Free savings goal calculator. Compute the monthly contribution needed to hit any savings target by a specific date, given starting balance and assumed return.
Compute the monthly contribution needed to reach any savings goal by a specific date.
Required monthly contribution
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Total contributed
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Growth from interest
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Your breakdown
Updates live as you type
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Amount
Worked example
Suppose you want $50,000 in 5 years for a house down payment, you already have $5,000 set aside, and your
savings earn 5% a year. First the tool grows your existing $5,000 forward. Compounding monthly at 5% for
60 months, that balance becomes about $6,417 by the goal date on its own. That means you only need your
monthly deposits to supply the remaining $43,583. Solving the savings annuity for that gap gives a
required contribution of about $640.87 a month. Over the 5 years your deposits plus the original $5,000
add up to about $43,452 of your own money, and the interest earned along the way contributes roughly
$6,548 toward the goal. If your starting balance were larger or your rate higher, the future value of
what you already have would cover more of the target, and the required monthly amount would fall.
How it is calculated
The tool works backward from the target. It first compounds your current balance forward to the goal date
using the monthly rate, which is the annual rate divided by 12, over the number of months in your
horizon. Subtracting that future balance from the target gives the amount your new deposits must cover.
It then inverts the future-value-of-an-annuity formula to find the level monthly contribution that grows
to exactly that remaining amount by the deadline. Total contributed adds every deposit to your starting
balance, and the growth figure is the target minus what you put in, which is the interest your savings
earned along the way. If your existing balance already grows past the target on its own, the required
contribution is zero and the tool says so. The result is a planning estimate that assumes a steady return
and ignores tax on interest, so a tax-advantaged or high-yield account changes the picture.
Frequently asked questions
What rate should I use?
For short goals (1-3 years): 4-5% HYSA. Medium (3-7 years): 5-7% balanced portfolio. Long (7+ years): 7-9% stock-heavy portfolio. Be more conservative if the goal is non-negotiable (e.g., down payment by a specific date).
How much should I save each month to reach my goal?
This calculator solves for the monthly contribution needed: it starts from your target, subtracts the future value of what you already have invested, then back-calculates the monthly payment that closes the gap. The higher your return assumption, the lower the required monthly contribution, because compound interest does more of the work. If the monthly number feels too high, either extend your timeline, lower your target, or raise your expected return by shifting to higher-growth investments.
What return rate should I use for a savings goal?
Use 4-5% for goals inside a conservative or balanced portfolio. Use 6-7% for goals inside a diversified stock-heavy portfolio with a horizon of 10+ years. Use 0.5-1% for money sitting in a high-yield savings account or money market. Inflation-adjusted returns (real returns) are lower: roughly 2-3% for bonds, 4-5% for equities after inflation. For goals less than 3 years away, keep the money in cash or short-term CDs and use 0% in this calculator to be conservative.
Should I use a taxable account or a tax-advantaged account to reach a savings goal?
Max out tax-advantaged accounts first if the goal qualifies. A 529 for college savings, an IRA for retirement, an HSA for medical costs, and a 401(k) for general retirement all offer tax breaks that materially improve outcomes. For goals that do not fit a specific tax-advantaged wrapper, a low-cost taxable brokerage account with index funds minimizes drag. Avoid single-premium annuities or whole life insurance as savings vehicles for defined goals: the fees erode returns significantly over time.