Savings Goal Calculator
How much to save each month to hit a savings goal by your deadline, with interest included.
How it works
monthly = need × r ÷ ((1 + r)^n − 1)
First your existing savings are grown forward at the interest rate. The remaining gap is covered by a monthly annuity: n is months to the deadline, r the monthly rate derived from the APY.
Worked example
Goal $25,000 in 4 years, $3,000 saved, 4.5% APY: the $3,000 grows to about $3,590, leaving $21,410 to save — about $408 per month.
Frequently asked questions
Where should goal savings live?
Money needed within a few years usually belongs in high-yield savings, money market funds or CDs — not stocks, whose short-term swings can hit right before your deadline.
What is APY vs APR?
APY includes compounding within the year, APR does not. Banks advertise savings in APY; this calculator expects APY.
What if I can’t afford the monthly amount?
Extend the deadline, lower the goal, or add lump sums (tax refunds, bonuses) — each lump sum early cuts the required monthly amount noticeably.
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This is an educational estimate, not financial advice. Lenders use their own rounding, fees and credit terms — confirm exact figures with your lender or a licensed advisor.