35
- Savings goal
- $50,000.00
How to use this calculator
- 1Enter the target amount, current savings, and time available.
- 2Choose an estimated annual rate, compounding frequency, and contribution timing.
- 3Calculate the monthly contribution required and review how contributions and estimated growth combine.
Formula
Required contribution = remaining future-value gap ÷ annuity accumulation factor
Current savings grow first, then the remaining target is divided by the future-value factor for equal monthly contributions.
Calculation steps
- Convert the selected time into whole months.
- Convert the nominal annual rate and compounding choice into an equivalent monthly growth factor.
- Project the current savings balance without new contributions.
- Solve the equal monthly contribution needed to close the remaining future-value gap.
- Simulate each month to separate contributed money from estimated growth.
Worked example
A 50,000 target, 10,000 already saved, five years, and 4% nominal growth compounded monthly requires about 570 per month when contributions are made at month end.
Assumptions
- The entered rate remains constant and is not guaranteed.
- Equal contributions are made every month at the selected timing.
- Taxes, fees, withdrawals, missed contributions, and rate changes are excluded.
- Changing currency changes formatting only and does not convert amounts.
Sources
Frequently asked questions
Why can the required contribution be zero?
Current savings may already meet the target or may be projected to reach it through the entered growth rate before the deadline.
Does contribution timing matter?
Yes. Beginning-of-month contributions receive one additional month of modeled growth compared with end-of-month contributions.
Is the entered return guaranteed?
No. It is a constant mathematical assumption used for planning, not a forecast or promised return.
What happens at a 0% rate?
The remaining gap is divided evenly by the number of months.