Find out how much to set aside each month to hit a savings target by your deadline. Works for an emergency fund, a down payment, a car, or a trip.
The calculator first grows your current savings to the deadline at the monthly rate, then solves the annuity formula for the deposit needed to cover the remaining gap: D = Gap × r / [(1+r)n − 1], where r is the monthly rate and n is the number of months. Deposits are assumed at the end of each month. If you have already saved enough, the required deposit is zero.
Use the rate your savings will realistically earn. A high-yield savings account or money market fund pays more than a checking account. If you keep cash with no interest, enter 0.
Yes. Your current balance grows with interest until the deadline, and the calculator only asks you to save the remaining gap.
If your current savings plus expected interest already meet or exceed the goal, the required monthly deposit shows as $0.
This calculator assumes deposits at the end of each month, which is the standard ordinary-annuity assumption and slightly conservative.
The goal is a fixed dollar amount. If your target needs to keep up with rising prices, set a higher goal to account for inflation over the saving period.
Disclaimer: This tool provides an estimate for general informational purposes only and is not financial advice. Interest rates and returns vary and are not guaranteed. Consult a licensed financial professional for a personal plan.