Savings Goal Calculator
Working Backward From a Target Number
Most savings calculators start with a monthly deposit and project a final balance. This one runs the opposite direction: start with the balance you need to reach, subtract what your existing savings will grow into on their own, and solve for the monthly deposit that closes the remaining gap by your deadline.
The Formula
Required Monthly Deposit = (Goal − FV of Current Savings) ÷ [((1+r)n − 1) ÷ r]
P is your current savings, r is the monthly interest rate, and n is the number of months until your deadline. If your current savings alone are projected to reach the goal through growth, the required monthly deposit comes back as zero.
Where This Is Useful
- Down payment targets — reverse-engineering the monthly savings needed to hit a home down payment by a specific date.
- Large purchases — weddings, vehicles, or a planned sabbatical where the target amount and deadline are both fixed.
- Checking feasibility — if the required monthly deposit turns out to be unrealistic, it signals the timeline or the goal amount needs adjusting.
Example: $30,000 Goal, $5,000 Already Saved, 4.5% Rate
| Metric | Value |
|---|---|
| Goal Amount | $30,000.00 |
| Current Savings ($5,000) Grows To (6 yrs) | $6,546.52 |
| Required Monthly Deposit (6 yrs) | $284.35 |
A shorter deadline or lower interest rate raises the required monthly deposit; a longer deadline or higher rate lowers it.
How to Use This Calculator
- Enter your Savings Goal Amount.
- Enter your Current Savings, if any.
- Enter the Expected Annual Interest Rate on the savings.
- Enter the Number of Years you have to reach the goal.
- Select Calculate to see the required monthly deposit.
Related Calculations
Already have a fixed monthly deposit and want to see the outcome instead? Use the Savings Calculator, or check your overall position with the Net Worth Calculator.