Savings Goal Calculator
Enter your savings goal, current balance, annual interest rate (assumes monthly compounding), and how many years you have to reach your goal. This calculator finds how much you need to contribute each month. Optionally, view the month-by-month breakdown.
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$0.00 Needed Monthly Contribution
| Month | Start Balance | Interest | Contribution | End Balance |
|---|
About Our Free Savings Goal Calculator
Trying to save up for a future purchase or emergency fund? This Savings Goal Calculator determines how much you need to set aside each month to reach your target within a specified time, factoring in monthly compounding interest.
Key Formulas:
- Monthly Rate =
(Annual Rate / 100) / 12 - Goal =
currentBalance × (1 + monthlyRate)^(totalMonths) + monthlyContribution × [((1 + monthlyRate)^(totalMonths) - 1) / monthlyRate] - Solve for
monthlyContributionif the goal and other parameters are known.
We also provide an optional monthly breakdown to show progress. For more finance calculators, visit Apex Calculator.