Savings Goal Calculator

Use this calculator to figure how much your current savings will grow and how much more you’ll need to save each month in order to achieve a given savings goal within a given number of years. Start with line 1 and enter your future savings goal.

Savings goal:

Enter the amount of your future savings goal.

Current savings balance:

Enter the amount of money you currently have set aside (in an interest earning account) for applying toward your future savings goal.

Annual interest rate (%):

Enter the annual interest rate (as a whole number, e.g. if 6.5%, enter 6.5) you expect to earn.

Number of years:

Enter the number of years between now and when you want to accomplish your savings goal. Then click on the Compute button.

Current savings future value (FV):

This is the amount your current savings will grow to at the end of the specified number of years.

Total savings gap:

This is the total additional amount you will need to meet your savings goal.

Monthly deposit required:

This is how much money you will need to save every month to reach your future savings goal.