Savings Goal
Calculator
Results
- Monthly contribution
- $236.73
- Projected balance
- $10,000.00
Savings goal timeline
- 0 Starting savings1000.00
- 36 Target dateProjected balance after the final contribution.10000.00
Annual savings-goal projection
| 1 | 3,910.57 | 2,840.77 |
| 2 | 6,909.68 | 5,681.54 |
| 3 | 10,000.00 | 8,522.31 |
Formula
C = (G - P(1+r)^n)r/((1+r)^n-1)- G
- 10000.00
- P
- 1000.00
- r
- 0.0025
- n
- 36
= 236.73
More in Financial
See all →Frequently asked questions
How does the calculator determine how much I need to save each period?+
It takes your target amount, subtracts what you've already saved, and divides the remainder across the number of periods until your deadline, adjusting for any interest your existing savings will earn along the way.
Does the required monthly savings account for interest earned on the balance?+
If you provide an expected interest rate, yes — the calculator factors in growth on both your existing balance and future contributions, which typically lowers the amount you need to set aside each month compared to a plain cash savings assumption.
What happens to my target date if I increase my monthly contribution?+
Increasing the contribution amount shortens the time needed to reach your goal, and the calculator can show the new estimated date, since a larger periodic deposit reaches the target with fewer total contributions.
How should I handle a savings goal with a moving target, like a home price that might rise?+
Build in a buffer above your current estimate or periodically re-run the calculator with an updated target amount, since a fixed goal calculated once won't adjust automatically to inflation or market changes in the underlying cost.
Is it better to save a lump sum now or contribute smaller amounts regularly?+
Both can reach the same goal, but a lump sum invested earlier benefits from more time to grow; regular contributions are more realistic for most people and the calculator can model either approach or a combination of the two.