Savings Goal Calculator
How much to put aside each month to reach a target amount by a chosen date.
Results
Monthly contribution
273.44
Amount
16,406.19
Interest earned
1593.81
What this tool does
Set the amount you want, what you already have and how long you have, and this works backwards to the monthly contribution required. A negative result means the starting amount already grows past the target on its own.
Formula
PMT = (FV − P × (1+i)^N) × i ÷ ((1+i)^N − 1)
Variables
| Symbol | Meaning | Unit |
|---|---|---|
fv | Future value | — |
p | Principal | — |
r | Annual interest rate | % |
t | Years | — |
PMT | Monthly contribution | — |
TC | Amount | — |
GA | Interest earned | — |
Worked example
- Future value20,000
- Principal2000
- Annual interest rate3 %
- Years5
- Monthly contribution273.44
- Amount16,406.19
- Interest earned1593.81
Limitations
- This is an informational calculator, not personalised financial advice. Rates, fees, taxes and contract conditions vary between institutions and countries.
- The tool works with whatever currency you use for the inputs; it does not convert between currencies.