Savings Goal Calculator
Find how much to save each month to reach a goal by a date, or how long it will take at your current savings rate.
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About the Savings Goal Calculator
A savings goal calculator works backward from a target. Tell it how much you want to save, what you have now and how long you have, and it shows the monthly deposit you need. It also works the other way: enter a monthly amount and see how long it takes to reach your goal, with interest compounding monthly.
How to use it
- Enter your savings goal, the amount already saved and the savings account APY.
- Enter the years you have to reach the goal to find the monthly deposit you need.
- Or enter a monthly amount to see how long it takes, then press Calculate savings goal.
Savings goal formula
Monthly deposit = (goal − current savings × growth) ÷ annuity factor. The factor reflects monthly compounding at your APY.
Savings goal ideas
| Goal | Typical target |
|---|---|
| Emergency fund | 3 to 6 months of expenses |
| Down payment | 5% to 20% of the home price |
| Vacation or wedding | Depends on the plan |
| Car purchase | A down payment of 10% to 20% |
Frequently asked questions
How much should I save each month for a goal?
Divide the remaining amount by the number of months, then subtract the interest you will earn. The calculator does this for you.
Where should I keep savings for a short-term goal?
A high-yield savings account or CD protects your money from market swings and earns interest.
How long will it take to save $10,000?
At $400 a month with 4% interest, about two years. Enter your numbers above.
Does interest matter for short goals?
A little. Over three years at 4% APY interest can add several percent to your total.
Should I save or pay off debt first?
Pay high-interest debt first while keeping a small emergency fund.
Last reviewed: November 2026. Estimates only, not financial, tax or legal advice.