Savings Goal Calculator
Calculate monthly savings or time to a target, including an emergency-fund preset, with clear APY assumptions and a zero-interest comparison.
Estimate assumes a constant APY and end-of-month contributions. Actual rates can change and interest may compound differently.
Choose the question you need answered
Use an APY assumption you understand. APY includes compounding; it is not the same input as a nominal annual interest rate. CFPB APY calculation rules
| Your question | What to enter | What the result means |
|---|---|---|
| How much should I save each month? | Target, current savings, months to goal, assumed APY | Estimated recurring contribution needed by that date |
| When could I reach my goal? | Target, current savings, affordable monthly contribution, assumed APY | First month-end when the projected balance reaches the target |
| What is my emergency-fund gap? | Essential monthly expenses, chosen coverage months, optional extra reserve, existing emergency cash | Target and amount still unfunded |
An emergency-fund example
Suppose you spend $3,000 monthly on essentials and choose a three-month coverage scenario. The target is $9,000. With $2,000 already reserved for emergencies, you have a $7,000 funding gap.
For a 24-month plan:
These are illustrative scenarios, not current offers. The zero-interest version shows what your own deposits need to accomplish without relying on earnings. The 4% version requires about $17.38 less per month, but only under its assumptions.
If your affordable contribution is smaller, try extending the timeline. Do not increase the rate assumption simply to make a difficult target appear affordable.
| Hypothetical constant APY | Required monthly contribution, rounded upward |
|---|---|
| 0% | $291.67 |
| 4% | $274.29 |
Read the results correctly
Funding gap compares today's savings with the target. It does not subtract projected future interest.
New contributions are the deposits you would add after today. Your starting savings are shown separately or included in the clearly labeled total contributed.
Estimated growth is the ending balance minus your starting savings and new contributions. It is not guaranteed income.
Time to goal is measured in whole months. Reaching the target in the middle of a month is outside this model. If you have already reached the target, the remaining funding gap is zero. If no combination of your starting balance, contribution, and rate produces growth toward the target, the calculator reports that the goal is unreachable under those inputs.
How the monthly contribution is calculated
Let P be current savings, G the target, N the number of months, and i the monthly rate equivalent to the APY:
i = (1 + APY)^(1/12) − 1, using the APY as a decimal.
For a positive i, the unrounded monthly contribution is:
[G − P × (1 + i)^N] ÷ {[(1 + i)^N − 1] ÷ i}.
At 0% APY, it is simply (G − P) ÷ N. Negative required contributions are replaced with zero. The required contribution is rounded upward to cents, so a rounding shortcut does not leave the modeled goal slightly short. Interest is not rounded at each intermediate step.
The formulas are a constant-rate planning model. Bank calculations can differ because of actual calendar dates, daily balances, rounding, fees, and when funds start earning interest. Taxes, withdrawals, and changing contribution amounts are excluded.
Before you act on a result
If your question is how a balance might grow across different rate assumptions rather than how to hit a target, use the compound interest calculator. The SEC also provides a compound-interest reference calculator for exploring starting amounts, contributions, and time.
- Count only money available for this goal; do not count the same dollars toward several commitments.
- Check that the contribution fits your cash flow after essential bills and required payments.
- Run a zero-interest scenario and revisit the plan if income, expenses, or rates change.
- Confirm you can access emergency money when needed, including any transfer delay.