Savings Goal Calculator
Work out how much you need to save each month to reach a goal, based on the target amount, saving period and annual return. If you have current savings, their future value is subtracted to find the required amount.
Input
×10,000
yrs
%
×10,000
If entered, the future value of your current savings is subtracted to work out the required monthly contribution.
Result
Required monthly contribution
$30,460.00
Target amount
$10,000,000.00
Total contributions
$7,310,342.00
Investment gain
$2,689,658.00
How it works
- The monthly rate is annual rate (%) / 100 / 12 and the number of payments is saving period (years) × 12, calculated with monthly compounding and end-of-period payments (ordinary annuity).
- If you have current savings, their future value (savings × (1 + monthly rate)^payments) is subtracted from the target, and the shortfall is assumed to be covered by monthly contributions.
- The required monthly contribution is P = (target − future value of savings) × monthly rate / ((1 + monthly rate)^payments − 1). When the monthly rate is 0%, it is (target − savings) / payments.
- Total contributions are shown as monthly contribution × payments + current savings, and the investment gain as target − total contributions.
- If the future value of your current savings alone reaches the target, the tool indicates that no additional contributions are needed.
- This is an estimate assuming monthly compounding and end-of-period payments. Actual financial products may differ due to taxes, fees and changing rates.
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Savings Goal Calculator