How to use Savings Goal Calculator
- Enter your savings goal, what you have saved so far, and the yearly interest rate (0 if none).
- Choose what you want to find: the monthly deposit or the time needed.
- Enter the time you have, or the deposit you can afford each month.
- Read the result.
About this tool
Deposits are assumed to be made at the end of each month and interest is added monthly at one twelfth of the yearly rate. For a target time, the monthly deposit is the amount that, together with the growth of your current savings, reaches the goal exactly. For a fixed deposit, the calculator adds month after month until the goal is reached.
Interest rates change, and tax and inflation are not included. This is an estimate for planning only, not financial advice. Check real figures with your bank or lender.
Privacy: This tool runs in your browser. What you type or choose is not sent to a server by this website.
Common questions
What if I use 0% interest?
Then the deposit is simply the remaining amount divided by the number of months.
Does inflation matter?
Yes. Prices usually rise over time, so a goal may need to be higher in the future than it is today.