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.

To reach $1,000,000 in 20 years at a 7% annual return, with $10,000 already invested, you would need to save about $1,842 per month. Your existing $10,000 would grow to roughly $40,387 on its own; the rest comes from monthly contributions and compounding. This calculator works backwards from your target to find the monthly amount required. Adjust the goal, time horizon or return rate to see how each choice changes what you need to save.

Your goal

Calculations run in your browser. Inputs are not stored.

Target amount

Current savings

Annual return

Illustrative assumptions only. Adjust the rate for your own model.

Time horizon

20 years

Compound frequency

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

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.

View the formula →

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.