This savings goal calculator tells you the fixed monthly amount to set aside to hit a target by a chosen date. It accounts for compound interest and any money you've already saved, so interest and your starting balance both reduce how much you contribute.
Reviewed: June 20, 2026 · Author: Naveen P N, Founder — AI Calculator · Verified against: future-value-of-annuity formula, recomputed in code.
The formula
The goal (future value, FV) is met by two things: your current balance (PV) growing at interest, and your monthly deposits (PMT) accumulating as an annuity. Rearranging the annuity formula isolates PMT. When the rate is zero the math collapses to simply (FV − PV) ÷ months, since nothing grows. Longer timeframes and higher rates both lower the monthly amount because compounding contributes more.
Worked examples
$10,000 in 24 months, $0 saved, 5%:
$5,000 in 10 months, 0% interest:
$50,000 in 60 months, $10,000 saved, 6%:
In the last case your own money (starting balance plus deposits) is about $41,399 and interest adds roughly $8,601 to reach $50,000 — proof that starting early and earning interest does real work toward the goal.
Frequently Asked Questions
Depends on goal, balance, rate and time. $10,000 in 24 months from $0 at 5% ≈ $397/month.
Interest covers part of the goal, so you save less. Higher rates and longer timeframes lower the monthly amount.
Monthly = remaining goal ÷ months. $5,000 in 10 months = $500.
Yes — it grows with interest and counts toward the goal, lowering your monthly contribution.
No — general guidance assuming a constant rate. Real returns vary; consult a professional.