Savings Goal Calculator
Pick a target — a home deposit, a retirement number, an emergency fund. This calculator works backwards: it tells you the exact monthly contribution needed to get there.
Your goal
$
$
%
20 years
How often interest is credited to your balance — the monthly amount you need to save is unaffected.
Monthly contribution to reach $1,000,000 in 20 years
$1,842
Total you'd invest$452,080
Investment growth$547,920
Your current savings alone already exceed this goal — the required monthly contribution is $0.
ContributionsGrowth
Show yearly breakdown
| Year | Contributions | Growth | Balance |
|---|
How this calculation works
The formula
We invert the exact same compound-interest formula we use everywhere else. To hit a target FV in N months with current savings P and monthly contribution M:
M = ( FV − P · (1+i)N ) · i / ( (1+i)N − 1 )
i = monthly rate (annual rate ÷ 12, adjusted for compound frequency) · FV = your target · P = current savings.
Assumptions
- Contributions are added at the end of each month (ordinary annuity).
- The annual return is a nominal rate; results are pre-tax and pre-inflation.
- Returns are compounded at the frequency you select (default: monthly).
- The return rate is assumed constant for the whole period — no market volatility is modeled.
- Fees and taxes are not included, so real-world requirements will be higher.
- If your current savings alone compound beyond the target, the required contribution shows $0.
Educational purposes only. Not financial advice. See the full methodology and disclaimer.
Savings goals, explained
How does the savings goal calculator work?
It works backwards. Instead of asking "what will my savings become?", it asks "what do I need to save to reach a target?" Given your target amount, current savings, annual return and time horizon, it solves for the exact monthly contribution using the same compound formula in reverse.
What if my current savings already reach the goal?
If your current savings alone compound to more than the target by the deadline, the required monthly contribution is shown as $0. That means you're already on track — you could lower your target, shorten the horizon, or keep saving for more.
Should I use nominal or inflation-adjusted numbers?
This calculator works in nominal dollars by default — like our other tools. A $1,000,000 goal in 20 years won't buy what $1,000,000 buys today. If you want a goal expressed in today's purchasing power, estimate what that same lifestyle costs in 20 years and use that inflated number as your target.
Are results guaranteed?
No. Results assume a constant nominal return and ignore taxes, fees and volatility. Real markets fluctuate, so treat the result as an estimate to plan around — not a promise.