How do I reach my savings goal?
Type your savings goal, what you have saved so far, the account’s APY and how long you have. The savings goal calculator works out the deposit to make each month and shows how your deposits and the interest add up to the goal, month by month.
- Save each month
- $232.69
Save $232.69 a month to reach $10,000.00.
- Your money
- $9,376.92
- Interest earned
- $623.08
- Balance at the end
- $10,000.00
- New deposits in all
- $8,376.92
- Months
- 36
- Months
- 36
Save each month: $232.69. Save $232.69 a month to reach $10,000.00.
How much of the goal is interest?
How does it grow toward the goal?
What does each year look like?
The results are estimates for information only. They are not financial, tax, or legal advice. Check the numbers with your lender or a qualified professional before you decide. Terms of use
How to calculate
Works out how much to save each month to reach a savings goal by a date, from what you have now and the account’s APY, with the deposits, the interest and the balance month by month.
Example with the default inputs (Savings goal $10,000.00, Saved so far $1,000.00, APY (annual percentage yield) 4%, Years 3): Save $232.69 a month to reach $10,000.00.
Method: g = (1 + APY)^(1/12) − 1; monthly deposit D = (G − P(1 + g)^n) × g ÷ ((1 + g)^n − 1), or (G − P) ÷ n at 0%, never below 0; each month interest = balance × g, then D is added.
- The APY stays the same for the whole time. Savings rates can change at any time.
- Deposits are made at the end of each month, the same amount every month.
- Tax on interest is not taken out.
- This is an estimate for planning, not financial advice.
Worked examples
Each example is checked against the calculator on every build.
- Savings goal $12,000.00, Saved so far $0.00, APY (annual percentage yield) 0%, Years 2 gives Save each month $500.00, Your money $12,000.00, Interest earned $0.00, and months 24.Source: U.S. Securities and Exchange Commission, Investor.gov, Savings goal calculator (the amount to save each month to reach a goal), https://www.investor.gov/financial-tools-calculators/calculators/savings-goal-calculator (retrieved 2026-10-02)
- Savings goal $10,000.00, Saved so far $1,000.00, APY (annual percentage yield) 4%, Years 3 gives Save each month $232.69, Balance at the end $10,000.00.Source: Consumer Financial Protection Bureau, Regulation DD (Truth in Savings), 12 CFR 1030, Appendix A: annual percentage yield calculation, https://www.consumerfinance.gov/rules-policy/regulations/1030/a/ (retrieved 2026-10-02)
- Savings goal $5,000.00, Saved so far $6,000.00, APY (annual percentage yield) 2%, Years 1 gives Save each month $0.00, Balance at the end $6,120.00.Source: Consumer Financial Protection Bureau, Regulation DD (Truth in Savings), 12 CFR 1030, Appendix A: annual percentage yield calculation, https://www.consumerfinance.gov/rules-policy/regulations/1030/a/ (retrieved 2026-10-02): a balance left a year grows by the APY, 6,000 × 1.02 = 6,120, already past the goal
- Savings goal $20,000.00, Saved so far $2,000.00, APY (annual percentage yield) 5%, Years 1, and months 6 gives and months 18, Save each month $957.67.Source: U.S. Securities and Exchange Commission, Investor.gov, Savings goal calculator (the amount to save each month to reach a goal), https://www.investor.gov/financial-tools-calculators/calculators/savings-goal-calculator (retrieved 2026-10-02)
How it works
The number of months is n = 12 × years + months (an empty months box counts as 0); it must be at least 1. The APY becomes a monthly rate
g = (1 + APY)^(1/12) − 1
so 12 months of interest equal exactly the APY. With P saved so far and a goal G, the monthly deposit is
D = (G − P × (1 + g)^n) × g ÷ ((1 + g)^n − 1), or D = (G − P) ÷ n when the APY is 0,
and D is 0 when this is below 0 (P alone grows past the goal). (1 + g)^n − 1 is worked out as expm1(n × log1p(g)) so tiny rates keep their digits.
Then the calculator runs month by month: interest = balance × g is added, then the deposit D. The results:
- Save each month is D.
- Your money is P + D × n; new deposits in all is D × n.
- Balance at the end is the balance after the last month: the goal (to within rounding), or more when D is 0.
- Interest earned is the balance at the end minus your money.
Rules
- The goal is more than $0 and at most $10⁹; saved so far from $0 to $10⁹; APY from 0% to 30%; years from 0 to 50 and months from 0 to 11, at least 1 month in all.
Assumptions
- The APY stays the same for the whole time. Deposits are at the end of each month.
- Tax on interest is not taken out. This is an estimate for planning, not financial advice.
Worked examples by hand
$12,000 in 2 years from $0 at 0%. D = 12,000 ÷ 24 = $500.
$10,000 in 3 years from $1,000 at 4% APY. g = 1.04^(1/12) − 1 = 0.0032737. (1 + g)^36 = 1.04³ = 1.124864, so P grows to 1,124.86. D = (10,000 − 1,124.864) × 0.0032737 ÷ 0.124864 = 8,875.136 ÷ 38.141089 = $232.69.
$5,000 goal with $6,000 at 2% for a year. 6,000 × 1.02 = 6,120 is past the goal, so D = $0 and the balance is $6,120.
$20,000 in 1 year 6 months from $2,000 at 5% APY. n = 18, g = 1.05^(1/12) − 1. P grows to 2,000 × 1.05^1.5 = 2,151.86; ((1 + g)^18 − 1) ÷ g = 18.637095. D = (20,000 − 2,151.86) ÷ 18.637095 = $957.67.
Other questions people ask
How much do I need to save each month to reach my goal?
Without interest, divide what is left by the months: $12,000 in 2 years from $0 is 12,000 ÷ 24 = $500 a month. With interest the deposit is a little less, because the balance earns as it grows: $10,000 in 3 years from $1,000 at 4% APY needs about $232.69 a month.
What formula does the savings goal calculator use?
With a starting balance P, goal G, n months and monthly rate g = (1 + APY)^(1/12) − 1, the deposit is D = (G − P(1 + g)^n) × g ÷ ((1 + g)^n − 1). It is the future value of a monthly deposit solved for the deposit, and it gives the same answer as the goal section of the savings calculator.
What if I already have enough?
If what you have now grows past the goal by itself, the deposit is $0. $6,000 at 2% APY is $6,120 after a year, already more than a $5,000 goal.
What APY should I use?
Use the APY your bank quotes for the account. The APY includes compounding, so a balance left for a year grows by exactly that percent. High-yield savings rates change often; rerun the plan when your rate changes.
Does the calculator include taxes?
No. Interest on a savings account is taxable income, reported on Form 1099-INT, so if you pay the tax from the account you may need to save a little more. The estimate also assumes the same deposit at the end of every month.