FINANCIAL · SAVINGS GOAL
Savings Goal Calculator
Calculate the monthly, quarterly, or annual contribution needed to reach a savings target by a specific date, given an interest rate.
Monthly contribution needed
$147.05
60 monthly payments
Current savings$0.00
Total contributions$8,823.00
Interest earned$1,177.00
Savings goal$10,000.00
About This Calculator
Find out exactly how much you need to save each month (or quarter, or year) to reach a financial goal by a specific date. Enter your target amount, current savings, expected interest rate, and time horizon.
How It Works
Enter your savings goal, current balance, annual interest rate, time horizon, and contribution frequency. The calculator solves the standard present-value annuity equation (PMT formula) to find the periodic payment that will grow your balance to the goal amount by the end of the period.
The Formula
PMT = (FV − PV × (1+r)^n) × r / ((1+r)^n − 1)
- FV
- Savings goal (future value)
- PV
- Current savings (present value)
- r
- Periodic interest rate = annual rate / periods per year
- n
- Total contribution periods = years × periods per year
Frequently Asked Questions
- Does the calculator assume contributions at the beginning or end of each period?
- End of period (ordinary annuity). This is the standard assumption for savings accounts, matching Excel's PMT() function with type=0.
- What if my current savings already exceed my goal?
- The calculator will show an error — you have already met your goal. Try increasing the goal amount or shortening the time period.
- How does contribution frequency affect the result?
- More frequent contributions (monthly vs. annually) reduce the required amount per payment, because each contribution has more time to earn interest before the next.