Free savings goal calculator
Find out how much to save monthly to hit a goal — enter target amount, current balance, rate, and timeline, updated live, as you type.
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Hypothetical projection at fixed rate. Actual savings returns vary. Excludes taxes.
Results are estimates. Consult a professional.
How the savings goal calculator works
A savings goal calculator answers the question: how much do I need to save each month to hit a specific target by a specific date? It works backward from your goal — subtracting the growth of your current savings and dividing the remaining gap into equal monthly payments.
The formula is the inverse of the future-value formula. You specify the target (future value), your starting balance (present value), the timeframe in months, and the interest rate, and the calculator solves for the required monthly payment (PMT). The longer your runway or the higher your starting balance, the smaller the required monthly contribution.
Worked example: $25,000 in 3 years from $5,000
You want to save $25,000 for a home down payment in 3 years. You already have $5,000 saved and can earn 4% APY in a high-yield savings account. How much do you need to save each month?
Monthly savings needed to reach common goals
The table below shows the required monthly contribution starting from $0 at two common APY levels. If you already have savings, your actual required contribution will be lower.
| Goal | Timeframe | 3% APY | 5% APY |
|---|---|---|---|
| $10,000 | 1 year | $825/mo | $815/mo |
| $10,000 | 3 years | $267/mo | $257/mo |
| $25,000 | 3 years | $667/mo | $643/mo |
| $25,000 | 5 years | $383/mo | $361/mo |
| $50,000 | 5 years | $766/mo | $723/mo |
| $50,000 | 10 years | $358/mo | $322/mo |
| $100,000 | 10 years | $716/mo | $644/mo |
Source: calculated using SEC savings goal methodology; assumes monthly compounding from $0 starting balance.
Tips for reaching your savings goal
Knowing your monthly target is only step one. These five strategies help you actually hit it — even when budgets are tight.
- Open a dedicated account with the right label — naming a savings account 'House Down Payment' or 'Emergency Fund' makes it psychologically harder to raid. Many online banks let you create named sub-accounts.
- Split raises and bonuses before you see them — when your paycheck goes up, redirect a portion to savings before lifestyle inflation claims it. Even an extra $50/mo compounds meaningfully over 5 years.
- Recalculate if your timeline changes — if you can wait one extra year for a goal, your required monthly contribution often drops by 20–30%. Use this calculator to quantify the trade-off.
- Chase the best APY for your horizon — money you won't need for 1+ year can go into a CD (certificate of deposit) for a rate boost. Money you might need sooner belongs in a liquid HYSA.
- Revisit monthly, not annually — a quick monthly check keeps you on track and lets you adjust contributions if income or expenses shift, rather than discovering a big shortfall at year-end.
Accuracy and limitations
This calculator assumes a fixed APY for the full savings period and constant monthly contributions. Savings account APYs are variable — they can rise or fall with Federal Reserve rate decisions. If rates fall, you may need to increase your monthly contribution to stay on track. The calculation assumes end-of-month deposits; some banks credit deposits at the start of the month, which would slightly reduce the required payment.
This calculator is provided for educational and planning purposes only. It does not constitute financial advice. Consult a licensed financial advisor for personalized savings strategies.
Savings goal terms defined
About this savings goal calculator
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