How it works
Enter what you want to have and when, and this calculator finds the fixed monthly deposit that gets you there, counting growth on both your starting balance and your deposits.
Deposits are assumed at the end of each month with interest compounded monthly. For goals under five years, use a conservative rate that matches a savings account or CD rather than stock returns.
Formula
PMT = (Goal − PV × (1 + r)^n) × r ÷ ((1 + r)^n − 1), with r = annual rate ÷ 12 and n = months
Questions people ask
What rate should I use?
Use what your account actually pays. High-yield savings accounts and CDs are reasonable for short goals; a stock-market rate is only appropriate for goals many years away.
What if I get paid every two weeks?
Multiply the monthly amount by 12 and divide by 26 to get a per-paycheck amount.
Should I save for several goals at once?
Many people keep separate sinking funds for each goal. Run this calculator for each one and add the monthly amounts to see the total.