Use this monthly savings calculator to estimate how much you need to save per month to reach a target amount, with optional investment growth.
Choose a return assumption to see how the required monthly saving changes. The calculation still uses your target, current savings and timeline.
Line chart showing projected savings balance by year against the target amount.
| Year | Starting balance | Annual contributions | Estimated growth | Ending balance | Currency |
|---|
This savings calculator with interest uses monthly compounding and assumes contributions are made at the end of each month. The monthly rate is the annual return divided by 12, and the number of months is the selected years multiplied by 12.
When the return rate is above zero, the calculator uses an annuity formula to solve for the monthly contribution. When the return rate is zero, it divides the remaining gap by the number of months.
Start with the target amount and the savings you already have. Then choose a time horizon and a return assumption that matches how conservatively or aggressively the money may be invested.
Use the scenario cards to compare cash savings, balanced investing and growth investing, then review the chart and annual table to understand how much of the goal comes from deposits versus estimated growth.
Enter your target amount, current savings, time horizon and expected annual return. The calculator estimates the monthly contribution needed at the end of each month using monthly compounding.
If your current savings are projected to reach the target without additional deposits, the required monthly saving is shown as zero. The chart and table still show the projected balance over the selected time horizon.
Use a conservative assumption that matches where the money may be held. Cash savings may use a low rate, balanced investing may use a moderate rate, and growth investing may use a higher but less certain rate.
No. This savings goal calculator uses nominal target amounts and nominal expected returns. To think about purchasing power, compare your assumptions with an inflation estimate.
No. It is an educational planning tool. It does not account for taxes, fees, market volatility or your personal financial situation.