Loan Savings Goal Calculator
Have a number and a deadline? This tells you exactly how much to save each month to hit your target — with interest doing part of the work.
| Total you'll deposit | $0 |
| Interest earned | $0 |
| Final balance | $0 |
How it works
With monthly rate r over n months, the required deposit is PMT = (FV − PV×(1+r)n) × r / ((1+r)n − 1). Your starting balance grows with compound interest, and each deposit compounds from the month it's made — so earlier months work harder than later ones.
Formula & worked example
Formula: Required monthly deposit PMT = (FV − PV × (1+r)n) × r ÷ ((1+r)n − 1), where FV is the goal, PV what you already have, r the monthly rate and n the months.
Worked example: To reach $20,000 in 3 years with $2,000 already saved and a 5% return, you need to deposit $456.14/month.
When to use this
- A named goal — deposit, car, trip, emergency fund — needs a monthly number and a date.
- You have a deadline and a starting amount and want the required monthly saving.
- You are choosing between two goals and can only fund one properly this year.
- You want to see what your savings account's interest quietly contributes.
How to use it, step by step
- Enter the goal amount.
- Add what you have already saved toward it.
- Set the months until the deadline.
- Add the account's interest rate if it earns one.
- Read the monthly amount — then set the transfer for the day after payday.
What the inputs mean
| Input | What it is | Typical values |
|---|---|---|
| Goal | Total target amount | House deposits, cars, trips, buffers |
| Starting amount | Already saved toward this goal | Count only money earmarked for it |
| Months | Time until the deadline | 3–60 typical |
| Interest rate | What the savings account pays | High-yield savings roughly 3.5–5% recently |
Another worked example
Goal $12,000 in 18 months, starting from $2,000 in a 4% account: the starting money grows to $2,123.46 on its own, and you need to add $533.31 a month to land exactly on target. Without interest the figure would be $555.56 — the account quietly covers about $400 of the goal.
Frequently asked questions
Why does starting early matter so much?
Compound interest rewards time: at 4%, starting with $1,000 and saving for 12 months earns you free money from interest — the longer the timeline, the more the account pays you to save.
Where should I keep goal savings?
A high-yield savings account (typically 4–5% APY as of 2026) beats a checking account and keeps the money liquid and FDIC-insured. Try 0.5% vs 4.5% above to see the difference.
What if I fall behind?
Recalculate with your new starting balance and remaining months — the monthly number will rise, but catching up now beats starting over later.
Should I count investment returns for a short goal?
For goals under about two years, use a savings-account rate, not stock-market returns — a dip at the wrong month breaks deadlines. This tool's rate field is built for deposit interest; long goals belong in the Retirement or Compound Interest tools.
💰 Want your money to grow faster?
See long-term compounding with our compound interest calculator.