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Savings Goal Calculator

Find the monthly contribution needed to reach a savings target by your deadline.

Your numbers

Make it your own
Updates as you type
Required monthly savings
$464.77

USD · rounded to the nearest cent

Goal$20,000.00
Initial savings$2,000.00
Total new contributions$16,731.54

Constant nominal rate compounded monthly; no taxes, fees or inflation. Zero means the modeled initial savings alone meet the goal.

Your calculation, step by step

No black boxes
  1. Monthly rate = 4% ÷ 12.
  2. Initial savings grow to 2,254.543749 USD in 36 months.
  3. Monthly contribution = remaining goal ÷ accumulated contribution factor = 464.765063 USD.

What if things were different?

Save up to three scenarios, then change your inputs to compare the possibilities.

How to use this calculator

  1. Enter your own values in the labeled fields. Check the units and assumptions before comparing results. Only the fields needed for your selected calculation mode are shown.
  2. Your answer updates automatically. Review the calculation steps to see exactly how it was calculated.
  3. Copy, share, save, or download your result. Saved inputs stay on this device.

How the calculation works

C = (goal − initial × (1 + i)^n) / [((1 + i)^n − 1) / i]

The target is the future balance you want, not an amount added to your starting savings. A monthly-compounded constant rate grows the initial balance and each contribution. Beginning-of-month deposits earn one more month than end-of-month deposits. If initial savings already meet the modeled goal, the required contribution is zero.

A worked example

To reach $12,000 from $0 in 12 months at 0%, save $12,000 ÷ 12 = $1,000 each month.

Reading your result

Use the main result together with its units and supporting figures. Display values are rounded; calculations keep their underlying precision. A change in inputs or assumptions can change the answer. Compare the step-by-step working with your intended use before relying on an estimate.

Frequently asked questions

What if the interest rate is zero?

The remaining target is divided evenly by the number of months.

Does this adjust the target for inflation?

No. Enter your desired future nominal target.

Sources & methodology

This calculator uses the mathematical identity and assumptions stated above. No current rates, prices, or external data are loaded. Conversion tools use international unit definitions.

Formula review: October 24, 2026. Read our methodology.