Savings goal calculator
By FinTools Content updated
Your savings goal
Find the monthly deposit needed to reach a target. All amounts are in US dollars.
Deposits arrive at each month end; the assumed APY stays fixed.
Try a hypothetical example:
Save this calculation
Keep named calculations in this browser only. No account or device sync. Changing inputs never saves over a record.
Save as new
Checking saved calculations…
Share this scenario
Create a link that restores these inputs, or download a PNG with the results and assumptions. Anyone with the link can read its values. Social previews stay generic.
Inputs are shared only when you choose an action. Links contain readable values after # and can remain in browser history or be forwarded. FinTools does not save them to an account.
Hypothetical savings examples
Choose an example above to load its assumptions. These targets and rates illustrate the calculation; they are not recommended emergency-fund sizes, down payments, or available account rates.
Emergency fund
With a $6,000.00 target, $1,200.00 already saved, 12 months, and 0% hypothetical APY, deposit $400.00 each month.
New deposits total $4,800.00. Projected interest is $0.00, giving a final balance of $6,000.00.
Down payment
With a $30,000.00 target, $5,000.00 already saved, 36 months, and 4% hypothetical APY, deposit $639.10 each month.
New deposits total $23,007.60. Projected interest is $1,992.69, giving a final balance of $30,000.29.
Formula and methodology
Let T be your target, S your starting savings, n the number of
months, and a the assumed APY as a decimal (4% means 0.04). The equivalent monthly growth
rate is r = (1 + a)^(1/12) − 1. APY already includes annual compounding.
For a positive rate, the unrounded monthly deposit is
D = max(0, (T − S × (1 + r)^n) / (((1 + r)^n − 1) / r)).
At 0% APY, it is D = max(0, (T − S) / n).
The calculator uses numerically stable logarithm and exponential functions for rates near zero.
The monthly deposit rounds upward to whole cents. Using this rounded deposit, final balance is
S × (1 + r)^n + D × ((1 + r)^n − 1) / r, or S + D × n at 0%.
Total new deposits are D × n. Projected interest is final balance minus starting savings
and new deposits. Interest is not rounded each month; displayed amounts round to cents.
Assumptions and limitations
Each deposit arrives at month end, so the last deposit earns no interest within the timeframe. Starting savings earn for the full term. The APY stays constant; there are no withdrawals, taxes, fees, or inflation adjustments. Actual account crediting and rounding rules can differ. Already-funded goals and goals reached through assumed growth alone require no new deposits.
The target must be greater than $0 and no more than $1 billion; starting savings can be $0 to $1 billion. The timeframe is 1–1,200 whole months and APY is 0–100%. These are model limits, not realistic-rate guidance. This is an educational estimate, not personalized financial advice or a guaranteed result. No live rates, account connections, or backend are used. Inputs are saved locally only when you choose.
Background and related tools
The CFPB savings plan explains turning a savings target and timeframe into monthly savings. Its compound interest explanation describes interest earning interest. These sources provide background, not validation or endorsement of this projection.
Read savings goal calculator help for input guidance and troubleshooting. To project an amount you already plan to deposit, use the compound interest calculator. Convert a nominal rate with the APY calculator, or explore fee and inflation assumptions with the investment calculator.
Sources and context
Primary references for the concepts above. The formulas and limitations on this page describe the FinTools model; these sources do not validate its results or endorse the project.