Savings goal calculator

Find out how much to save each month to reach a goal, like an emergency fund, a car or a down payment.

Last updated September 2026 Formula reviewed for accuracy

Your goal

$
$
years
%
Save each month
$465
to reach $20,000 by Sep 2029
Already saved: $2,000Your deposits: $16,754Interest earned: $1,246From interest6%
  • Already saved$2,000
  • Your deposits$16,754
  • Interest earned$1,246
Per week$107
Total deposits$16,754
Interest earned$1,246
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Progress toward your goal

Interest covers $1,246 of your goal.

$0$5k$10k$15k$20kStartYr 1Yr 2Yr 3
GoalBalanceMoney you put in

How this calculator works

Tell us your goal, what you've saved and your deadline. The calculator works out the fixed monthly deposit that gets you there, counting the interest your savings earn along the way.

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The formula

PMT = [Goal − Current × (1 + i)n] × i ÷ [(1 + i)n − 1]

i is the monthly interest rate and n the number of months.

Example calculation

You want $20,000 in 3 years, have $2,000 saved, and earn 4% APY.

Interest earned
$1,246
Per week
$107
Monthly deposit
$465.38
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Ways to hit your goal sooner

  • Automate it. Schedule a transfer the day after payday.
  • Use a separate account. Money you don't see is money you don't spend.
  • Save windfalls. Put tax refunds and bonuses straight toward the goal.
  • Pick a high-yield account. The rate difference adds up on larger goals.

Frequently asked questions

How big should my emergency fund be?

Three to six months of essential expenses is the usual guide. Aim higher if your income is irregular.

Should I save or invest for my goal?

For goals under about five years, savings accounts are safer. Investments can fall in value right when you need the money.

Is savings interest taxable?

Yes. In the US, interest is taxed as ordinary income, and your bank sends a 1099-INT if you earn $10 or more.

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