How much should you put aside each month to reach a savings goal? Enter your target, what you already have, the time you have and an expected interest rate, and this free calculator works out the monthly amount.
| Total you will pay in | – |
| Interest earned | – |
How it works
Your current savings grow by the monthly rate. The rest of the goal must come from monthly deposits: deposit = (goal − grown savings) × r ÷ ((1 + r)^n − 1), where r is the monthly rate and n is the number of months. With a 0% rate the deposit is simply the remaining amount divided by the months.
Example
To reach 15,000 in 3 years with 2,000 saved and a 3% rate, you would save about 340 a month.
Frequently asked questions
Which interest rate should I use?
Use the rate your account pays, or 0 to be cautious. Rates change.
Does this include tax?
No. Interest may be taxable where you live.
What if I pay in at the start of the month?
You would need slightly less. This calculator assumes deposits at the end of each month.
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This calculator gives estimates for information only and is not financial advice. Check figures with your lender or adviser.