Savings goal calculator

Savings goal calculator: what it is for

Enter the goal (a trip, a car, a down payment, an emergency fund), how much you already have and the deadline, and see how much you need to deposit each month, considering the return on your savings. Or the other way around: say how much you can save and find out how long it takes. The chart shows, month by month, how much of the balance came from deposits and how much from interest.

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How to use

1. Enter the goal and what you already have.
2. Enter the deadline or the monthly deposit.
3. Adjust the return and see the plan.

When to use it

• Plan a trip or a car purchase.
• Build an emergency fund.
• Save for a home down payment.

Frequently asked questions

How is it calculated?

With compound interest: what you already have and each monthly deposit earn the given rate until the goal date. The tool finds the monthly deposit that makes the total reach exactly the goal, or counts the months until you get there with the deposit you choose.

Which return should I use?

Use the expected net return of the account or investment, after taxes and, if you want to see the value in today's money, after inflation. For a savings account, something between 3% and 5% a year; for cash that earns nothing, use 0.

What if I already have part of the money?

Enter it in “Already saved”: that amount also earns interest and lowers the monthly deposit needed.

What does the chart show?

Month by month, how much of the balance came from your deposits and how much from interest, up to the goal.

Is it really free?

Yes, 100% free. No sign-up, no subscription and no usage limits. All Tools123 are free.

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