Savings Goal Calculator
Work backward from a target: enter your goal and timeline below, and see exactly how much you'll need to save each month to get there.
- Free
- No sign-up
- Your numbers stay in your browser
A down payment, a trip, a car, or any target amount.
You've already reached this goal based on current savings.
This is a general estimate, not financial, investment, or tax advice.
Built by Cedrick Reese · How this is verified
How to Use This Calculator
Enter your savings goal and what you've already saved toward it. Set your timeline in months or years, and enter an expected APY. The result shows exactly how much you need to contribute each month to hit your goal on that timeline -- try adjusting the timeline or APY to see how each one changes the monthly amount.
For example: a $10,000 goal, $1,000 already saved, a 24-month timeline, and a 4.5% APY works out to a required contribution of about $355.33 per month.
How the Required Contribution Is Calculated
This is the reverse of the Savings Interest Calculator: instead of projecting forward from a contribution to a balance, this solves backward from a target balance to the contribution needed. The formula rearranges the future value of an annuity: PMT = (FV − PV × (1+r)^n) × r ÷ ((1+r)^n − 1), where FV is your goal, PV is your current savings, r is the monthly rate, and n is the number of months.
Frequently Asked Questions
What if I can't afford the calculated monthly amount?
Try extending your timeline or lowering your goal amount, and see how the required monthly contribution changes. A longer timeline needs a smaller monthly amount.
Does a higher APY really reduce how much I need to save?
Yes, a higher rate means your existing savings and contributions earn more on their own, reducing how much new money you need to add each month. See High-Yield Savings Calculator for how much a rate difference is actually worth.
What's the difference between this and the Savings Interest Calculator?
The Savings Interest Calculator projects forward: given a contribution, what balance do you end up with. This tool works backward: given a target balance, what contribution do you need.
Sources
- Required monthly contribution (PMT) formula — CalcReturn
- Same required-contribution approach, cross-checked against a second source — NerdWallet
How This Calculator Is Verified
Built by Cedrick Reese. The required-monthly-contribution (PMT) formula is checked against CalcReturn and NerdWallet's own savings goal calculator, then cross-verified by hand before this page went live.
Last reviewed: August 25, 2026