Savings Goal Calculator
Work out the monthly deposit that gets you to your savings goal on time.
Planning backwards from a goal
Instead of asking what a deposit grows into, this asks what deposit you need. Your existing savings keep growing on their own, so the monthly amount only has to fill the remaining gap.
Example
To reach 50,000 in 5 years from 5,000 saved at 4% a year, you need to save about 662 a month. You would deposit roughly 44,725 in total, and the interest covers the other 5,275.
If the answer is too high, give yourself more time, lower the goal, or find a higher-paying account. Interest rates change, so treat the result as a plan to review each year. Deposits are assumed to be made at the end of each month.
Frequently asked questions
What if I want to make a one-off deposit instead?
Add it to the amount already saved and see how the monthly figure drops.
Is the interest taxed?
This does not include tax. If interest is taxable where you live, your real result will be a little lower.
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