Savings Goal Calculator

Find the monthly deposit needed to reach a savings target.

Savings goal ($)

Current savings ($)

Years to save (years)

Annual return (%)

Monthly deposit needed ($) 662.08

Total you deposit ($) 39,724.61

Formula: PMT = (FV − PV(1+r)^n) · r ÷ ((1+r)^n − 1)

Step-by-step with your numbers:

1. Values used:

2. Savings goal = 50,000 $

3. Current savings = 5,000 $

4. Years to save = 5 years

5. Annual return = 4 %

7. Monthly deposit needed = 662.08$

8. Total you deposit = 39,724.61$

Did we solve your problem today?

Work out how much to set aside each month to hit a savings target, accounting for investment growth.

The math behind it

It uses the future-value-of-annuity formula, solving for the monthly payment that grows your current balance to the goal at the given return.

Goal $50,000, $5,000 now, 5 years, 4% return → about $703/month.

What return should I assume?

Be conservative — a high assumed return makes the required deposit look smaller than it safely should.