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Capitiro

Savings Goal Calculator

Set a target and a deadline, and find the exact monthly amount you need to save — with interest doing part of the work.

  • Free, no sign-up
  • Private — runs in your browser
  • Updated

Your details

$
$
years
%

Save each month

$726.67

for 3 years to reach $30,000

Your total deposits
$26,160
Interest earned
$1,840

Progress toward your goal

  • Balance
  • Money deposited

How to use the savings goal calculator

  1. Enter your savings goal — for example a house deposit or emergency fund.
  2. Enter what you have already saved toward it.
  3. Choose how long you have to reach the goal.
  4. Enter the interest rate your savings account pays.

Formula explained

The calculator finds the monthly deposit (PMT) that satisfies:

Goal = PV × (1 + i)n + PMT × [(1 + i)n − 1] ÷ i

Rearranged:

PMT = [Goal − PV × (1 + i)n] × i ÷ [(1 + i)n − 1]

  • PV = current savings, i = monthly rate, n = number of months
  • At 0% interest this simplifies to (Goal − PV) ÷ n.

Worked example

To reach 30,000 in 3 years, starting with 2,000 in an account paying 4%, you'd need to save about 727 a month. Interest contributes around 1,840 of the total.

Tips for hitting your savings goal

  • Automate it. Schedule a transfer the day after payday.
  • Use a separate account so the money isn't spent by accident.
  • Shop for a better rate — online banks often pay several times more than high-street accounts.
  • Pay off high-interest debt first; see the credit card payoff calculator.

Frequently asked questions

Disclaimer: Results are estimates for educational purposes only and are not financial, tax or legal advice. Actual rates, fees and returns vary. Speak to a qualified professional before making financial decisions. See our full disclaimer.