Savings goal calculator

To reach $50,000.00 in 10 years, starting from $5,000.00 at a 5% annual rate compounded monthly, the deposit at the end of each month is $268.97. That amount is rounded up to the next cent and checked against the same projection used by the compound interest calculator, so the ending balance meets the goal under these assumptions. The rate is an example, not a forecast.

Your numbers

Goal The balance you want to finish with.

Already saved Counted as the starting balance.

Annual rate (%) Nominal rate, compounded monthly. Not APY.

Years How long you have. Use at least one month if you are short of the goal.

$268.97 at the end of each month reaches $50,000.00 in 10 years. You deposit $32,276.40 on top of what you have now, interest adds $12,724.92, and the balance ends at $50,001.32.

Monthly deposit $268.97

New deposits $32,276.40

Interest $12,724.92

Ending balance $50,001.32

Year by year, saving this monthly deposit
Year	Put in	Interest	Balance
1	$8,227.64	$330.81	$8,558.45
2	$11,455.28	$843.68	$12,298.96
3	$14,682.92	$1,547.93	$16,230.85
4	$17,910.56	$2,453.33	$20,363.89
5	$21,138.20	$3,570.19	$24,708.39
6	$24,365.84	$4,909.32	$29,275.16
7	$27,593.48	$6,482.10	$34,075.58
8	$30,821.12	$8,300.47	$39,121.59
9	$34,048.76	$10,377.01	$44,425.77
10	$37,276.40	$12,724.92	$50,001.32

Put in includes the starting amount. A row is the balance at the end of that year.

Educational calculator, not financial advice. The rate stays constant for the whole period, which real accounts do not promise.

The sentence and the figures above are filled in for the starting example, so they can be read with JavaScript off. With JavaScript on, they follow the numbers you type.

How this is calculated

This is the compound interest calculator solved for the monthly deposit. A search finds the smallest number of cents that makes the projected balance at least the goal. If the money you already have grows to the goal with no new deposits, the monthly amount is $0.

The rate is nominal and compounded monthly, the same way as the compound interest calculator.
Deposits land at the end of each month.
The published deposit is checked by running that projection, so rounding cannot leave you short of the goal.
Taxes, fees, inflation, and a rate that changes are not included. The same deposit every month is an assumption a real budget may not allow.

Questions

Why might the ending balance sit a few cents over the goal?

The deposit is rounded up to the next cent, then checked by running the month-by-month projection. The panel shows the balance that deposit actually produces, which can land slightly above the goal. It should not land short of it.

What if I have already saved the goal?

The monthly deposit is $0. If a rate is set, the panel still shows what the current balance grows to with nothing added.

What rate should I use for cash?

The rate your savings account pays, as a nominal annual rate compounded monthly. This page does not look up current savings rates, because they change. If you only know the APY, the result will be slightly high.

Can I use this for a down payment?

You can use it for the arithmetic. It does not account for a rate that changes, money you might have to spend earlier, or taxes. It is a formula, not a plan.

Learn the ideas behind the formula

Compound is a free-to-start course of short daily lessons on saving, credit, investing, and taxes, plus a $10,000 paper-trading portfolio. The portfolio uses simulated money — no real trades and no brokerage account.

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