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Savings Goal Calculator

Pick a goal and a deadline; we work out the monthly deposit that gets you there.

By FlareLodge EditorialChecked against Microsoft Excel docs, CFPBUpdated

Calculator

Your details

Save each month

$662.08

$50,000

goal

How you reach the goal

  • Already saved$5,00010%
  • Your deposits$39,72579%
  • Interest$5,27511%
Number of deposits
60

Calculated privately in your browser — nothing is uploaded.

Your result

What your result means

To grow $5,000 into $50,000 in 5 years at 4%, deposit $662.08 at the end of each month. Over 60 months you add $39,725 yourself and interest supplies about $5,275.

The math

Formula and sources

Formula
D = (G − S × (1 + i)^n) × i ÷ ((1 + i)^n − 1)
D
monthly deposit
G
goal
S
current savings
i
annual rate ÷ 12
n
months

Equivalent to Excel’s PMT function with a future value. At 0% it is simply (goal − savings) ÷ months.

Sources we checked this against

  1. 1PMT function (payment formula and examples)Microsoft Support · support.microsoft.com
  2. 2FV function (future value formula and examples)Microsoft Support · support.microsoft.com
  3. 3How does compound interest work?Consumer Financial Protection Bureau · consumerfinance.gov

Formula last checked 2026-11-04. Found an error? Tell us and we will fix it.

Step by step

Two worked examples

Example 1

Microsoft’s example: $50,000 in 18 years

Save each month

$129.08

Savings goal
$50,000
Already saved
$0
Annual interest rate
6%
Years to reach goal
18 years

Microsoft’s PMT documentation shows saving $129.08 a month at 6% for 18 years reaches $50,000. We get $129.08; interest contributes $22,118 of the total.

Example 2

Same goal in 5 years

Save each month

$716.64

Savings goal
$50,000
Already saved
$0
Annual interest rate
6%
Years to reach goal
5 years

With only 60 months, interest has little time to work: you need $716.64 a month and interest adds just $7,002.

Comparison of the two examples
ResultExample 1Example 2
Save each month$129.08$716.64
Total new deposits$27,882$42,998
Interest earned$22,118$7,002

Questions

Frequently asked questions

What interest rate should I use?

Use the APY on the account you will actually use, such as a high-yield savings account or CD. For money you need within a few years, avoid assuming stock-market returns.

What if I can only save less each month?

Lengthen the timeline or lower the goal and recalculate. The result updates as you type, so you can find a deposit that fits your budget.

Does this include taxes on interest?

No. Interest in a regular savings account is taxable. To approximate, reduce the rate by your tax rate (for example 4% × (1 − 0.22) ≈ 3.1%).