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Savings Goal Calculator

Enter your goal amount and deadline — see exactly how much you need to save each month to get there.

To save $20,000 in 3 years with a 4% interest rate and no current savings, you need to put aside $524 per month. This calculator works for any goal: emergency fund, vacation, home down payment, new car, or college fund.

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Savings Goal Calculator
Target amount · Timeline · Interest rate · Current savings
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Your goal

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months
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Results

Goal amount
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Current savings (grown)
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Remaining to save
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Monthly savings needed
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Total contributions
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Interest earned
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How it's calculated

Present-value annuity formula

The calculator solves for the monthly payment (PMT) of an ordinary annuity that, combined with your existing savings, reaches your goal in the specified time.

Step 1: Grow current savings Future value of current savings = C × (1 + r/12)^n Step 2: Remaining gap Gap = Goal − future value of current savings Step 3: Monthly payment needed (annuity formula) PMT = Gap × (r/12) / [(1 + r/12)^n − 1] Example: Goal $20k, current $2k, 4.5%, 36 months FV of current = $2,000 × (1.00375)^36 = $2,286 Gap = $20,000 − $2,286 = $17,714 PMT = $17,714 × 0.00375 / (1.00375^36 − 1) = $490/mo
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    Grow current savings
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  • 2
    Gap to fill with contributions
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  • 3
    Monthly contribution needed
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Annuity
A series of equal payments at regular intervals. Your monthly savings is an ordinary annuity paid at end of period.
High-yield savings account (HYSA)
An online savings account paying significantly above the national average. In 2026, rates are 4–5% APY. Ideal for short-to-medium term goals.
APY (Annual Percentage Yield)
The actual yearly return including compound interest — different from APR which doesn't compound. Always compare APY between savings accounts.

🔢 Worked example

To save $30,000 in 24 months from zero at 6%, you need about $1,180/month. Without any return it would be $1,250 — compounding covers the rest.

Disclaimer: assumes constant interest rate. HYSA rates are variable and can change. For goals beyond 3 years, consider that rates may fall. Always confirm with an official source before deciding.

Frequently asked questions

How do I calculate monthly savings needed?
The formula is: PMT = Gap × (r/12) / [(1 + r/12)^n − 1], where Gap = Goal minus your current savings grown at the interest rate, r = annual rate, n = months. This is the annuity payment formula solved for PMT.
Where should I keep savings goal money?
Under 3 years: high-yield savings account (HYSA) — liquid, FDIC insured, 4–5% APY in 2026. 3–7 years: mix of HYSA and short-term bond funds. 7+ years: index funds may be appropriate given longer recovery time for market dips.
Should I include inflation in my goal?
For goals more than 3–5 years away, yes. Add 2–3% per year to your target. For example, a $20,000 vacation 10 years out might cost $26,000 in today's money. The real return calculator can help you model this.
What if I can't hit the required monthly savings?
Three options: (1) extend the timeline — more months means lower monthly requirement; (2) raise the interest rate — move to a higher-yield account; (3) reduce the goal amount — perhaps a smaller vacation or starter car. Adjust any of the inputs to find what fits your budget.
How do I calculate how much to save each month?
Monthly savings = (Goal − Current savings × (1+r/12)^n) ÷ [(1+r/12)^n − 1] × (r/12). This is the present-value annuity formula solved for the payment. For quick estimates without a return rate: (Goal − current savings) ÷ months remaining.
What if I already have some savings?
Enter your current savings in the 'already saved' field. The calculator applies compound growth to your existing savings and only asks you to contribute the additional monthly amount needed to reach your goal.
Are my results saved? Do I need an account?
No account or sign-up needed. Every calculation is saved automatically in your own browser, and you can also pin a result with the save button. Nothing is sent to any server: the data stays on your device and can be erased at any time with the clear button.
How do I track my progress over time?
From the fourth entry onward a “View comparison chart” button appears, opening a line chart with every entry in time order plus an indicator panel: total change, average per entry, lowest and highest value and the period covered. You can also export the history as CSV.

About this calculator

This savings goal calculator tells you how much to set aside each month to reach a target amount by a chosen date. You enter the goal, the time frame, any interest rate you expect to earn, and what you have saved so far, and it returns the required monthly contribution.

It works for any goal — an emergency fund, a vacation, a home down payment, a new car, or a college fund — and shows how interest and a longer time horizon reduce the monthly effort needed. Read the result as a plan: if the monthly figure is out of reach, extend the deadline, lower the target, or seek a higher return.

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By Vinicius Fonseca · Reviewed against official sources · Updated Jul 2026 · How we calculate →