Quick answer
The monthly deposit to reach a goal is (goal − savings × (1 + i)^m) × i ÷ ((1 + i)^m − 1), with i = annual return ÷ 12. To reach $50,000 in 5 years from $5,000 at 4%, deposit $662.08 a month, $39,724.61 in total.
Enter the goal, current savings, annual return and time. The calculator returns the monthly deposit and the total deposited.
Related tools: 401(k) Calculator: Projected 401(k) balance with salary growth and employer match. Retirement Calculator: Projected savings at retirement from your contributions and expected return. CAGR Calculator: Compound annual growth rate between two values.
How to use the Savings Goal Calculator
- Enter savings goal ($) (above 0).
- Enter current savings ($) (0 or more).
- Enter annual return (%) (between 0 and 100).
- Enter time to reach the goal (years) (between 0 and 100).
- Press Calculate to see the result, and use Reset to start again.
| Input | What to enter | Allowed values |
|---|---|---|
| Savings goal | A number, in $ | > 0 |
| Current savings | A number, in $ | ≥ 0 |
| Annual return | A number, in % | ≥ 0, ≤ 100 |
| Time to reach the goal | A number, in years | > 0, ≤ 100 |
Formula and method
Formula
deposit = (goal − savings × (1 + i)^m) × i ÷ ((1 + i)^m − 1), i = rate ÷ 12
IEEE-754 double precision; money shown to cents, rates to 4 decimals. Results are estimates, not financial advice.
Monthly compounding with end-of-month deposits; 0 when current savings already reach the goal.
Worked examples
These examples are verified: each one is an automated test case that the live calculator must reproduce exactly.
Example 1
Inputs: Savings goal = 50000; Current savings = 5000; Annual return = 4; Time to reach the goal = 5.
| Result | Value |
|---|---|
| Monthly deposit needed | $662.08 |
| Total deposited | $39,724.61 |
Example 2
Inputs: Savings goal = 20000; Current savings = 0; Annual return = 0; Time to reach the goal = 2.
| Result | Value |
|---|---|
| Monthly deposit needed | $833.33 |
| Total deposited | $20,000.00 |
Example 3
Inputs: Savings goal = 10000; Current savings = 12000; Annual return = 3; Time to reach the goal = 2.
| Result | Value |
|---|---|
| Monthly deposit needed | $0.00 |
| Total deposited | $0.00 |
The first line is the headline result (monthly deposit needed). Below it the savings Goal Calculator lists total deposited, which describe the same case from other angles. IEEE-754 double precision; money shown to cents, rates to 4 decimals. Results are estimates, not financial advice.
Where the growth comes from
Your $5,000 grows to about $6,105 and the deposits to about $43,900, which together reach $50,000. Interest supplies about $5,300. With a 0% return the shortfall is divided evenly: $45,000 ÷ 60 = $750.
Adjusting the plan
A longer time or higher return lowers the deposit. Returns on savings accounts are not guaranteed and change over time. If the deposit is too large, extend the deadline or lower the goal.
How the result changes with savings goal
Holding every other input at the first worked example, this table changes only savings goal. It shows how sensitive the answer is to that one value; each row was produced by running this calculator.
| Savings goal | Monthly deposit needed | Total deposited |
|---|---|---|
| 25000 | $285.00 | $17,099.83 |
| 50000 | $662.08 | $39,724.61 |
| 100000 | $1,416.24 | $84,974.18 |
| 200000 | $2,924.56 | $175,473.31 |
What happens with invalid input
These messages are produced by the calculator itself, so you know what to fix.
- Savings goal: entering "0" shows "Savings goal must be greater than 0." beside that field and no result.
- Time to reach the goal: entering "0" shows "Time to reach the goal must be greater than 0." beside that field and no result.
Choosing between the Savings Goal Calculator and similar calculators
Each row shows what a related calculator on this site asks for and what it returns, so you can pick the one that matches your question.
| Calculator | You enter | It returns |
|---|---|---|
| [401(k) Calculator](/finance/401k-calculator/) | annual salary, your contribution and employer matches this share of your contribution | Projected balance |
| [Retirement Calculator](/finance/retirement-calculator/) | current age, retirement age and current savings | Projected savings at retirement |
| [CAGR Calculator](/finance/cagr-calculator/) | beginning value, ending value and years | CAGR |
| [Investment Calculator](/finance/investment-calculator/) | initial amount, annual interest rate and years | Projected value |
| [Savings Calculator](/finance/savings-calculator/) | initial amount, annual interest rate and years | Savings balance |
Background: interest, saving and investing
A nominal rate (APR) does not include the effect of compounding; the annual percentage yield (APY) does: APY = (1 + r/n)^n − 1. A 5% nominal rate compounded annually is 5.000%, semi-annually about 5.063%, quarterly about 5.095% and monthly about 5.116%, so more frequent compounding helps, but with diminishing returns.
The rate you enter in a projection is an assumption, not a promise: real returns vary and can be negative. Fees and taxes are not modelled unless the page says so.
Assumptions and limitations
- 0% return divides the shortfall evenly
Results are estimates for planning, not financial advice. Lender terms, fees, taxes and rounding rules can change real figures, so confirm important numbers with your lender or a licensed adviser.
If a required value is empty, not a number, or outside its allowed range, the form marks that field with a message and shows no result instead of a misleading number. The automated checks deliberately try invalid entries for savings goal and time to reach the goal to confirm this.
Frequently asked questions
What return should I use?
A realistic savings or investment rate.
Are deposits at the end of the month?
Yes, that is the assumption.
Does inflation matter?
Yes, the goal may cost more later.
What does the Savings Goal Calculator calculate?
Monthly deposit needed to reach a savings goal. It returns Monthly deposit needed and Total deposited.
What formula does the Savings Goal Calculator use?
deposit = (goal − savings × (1 + i)^m) × i ÷ ((1 + i)^m − 1), i = rate ÷ 12. Monthly compounding with end-of-month deposits; 0 when current savings already reach the goal.
What do I need to enter in the savings Goal Calculator?
You enter Savings goal ($), Current savings ($), Annual return (%) and Time to reach the goal (years).
How is the result rounded or limited?
IEEE-754 double precision; money shown to cents, rates to 4 decimals. Results are estimates, not financial advice. 0% return divides the shortfall evenly.
What is an example of a savings Goal result?
With savings goal 50000, current savings 5000, annual return 4 and time to reach the goal 5, the monthly deposit needed is $662.08.
Can I rely on this calculator for a decision?
Results are estimates for planning, not financial advice. Lender terms, fees, taxes and rounding rules can change real figures, so confirm important numbers with your lender or a licensed adviser. For this calculator in particular: 0% return divides the shortfall evenly.
Related calculators
- 401(k) Calculator — Projected 401(k) balance with salary growth and employer match.
- Retirement Calculator — Projected savings at retirement from your contributions and expected return.
- CAGR Calculator — Compound annual growth rate between two values.
- Investment Calculator — Project investment growth from a rate of return you choose.
- Savings Calculator — Savings balance with regular monthly deposits.
- Inflation Calculator — Future cost or purchasing power using an average inflation rate you provide.
- CD Ladder Calculator — Maturity values of a ladder of equal CDs with 1, 2, 3 … year terms.
- Emergency Fund Calculator — Emergency fund target and time to reach it.
Sources
- Standard time-value-of-money relations (e.g. Brealey, Myers & Allen, Principles of Corporate Finance)
Content last reviewed 2026-11-04. Formulas and worked examples are checked by automated tests against independently computed values.