Savings Goal Calculator
Calculate how much you need to save each month to reach your financial goals. Factor in existing savings and potential interest earnings.
Calculator
How it Works
The calculator determines the monthly contribution needed to reach your target, accounting for compound interest on your savings.
PMT = (FV - PV × (1+r)^n) / (((1+r)^n - 1) / r)
Real-World Example
Scenario:
Goal: $20,000 for a car down payment. Current savings: $2,000. Time: 24 months. Interest: 4%
Calculation:
Target: $20,000 | Starting: $2,000 | Term: 24 months
Result:
Monthly savings needed: approximately $720