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Calcora

Saving and investing

Savings Calculator

Project how your savings could grow, or work out how much to save each month to reach a savings goal by a target date.

Your savings

Enter what you have saved, what you save each month, and the rate and period to assume.

What do you want to work out?

How much your savings could grow to over a period.

What you have saved now. Leave blank for $0.

Added at the end of each month. Leave blank for $0.

The yearly rate you assume your savings earn. Use 0 for savings that earn no interest. Not guaranteed.

Savings period unit

How long you save, in years or months.

Compounding frequency

How often earned interest is added to your balance.

Private by design

Your savings, goal, rate, and timeline stay in your browser and are not sent to Calcora.

How this savings calculator works

  1. Choose what to work out

    Project savings shows what your savings could grow to. Reach a goal works out how much to save each month to reach an amount by a date.

  2. Enter your numbers

    What you have saved now, your monthly savings or your goal, an annual interest rate (0% if your savings earn none), and a timeline.

  3. Savings grow month by month

    Each month, the balance earns the annual rate divided by 12, added on each compounding date, and your monthly savings are added at the end of the month.

  4. A goal is solved to the cent

    For a goal, the calculator finds the smallest monthly amount, to the cent, whose balance reaches the goal by the end of the timeline.

Planning your savings

Saving toward a goal

A goal turns saving into a plan: an amount, a date, and what you already have. The gap between what you have and the goal is what monthly savings and any interest need to cover.

How monthly savings affect your goal

Every dollar saved each month adds to the balance directly. Interest adds to it as well, so the monthly amount a goal needs is usually less than the gap divided by the months.

How interest can help savings grow

Interest is added to the balance and then earns interest of its own. At 0%, the calculator is a simple plan of what you put in. Savings rates change, so results are estimates.

Example savings projection

$5,000 saved today and $500 a month at 4%, compounded monthly, for 5 years. Calculated the same way as the calculator above.

Where the savings come from

Starting savings
$5,000.00
Monthly savings
60 × $500.00 = $30,000.00
Estimated interest
$4,254.47
Ending balance
$39,254.47

The first month

Interest
$5,000.00 × 4% ÷ 12 = $16.67
Monthly savings, added at month end
$500.00
Balance after month 1
$5,516.67

Every later month works the same way on a slightly larger balance. Estimated interest makes up 11% of the ending balance; the rest is what was saved.

Example savings goal

A $50,000 goal in 5 years, with $10,000 saved and a 4% rate, compounded monthly. Solved the same way as the calculator above.

The monthly amount

Required monthly savings
$570.00
Total contributions
60 × $570.00 = $34,200.00
Estimated interest
$5,800.37
Balance at the goal date
$50,000.37

One cent less a month would fall short of the goal, so the balance ends $0.37 above it.

Why not the gap divided by the months?

The remaining $40,000.00 spread evenly over 60 months, with no interest, would take $666.67 a month. With interest on the savings you already have and on each deposit, $5,800.37 of the goal comes from interest, so $570.00 a month is enough under these assumptions.

Why starting earlier changes the monthly amount

The same $50,000 goal, with $10,000 saved at 4%, over different timelines.

Required monthly savings, total contributions, and estimated interest for each time to goal
Time to goalRequired monthly savingsTotal contributionsEstimated interest
3 years$1,014.30$36,514.80$3,485.46
5 years$570.00$34,200.00$5,800.37
10 years$238.32$28,598.40$11,402.42
15 years$129.21$23,257.80$16,742.60

A longer timeline lowers the monthly amount in two ways: the goal is spread over more months, and interest has longer to add to the balance. At any rate above 0%, the total you put in falls as well, not only the monthly amount.

Assumptions

  • Both modes use the same month-by-month model as Calcora's compound interest calculations. The annual rate you enter stays the same for the whole period; it is an assumption, not a forecast, and savings rates can change.
  • Each month earns interest at the annual rate divided by 12, on the balance at the start of the month. Interest is added to the balance on each compounding date (every month, quarter, or year) and at the end of the period.
  • Monthly savings are added at the end of each month, starting one month from now, so each one starts earning interest the following month.
  • For a goal, the required monthly savings is the smallest whole-cent amount whose balance reaches the goal by the end of the timeline. Rounding up to the cent can leave the final balance a few cents above the goal.
  • If your current savings already meet the goal, no monthly savings are required. If interest on them alone reaches the goal in time, the required amount is $0.
  • Interest is rounded to the nearest cent, with halves rounded up, each time it is added to the balance.
  • No taxes, fees, inflation, withdrawals, or changes in the rate are included.
  • Results are estimates for education. They show what the numbers you enter imply; they are not a recommendation or advice.

How Calcora calculates

  • Every calculator explains the formula behind its result in plain language.
  • Calculators are designed to run in your browser, so your inputs are not sent to Calcora.
  • Results help you understand your options. They are not financial advice.
Read the methodology

Frequently asked questions

How is the required monthly savings worked out?
The calculator tries monthly amounts and keeps the smallest one, to the cent, whose balance reaches your goal by the end of the timeline. Each try uses the same month-by-month growth as a projection, including interest, compounding, and rounding. The search halves the range of possible amounts at every step, so it needs at most a few dozen tries.
What is the difference between Project savings and Reach a goal?
Project savings starts from what you save each month and shows what the balance could grow to. Reach a goal starts from the amount you want and the time you have, and works out the monthly savings that would get you there. Both use the same growth model.
Why isn't the monthly amount just the remaining amount divided by the months?
Because of interest. Your current savings and each month's savings earn interest along the way, which covers part of the gap. At a 0% rate, the monthly amount is exactly the remaining amount divided by the number of months, rounded up to the cent.
When are monthly savings added?
At the end of each month, starting one month from now. Each deposit starts earning interest the month after it is made, so the last one, at the end of the timeline, earns none.
What rate should I use if my savings earn little or no interest?
Enter the rate your account pays, or 0% for cash or an account with no interest. At 0%, the calculator becomes a simple contribution plan: the balance is exactly what you put in.
How is this different from a compound interest calculator?
A compound interest calculator focuses on growth: how interest builds a balance over time. This calculator focuses on a plan: what you could have after a period, or how much to save each month for a goal by a date.
Does Calcora store my information?
No. The calculation runs in your browser. Your savings, goal, rate, and timeline are not sent to Calcora or saved, and they are cleared when you leave or reload the page.

Related calculators

Want to see how compounding builds a balance over decades, apart from a goal? The Compound Interest Calculator focuses on growth: how much of a balance comes from contributions and how much from interest.