CalcMyFin

Saving & Investing

Savings Goal Calculator

Pick a goal, like a down payment, a car or a trip, and a deadline. We'll work out exactly how much to save each month, counting what you already have and the interest your savings will earn.

  • Free, no sign-up
  • Private: runs in your browser
  • Updated September 2026

Your goal

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$
yr
mo
%
High-yield savings accounts often pay several times the national average.

How to use the savings goal calculator

  1. Enter your savings goal and how much you've saved so far.
  2. Choose how many years (and months) until you need the money.
  3. Add the APY your savings account pays.

How it's calculated

The APY is converted to a monthly rate i = (1 + APY)1/12 − 1. Over n months your current savings grow to S(1 + i)n, and the required monthly deposit is:

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

Example

To reach a $30,000 down payment in 3 years, starting with $5,000 in an account earning 4% APY, you'd need to save about $639.09 a month. Without any interest it would be $694.44.

Tips

  • Keep short-term goals in an FDIC-insured high-yield savings account, not in stocks.
  • Automate a transfer on payday so the money is saved before you can spend it.
  • Break big goals into monthly milestones to track progress.
  • Online banks often pay much higher APYs than traditional savings accounts.

Frequently asked questions

Where should I keep money for a savings goal?
For goals within about five years, a high-yield savings account, money market account or CDs are typical because the money stays safe and accessible. Deposits at FDIC-insured banks are protected up to $250,000 per depositor, per bank, per ownership category.
What's the difference between APY and APR?
APY (annual percentage yield) includes the effect of compounding, so it shows what you'll actually earn in a year. Savings accounts advertise APY, which is what this calculator uses.
What if I can't afford the monthly amount?
Extend the deadline, lower the goal, or find a higher-yield account. Try different timelines above. Adding just a few months can bring the payment down noticeably.
Does this account for taxes on interest?
No. Interest from savings accounts is generally taxable as ordinary income, so your after-tax growth will be a little lower.
CD calculatorInterest a certificate of deposit earns by maturity.Compound Interest calculatorHow savings and investments grow over time.Emergency Fund calculatorYour cash-cushion target and progress.

Sources

This calculator provides educational estimates only and is not financial, tax, legal or investment advice. Results depend on the assumptions you enter; actual terms from lenders, insurers and tax authorities may differ.