Balance over time
Remaining balanceYear-by-year schedule
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This savings calculator tells you exactly how much to set aside each month to hit a goal by a certain date — a down payment, an emergency fund, a trip — and how much of the goal comes from interest versus your own deposits.
How to use it
Enter your savings goal, what you already have saved, how many years you have, and the interest rate / APY on your account. The result is the monthly amount that gets you there, accounting for interest along the way.
How it works
Your starting balance grows on its own, so the calculator first projects that forward, then solves for the monthly deposit that covers the remaining gap: PMT = (goal − current×(1+r)n) × r ÷ [(1+r)n − 1].
Related
Savings Goal Calculator FAQ
How much should I save each month?
It depends on your goal and timeline. To reach $20,000 in 3 years starting from $2,000 at 4% APY, you need about $460/month. The calculator gives your exact number for any goal.
How much should I have in savings?
A common target is 3–6 months of essential expenses in an emergency fund, plus separate savings for specific goals. Start with a $1,000 starter fund, then build from there.
Where should I keep my savings?
A high-yield savings account (HYSA) is ideal for short-term goals and emergency funds — it is FDIC-insured and currently pays far more than a traditional savings account. Use the APY as your rate above.
Does interest really make a difference on savings?
For short goals the deposits matter most, but even 4%–5% APY adds up and beats letting cash sit idle. For long-term goals, compounding becomes the bigger driver.
How do I reach a savings goal faster?
Increase the monthly amount, extend the timeline, automate transfers on payday, and park the money in a high-yield account so interest does some of the work.
Written by Nicolas William, Lead Financial Editor at Finances News. Estimates for planning only. Last updated 2026.