Savings Goal Calculator
Find out how much to save each month to reach a goal by your deadline.
About this savings goal calculator
A savings goal becomes manageable once it is a monthly number. Whether you are building an emergency fund, a house down payment or a vacation fund, this calculator works backward from the target and deadline to the amount you need to set aside each month.
It also credits the interest your savings earn along the way, using your account's annual percentage yield (APY). A high-yield savings account can noticeably reduce the monthly amount over a few years.
How to use the Savings Goal Calculator
- Enter your target amount and what you have already saved.
- Enter the APY your savings account pays (use 0 for cash).
- Enter how many years you have.
- Read the monthly amount to save.
How the monthly amount is found
PMT = (Goal − Saved × (1+i)n) × i ÷ ((1+i)n − 1)
i is the monthly rate equivalent to your APY and n is the number of months. The formula subtracts what your current savings will grow to, then finds the level monthly deposit that grows to the remaining gap.
Worked example
To reach $20,000 in 3 years with $2,000 already saved in a 4% APY account, you need to save about $465 a month. Interest contributes roughly $1,250 of the total.
Tips for better results
- Automate the transfer on payday so the goal is funded before you can spend the money.
- Round the monthly amount up to build a small buffer for missed months.
Frequently asked questions
What is APY?
Annual percentage yield is the yearly return including compounding. It's the rate banks advertise for savings accounts.
How big should an emergency fund be?
A common guideline is three to six months of essential expenses, but the right amount depends on your job stability and obligations.
This calculator provides estimates for planning only and is not financial advice. Confirm exact figures with your lender or a licensed professional.
Last reviewed: October 2026 · Results are calculated in your browser.
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