Savings goal calculator

How it works

With no interest rate, the required monthly amount is just the remaining gap divided evenly across the months you have left. With a rate entered, it first compounds your current balance forward monthly to see how much of the goal it reaches on its own, then solves the future-value-of-an-annuity formula — PMT = (goal − compounded current balance) ÷ annuity factor — for the monthly contribution needed to make up the rest.

FAQ

Why does adding an interest rate lower the required monthly savings?

Because the calculator first projects your current savings forward with compound interest, then works out how much of the remaining gap needs to come from new contributions — the higher the rate, the more of the goal your existing balance grows into on its own.

What happens if I've already reached my goal?

The result switches to "Goal already met" instead of showing a negative number, since a negative required-monthly-savings figure wouldn't mean anything useful.