Savings goal
Savings & investing
Savings goal
Work out how much to save each month
Example values are filled in. Replace them with your own.
Example calculation
Monthly contribution: USD 546.52.
Monthly contribution
USD 546.52
Depositing this amount at each month-end reaches the entered target under your assumptions.
Use the same currency for all amounts. Taxes and fees are excluded unless an explicit field is provided.
See formula and assumptions
Subtract the future value of your initial balance and divide by the monthly annuity factor.
- Starting amount
- The amount you start with, before interest or growth.
- Target balance
- Use the chosen currency. Thousands separators are accepted.
- Yearly interest rate
- Enter the annual rate quoted by the lender or account. For 5% per year, enter 5.
- Term (years)
- Example: 5. Check the time unit in the label.