Savings Calculator
Find out how much you need to deposit each month to reach a savings goal by a target date.
Reviewed October 7, 2026 Runs in your browser — inputs are never stored
Monthly deposit needed
$264.83
Progress toward your goal
Projected balance by year
This tool provides general financial estimates for educational purposes only and is not personalized financial, tax, or investment advice. Consult a licensed financial professional before making major financial decisions.
About the Savings Calculator
The savings calculator works backwards from a goal. Tell it how much you want to have, how much you have already saved, the interest rate on your account and how many years you have, and it calculates the monthly deposit needed to get there. Your existing balance is grown with monthly compounding first, so the tool only asks you to cover the remaining gap. A chart shows the balance building toward the target. It suits concrete goals such as an emergency fund, a home deposit, a car or a wedding.
How to use it
- 1Enter your savings goal.
- 2Enter how much you have already saved toward it.
- 3Enter the annual interest rate your savings account pays.
- 4Enter how many years you have to reach the goal.
- 5Press Calculate to see the monthly deposit you need.
Worked example
to reach $20,000 in 5 years with $2,000 already saved in an account paying 4%, your $2,000 grows to about $2,442 on its own. You need to deposit about $265 a month to cover the rest. If your current savings already grow past the goal, the required deposit shows as zero.
How it works
How it works
The calculator grows your existing savings with interest, then solves for the monthly deposit required to cover the remaining gap.
Who it is for
Anyone saving for a specific amount by a specific date, such as an emergency fund, a home deposit or a large purchase.
Why it helps
A monthly figure is easier to act on than a distant total and can be set up as an automatic transfer.
Common use cases
- Building a three- to six-month emergency fund
- Saving a home down payment by a target date
- Planning for a car, wedding or tuition payment
- Comparing a 3-year and a 5-year timeline for the same goal
Frequently asked questions
A:If your current savings grow to meet the goal on their own, the required deposit shows as zero.
A:Yes, this model assumes monthly compounding and monthly deposits.
Reviewed for accuracy · Last updated October 7, 2026
Formulas follow standard amortization, present/future value, and compounding mathematics used throughout the financial industry, and are periodically checked against reference calculations.
CalcWisee Editorial Team
Calculator development and formula review
CalcWisee is an independent site founded by Ayman. Every calculator is built from a published formula or official definition, tested against hand-worked examples before it goes live, and corrected promptly when a reader reports an issue to ayman@calcwisee.com.
Expertise: Financial mathematics, Health and fitness formulas, Applied mathematics, Unit conversion standards
References & sources
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