Savings Goal Calculator

Whether saving for a house down payment, your child's education, or retirement, know exactly how much you need to set aside each month. This calculator factors in compound growth from your expected return rate, so you can see if your current savings plan will get you there.

How to Use This Tool

Enter your total savings goal amount.
Enter how much you have saved right now.
Enter how much you can comfortably contribute each month.
Enter your expected annual return rate (check high-yield savings accounts or CDs for current rates).
Enter how many years you have to reach your goal.
Click Calculate to see if you will reach your goal and how much extra you may need.

The Formula

Uses the future value of a lump sum plus the future value of an annuity: FV = P(1+r)^n + PMT x [(1+r)^n - 1] / r where P is current savings, r is monthly return rate, n is number of months, and PMT is monthly contribution.

Why It Matters

You want a $50,000 down payment for a vacation home in 10 years with $5,000 already saved and $500/month contributions at 7% annual return. The calculator shows you will fall $8,600 short. You could either save $650/month or extend your timeline to 11 years.