Savings Calculator
Plan a savings goal, like an emergency fund, a trip, or a down payment. Find out how much you need to save each month to get there on time, or how long it will take with the amount you can save now.
Save each month
232.38
Check the highlighted fields to see your result.
- You put in
- 9,365.77
- Interest earned
- 634.23
- Final balance
- 10,000.00
You already have enough to reach your goal.
Results are estimates for information only and do not constitute financial, medical, or legal advice.
How it works
Your savings grow in two ways: the money you put in each month and the interest it earns. The calculator adds interest every month (the yearly rate divided by 12) and assumes you save at the end of each month. Then it works out the monthly amount that brings your balance to the goal, or the number of months it takes.
The formula
Balance = A × (1 + r)n + D × ((1 + r)n − 1) ÷ r
A is what you already have, D is the monthly savings, r is the yearly rate divided by 12, and n is the number of months.
Worked example
You want $10,000 in 3 years, you already have $1,000, and your account pays 4% a year.
- Your $1,000 grows to about $1,127.27 in 36 months.
- Monthly savings needed for the rest: $232.38.
- You put in $1,000 + $232.38 × 36 = $9,365.77, and interest adds $634.23.
Frequently asked questions
Where should I keep money for a savings goal?
For goals a few years away, many people use a high-yield savings account or certificates of deposit, which pay interest with little risk. Money you need soon is usually not put in stocks, because their value can drop right when you need it.
What interest rate should I enter?
Use the rate your account pays. If you don't know it yet, try a few rates, including 0%, to see how much interest helps. The calculator assumes the rate stays the same the whole time.
Does it account for inflation or taxes?
No. The result is in future dollars, before any tax on the interest. If your goal is a price that will rise over time, such as a car, consider aiming a little higher.
What if I save at the start of each month?
The calculator assumes each deposit is made at the end of the month. Saving at the start earns one more month of interest on each deposit, so you would reach your goal slightly sooner.