Savings Goal Calculator
Find the monthly deposit needed to reach a savings goal by a target date.
How to use this calculator
- Enter your target amount.
- Enter when you need it by (in years).
- Enter the annual return you expect — use a savings-account APY or 0% for cash.
The formula
PMT = FV × i ÷ ((1 + i)ⁿ − 1)- PMT
- Monthly deposit required
- FV
- Future value — your goal
- i
- Monthly rate (annual ÷ 12)
- n
- Number of months
How it works
Each monthly deposit compounds for however many months remain until your deadline. The formula solves for the deposit amount that makes all those growing deposits sum to exactly your goal.
With a 0% return the math collapses to simple division: goal ÷ months.
Worked example
Save $20,000 for a home down payment in 4 years at 4% APY.
- 1i = 0.04 ÷ 12 ≈ 0.003333
- 2n = 48
- 3PMT = 20,000 × 0.003333 ÷ ((1.003333)⁴⁸ − 1)
PMT ≈ $381.58 per month. You deposit ≈ $18,316; interest covers the rest.
When this calculator is useful
- Down payment planning
- Emergency fund targets
- Vacation or wedding funds
- Replacing a car without a loan
Frequently asked questions
What if I already have some savings?
Subtract the future value of your existing savings from the goal first (grow it with the compound interest calculator), then enter the remaining gap here.
Should I use APR or APY for the return?
Use APY — it already reflects compounding and matches how this calculator grows your deposits.