Savings Goal Calculator
Find out exactly how much you need to save each month to reach any financial goal — a house down payment, emergency fund, vacation, or any target amount by a specific date.
Part of our Finance Calculators collection.
Savings Goal Calculator
Free online calculator
How much do you want to save?
How much have you saved so far?
Use 4–5% for HYSA, 0% for no-interest savings
How to Use This Calculator
- 1
Enter your savings goal amount.
- 2
Add how much you've already saved toward this goal.
- 3
Set the number of months until your deadline.
- 4
Enter the expected annual return on your savings (use 0 if in a checking account, 4–5% for a high-yield savings account).
- 5
See the exact monthly amount you need to save.
How Monthly Savings is Calculated
Monthly Payment = (Goal − Current × (1+r)^n) × r / ((1+r)^n − 1) Where r = monthly rate, n = months. If the return rate is 0, it simplifies to: (Goal − Current) / months
Example Calculation
Example: Save $20,000 for a down payment in 24 months
Inputs
Result
$717/month
With $2,000 already saved and 4.5% annual return in a HYSA, you need to save $717/month for 24 months to reach $20,000.