Savings goal calculator
Turn a target balance into a monthly saving plan. See the difference a shorter deadline makes.
Make 12 end-of-month deposits of $300.00 under the assumptions below.
View all 12 monthly rows
| Month | Opening | Deposit | Interest | Closing |
|---|---|---|---|---|
| 1 | $1,200.00 | $300.00 | $0.00 | $1,500.00 |
| 2 | $1,500.00 | $300.00 | $0.00 | $1,800.00 |
| 3 | $1,800.00 | $300.00 | $0.00 | $2,100.00 |
| 4 | $2,100.00 | $300.00 | $0.00 | $2,400.00 |
| 5 | $2,400.00 | $300.00 | $0.00 | $2,700.00 |
| 6 | $2,700.00 | $300.00 | $0.00 | $3,000.00 |
| 7 | $3,000.00 | $300.00 | $0.00 | $3,300.00 |
| 8 | $3,300.00 | $300.00 | $0.00 | $3,600.00 |
| 9 | $3,600.00 | $300.00 | $0.00 | $3,900.00 |
| 10 | $3,900.00 | $300.00 | $0.00 | $4,200.00 |
| 11 | $4,200.00 | $300.00 | $0.00 | $4,500.00 |
| 12 | $4,500.00 | $300.00 | $0.00 | $4,800.00 |
Illustrative calculations, not financial advice or a lender quote. See the assumptions and limitations below.
What this calculation assumes
Monthly deposits arrive at the end of each month. Interest is a constant nominal annual rate divided by 12. Zero interest is a useful starting point.
The formula
Monthly deposit = max(0, [T − P(1 + r)ⁿ] ÷ [((1 + r)ⁿ − 1) ÷ r]). At 0%: max(0, [T − P] ÷ n).
T is your target, P is the starting balance, n is the number of months and r is the monthly rate (annual percentage ÷ 1,200).
Timing and rounding
The required deposit is rounded up to the next cent. The schedule keeps full precision internally, so displayed rows may differ by a cent from the displayed total. Your final projected balance can be slightly above the target.
Where the model stops
No tax, fees, withdrawals, inflation or changes in interest rates are included. If existing savings already meet the target, the required deposit is zero. An interest assumption is not a bank offer.
Questions about this tool
Why does the total finish slightly above my goal?
We round the monthly deposit up to a cent so the mathematical plan does not fall short because of rounding.
Does a month mean a calendar month?
It is one equal calculation period. The model does not count individual calendar days or use a bank’s daily interest method.
Check the method
See our calculation and testing notes, or report a reproducible discrepancy.
Conceptual reference: Investor.gov: Savings goal calculator. This source is not an endorsement of SimpleFinCalc or a validation of its outputs.