Savings Goal Calculator

How much to save monthly to reach your target. PMT = (Goal - (Already Saved * (1 + r/12)^n)) * (r/12) / ((1 + r/12)^n - 1) ; where Goal = target amount, Already Saved = initial amount, r = annual rate (APY), n = months to goal. Current savings grow to = Already Saved * (1 + r/12)^n . New contributions total = PMT * n . How it works: This is the future-value-of-annuity formula solved for the payment. It tells you the exact monthly deposit needed to reach a target by a deadline, assuming a steady interest rate on the growing balance. If the required amount looks impossible, extend the deadline: because of compounding, doubling your time horizon typically cuts the required monthly saving by more than half. FAQ: What rate should I assume? For short-term goals in a savings account, use the account's APY (often 4–5%). For multi-year goals in index funds, 6–8% is a common long-run assumption — with real-world variation. Validation: Months > 0; Goal >= 0; Rate >= 0