Savings Goal Calculator — Monthly Saving for a Target Amount
CalculatorA savings goal calculator works backward from a target amount, period, and annual return to the required monthly deposit.
What is it
The required monthly deposit is the future-value-of-annuity formula solved in reverse. Assuming equal monthly deposits with monthly compounding, the deposit is target × r ÷ ((1+r)ⁿ - 1) where r is the monthly return and n is the number of months. With a 0% return it is simply the target divided by the months. Taxes and fees are not included.
How to use
- 1Enter the target amount.
- 2Enter the saving period in months.
- 3Enter the expected annual return (%) and check the required monthly deposit.
Reference
| Target | Period | Annual return | Monthly deposit (approx.) |
|---|---|---|---|
| 10000000 | 24 mo | 3% | 404812 |
| 50000000 | 60 mo | 4% | 754158 |
| 12000000 | 12 mo | 0% |
Sources & standards
- Savings goal calculator - U.S. SEC Investor.gov
FAQ
How much must I save monthly to reach 10,000,000 in 2 years?
About 404,812 per month assuming a 3% annual return with monthly compounding, or about 416,667 per month with no return.
Does the result include tax on interest?
No. The calculation uses the pre-tax return, so after interest income tax and fees the actual required deposit can be slightly higher.
Is savings goal calculator input sent to a server?
No. This tool runs in your browser and does not send input to a server.