Savings Goal Calculator
Find the monthly deposit needed to reach any savings goal, given your timeline, current savings, and account APY.
Enter your goal amount, months to save, current savings, and APY. The calculator projects how your current savings grows, subtracts it from the goal, and solves for the required monthly deposit. Useful for down payments, vacations, and emergency funds.
How to use this calculator
- Step 1: Enter your savings goal amount, e.g. $20,000 for a down payment.
- Step 2: Enter how many months you have to save.
- Step 3: Enter your current savings and the APY your account pays.
- Step 4: Click Calculate and read off your required monthly deposit.
The formula
Monthly deposit = remaining / (((1+i)^n - 1) / i), where i = (1+APY)^(1/12) - 1 and remaining = goal - current x (1+APY)^(n/12)
Worked example
To reach a $20,000 goal in 24 months with $2,000 already saved earning 4% APY, your current savings grows to $2,163.20, leaving $17,836.80 to save — a monthly deposit of $715.60.
Frequently Asked Questions
How does the savings goal calculator work?
It grows your current savings at the APY you enter, subtracts that projected amount from your goal, and solves the annuity formula for the monthly deposit that covers the rest. The monthly rate is derived from the APY as (1 + APY)^(1/12) - 1, so the compounding matches a real savings account.
What if I already have enough saved to reach the goal?
Then the required monthly deposit is $0. The calculator shows the projected growth of your current savings and how far past the goal that growth alone would take you, so you can decide whether to redirect future deposits elsewhere.
Does this account for taxes or inflation?
No — it projects nominal growth at the stated APY. Interest on a savings account may be taxable, and inflation erodes purchasing power. Treat the result as a planning baseline and pad your goal if inflation protection matters to you.
What APY should I enter?
Use the annual percentage yield your savings account actually pays, which you can find on your bank statement or website. High-yield online accounts often pay 4-5%, while traditional bank accounts may pay under 1%. If your rate is variable, use a conservative estimate.