Savings Goal Calculator
Determine how much to save monthly to reach your target savings goal with compound interest.
Savings Goal Target
$
$
%
Monthly Savings Needed
$640.87/mo
Reach $50,000 in 5 years with 5% interest
Total you contribute
$43,452
Interest earned
$6,548
How it works
The Savings Goal Calculator solves for the exact monthly contribution required to reach your target savings milestone by a specific year or date.
It incorporates compound growth, assuming interest is compounded monthly and reinvested toward your goal.
Enter your target goal amount, starting balance, estimated annual interest rate (APY), and years to achieve it.
Great for modeling emergency funds, down payment savings, college funds, or vacation budgets.
Frequently asked questions
- How does compound interest help me reach my savings goal?
- Interest earned each month is added to your principal, meaning you earn interest on your interest in subsequent months. Over time, compound growth reduces the total out-of-pocket money you need to deposit.
- What APY should I use for a high-yield savings account?
- Typical high-yield savings accounts (HYSA) and money market funds historically yield between 3% and 5% depending on federal interest rate benchmarks.
- Should I account for taxes on interest?
- Interest in regular savings accounts is taxed as ordinary income in the year earned. Consider entering an after-tax interest rate for more conservative planning.
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