Goal
$50,000.00
Savings Goal Calculator
Find the monthly contribution needed to reach a savings target.
Required Monthly Contribution
$194.08
Future Value of Current Savings
$18,193.97
Amount Still Needed
$31,806.03
Months
120
How to use the Savings Goal Calculator
The Savings Goal Calculator is free and runs entirely in your browser — no sign-up, and nothing you enter leaves your device. It opens pre-filled with a realistic example, so you can see how it works before replacing any figure with your own; the results update as you type. Press Calculate to refresh the result panel, or Reset to return to the example.
The inputs it asks for:
- Savings Goal — a dollar amount.
- Current Savings — a dollar amount.
- Years to Goal — a number.
- Expected Annual Return — a percentage (enter 6 for 6%).
The formula
The calculator grows your current savings forward, then solves for the level monthly deposit that covers whatever gap remains — a sinking-fund payment:
PMT = (Goal − Current·(1 + r)ⁿ) · r ÷ ((1 + r)ⁿ − 1)- Goal
- the target amount you want to reach
- Current
- what you have saved today
- r
- monthly return = annual return ÷ 12
- n
- number of months = years × 12
If your current savings already grow past the goal on their own, the required contribution is zero — the calculator floors it there rather than showing a negative deposit.
Worked example
Using the example values — Savings Goal $50,000.00, Current Savings $10,000.00, Years to Goal 10, Expected Annual Return 6% — the Savings Goal Calculator returns a Required Monthly Contribution of $194.08. It also reports Goal ($50,000.00), Future Value of Current Savings ($18,193.97), Amount Still Needed ($31,806.03).
Prefer your own numbers? Change any field above and this recomputes instantly.
Key terms
- Future value
- What a sum today grows to at a given return over time.
- Sinking-fund payment
- The regular deposit needed to accumulate a set amount by a set date.
- Expected return
- The average annual growth you assume — an estimate, not a guarantee.
Frequently asked questions
What return should I assume?
Use a rate that matches how the money is invested: near-zero for a savings account, higher (and less certain) for a diversified stock portfolio. A lower assumption is the safer plan — try it to stress-test the goal.
What if I can't afford the required amount?
Push the target date out, lower the goal, or raise the assumed return (which usually means taking more risk). Small increases to the monthly deposit compound surprisingly fast over long horizons — see the compound interest calculator.
Does it account for taxes or inflation?
No — it works in today's dollars and ignores tax on gains. If the goal is far off, set the goal higher to preserve purchasing power, or check the inflation calculator.