Use this savings goal calculator to see whether your current savings, monthly contributions, and interest rate are enough to reach a specific savings target on time. Adjust your plan to find the monthly contribution you need or how long it may take to hit your goal.
Enter your savings goal, current balance, monthly contribution, interest rate, and time horizon above, then select Calculate Savings Goal Plan to see whether you are on track and how much you may need to adjust.
After you run a calculation, this section will show how your savings could grow year by year, helping you see the impact of regular contributions and compound interest over time.
This calculator is designed to help you build a realistic savings plan for goals like an emergency fund, down payment, vacation, or college savings. Here’s how each input works:
In savings-planning terms, your principal is the money you already have, your contributions are the regular deposits you add over time, and the interest rate is how fast the bank or investment account grows your balance. The combination of all three determines whether you can reach your goal on your desired timeline.
The calculations are based on standard time-value-of-money formulas used in personal finance and savings planning. Deposits are assumed to happen monthly, with interest compounded monthly at a constant rate.
The projected balance at the end of your time horizon is the sum of your starting balance grown with compound interest plus the future value of your monthly contributions:
i = r / 12, where r is the
annual rate (decimal).
n = years × 12 + months.
FVₚ = P × (1 + i)^n FV_c = PMT × ((1 + i)^n - 1) / i (when i > 0)
FV = FVₚ + FV_c
Where P is your current savings, PMT is the
monthly contribution, and FV is the projected balance at the
end of the plan.
To estimate the monthly contribution needed to reach a specific goal, the calculator rearranges the future value formula:
PMT = (Goal - P × (1 + i)^n) × i / ((1 + i)^n - 1)
(for i > 0)
PMT = (Goal - P) / n.
This gives you an approximate monthly savings target assuming the rate and schedule remain constant.
When possible, the calculator estimates how long it would take to reach your goal at your current monthly contribution:
i > 0 and PMT > 0, the number of
months n is approximated with:
(1 + i)^n = (Goal × i + PMT) / (P × i + PMT)
so
n = ln((Goal × i + PMT) / (P × i + PMT)) / ln(1 + i)
For a 0% rate, time is estimated by dividing the remaining amount by the monthly contribution. All results are rounded to the nearest whole month for easier interpretation.
The calculator assumes a constant interest rate, regular monthly contributions, and no taxes or account fees. Real-world savings accounts and investments may have rate changes, minimum balance rules, or other conditions, so treat these results as planning estimates, not guaranteed outcomes.
Use the annual percentage yield (APY) for your savings account, money market account, or investment. If you’re not sure what rate to use, you can run a few scenarios with conservative, medium, and optimistic rates to see a range of potential outcomes.
There are three main levers you can adjust: increase your monthly contributions, extend your timeline, or seek a higher interest rate. The calculator lets you experiment with each lever to see how your projected balance and required monthly savings change.
Higher interest rates help, especially over long periods, but the most reliable way to reach a goal is usually to increase your monthly contributions. Interest rates can change and may not be guaranteed, while contributions are fully within your control.
This calculator focuses on a single goal at a time. If you have several goals—such as an emergency fund, a down payment, and college savings—you can run separate scenarios and compare how much you need to save for each one.
No. The calculator is a self-help planning tool that gives you quick estimates and “what-if” scenarios. For personalized guidance on how savings fit into your broader financial plan, consider speaking with a qualified financial professional.
Based on 3 sources
Last updated: 12/12/2025
This savings goal calculator and its explanations were prepared for Solverly.net by Michael Lighthall. It follows widely used personal finance formulas for compound interest and regular contributions and is informed by guidance from U.S. consumer finance regulators and standard reference materials.
Cite this calculator as:
Lighthall, Michael. "Savings Goal Calculator" at Solverly.net,
https://solverly.net/calculators/savings-goal-calculator.