Planning
Savings goal calculator
Set a target and a deadline and see the monthly deposit required, how much of the total is your money versus interest, and the balance curve to the goal.
The numbers here are examples. Interest rates, tax bands and every result are sample starting points or values you type in yourself. Nothing is pulled from a live rate feed or a bank, and the results are estimates only. Always check real figures with your bank, lender or a qualified adviser before making a decision.
Your goal
Monthly deposit needed
Deposit each month
to reach $30,000 in 3 yr
You'll deposit
$28,034
Interest earned
$1,966
Your money vs. interest
Balance to goal
Savings goal calculator
Deposit each month
$667.62
- Target
- $30,000
- Total you deposit
- $28,034
- Interest earned
- $1,966
- Timeframe
- 3 yr
How the answer is worked out
Your current savings grow for the whole period, so the deposits only need to cover the gap:
gap = goal − currentSavings × (1 + r)n
That gap is divided by the future-value-of-an-annuity factor ((1 + r)n − 1) ÷ r to get the monthly deposit, where r is the monthly rate and n the number of months. When the rate is zero it reduces to gap ÷ n.
Frequently asked questions
The fixed monthly deposit that, combined with your current savings and monthly compounding at the given rate, reaches the target exactly by the deadline.