Savings Goal Calculator
Tell us your goal and we'll work backwards: how much you need to save each month, given your starting balance and the APY on your savings account.
Monthly deposit needed
$651
Total contributed
$44,086
Interest earned
$5,914
Solving for the monthly deposit
PMT = (FV − PV·(1+r/n)^(nt)) / (((1+r/n)^(nt) − 1) / (r/n))
We compute the future value of your starting balance, subtract it from the goal, then solve the annuity formula for the recurring deposit needed.
Worked example
Goal $50,000 in 5 years, $5,000 starting, 4.5% APY: about $651/month. Park it in a high-yield savings account.