Savings Goal Calculator
Project the future value of your savings from an initial deposit plus regular monthly contributions.
%
years
Your contributions
76.6%
Interest earned
23.4%
- 1
Monthly interest rate
5% ÷ 12 ÷ 100 = 0.004167 - 2
Number of periods
10 × 12 = 120 - 3
Growth factor
(1 + 0.004167)ⁿ = 1.647How much the initial deposit alone grows over the full term. - 4
Future value
250 × (1.647 − 1) ÷ 0.004167 + 1,000 × 1.647 = 40,467.58
Formula
How this is calculated
The calculator takes four inputs: an initial deposit P₀ that you put in today, a fixed monthly deposit PMT you add each month, an annual interest rate, and a number of years. The annual rate is treated as a nominal rate, so it is divided by 12 and by 100 to get a monthly rate r, and the term is converted to a total number of monthly periods n = years × 12.
It then sums two growth streams. The initial deposit compounds on its own as P₀ × (1+r)ⁿ. The monthly deposits form an ordinary annuity — each is added at the end of its month and compounds for the remaining periods — valued as PMT × ((1+r)ⁿ − 1) ÷ r. Adding these gives the future value. Total contributions are simply P₀ + PMT × n, and interest earned is the future value minus those contributions. If the rate is zero, the formula reduces to PMT × n + P₀.
All amounts are in whatever currency you enter, and the result is a nominal figure: it assumes a constant rate, equal monthly deposits, and excludes taxes, fees and inflation, so real purchasing power will be lower.
Examples
| Input | Result |
|---|---|
| $200 monthly deposit, 6% annual rate, 10 years | Future value about $32,775.87; total deposited $24,000 |
| $500 monthly deposit, 5% annual rate, 20 years | Future value about $205,516.83; total deposited $120,000 |
| $100 monthly deposit, 7% annual rate, 30 years | Future value about $121,997.10; total deposited $36,000 |
About this calculator
A savings goal calculator projects the future value of regular deposits, showing how much a habit of saving a fixed amount each month or year can grow into over time. It models the combined power of consistent contributions and compound growth, helping you plan for goals like a down payment, an emergency fund, education, or retirement.
The tool uses the future value of an ordinary annuity formula, FV = PMT × ((1 + r)^N − 1) ÷ r, where PMT is your regular deposit, r is the periodic interest rate (annual rate ÷ number of periods per year), and N is the total number of deposits. Each contribution earns interest from the moment it is made, so earlier deposits compound longer and contribute more to the final balance.
To use it, enter your recurring deposit amount, the annual interest rate you expect, the deposit frequency (usually monthly), and the number of years you plan to save. The calculator returns the projected future value alongside, in practice, the total you actually deposited, so you can see how much of the balance is your own money versus earned interest.
Interpret the future value as your goal balance and compare it to the sum of deposits to see how hard your money worked. Over long horizons, interest can rival or exceed your total contributions. If the projection falls short of your target, increase the deposit, extend the time, or seek a higher return to close the gap.
A key limitation is that the projected rate is assumed constant, while real investment returns fluctuate and savings rates change. The figure also ignores taxes and inflation, so the real purchasing power will be lower. Use it as a planning guide, and revisit it periodically as your contributions or expected returns change.
Frequently asked questions
This calculator assumes you add a fixed amount on a regular schedule, so each deposit compounds for a different length of time. A lump-sum or compound interest calculator grows a single initial amount. Use this one when you save steadily rather than investing all at once.
It uses the ordinary annuity method, where deposits are made at the end of each period. If you contribute at the start of each period instead, the balance would be slightly higher because every deposit compounds for one extra period.
Compare the future value to your total deposits. For example, saving $200 a month at 6% for 10 years grows to about $32,776 while you deposited only $24,000, meaning roughly $8,776 came from interest. Longer horizons tilt the balance even more toward interest.
Use a realistic, conservative figure based on where you save. A high-yield savings account might return a few percent, while a diversified long-term investment portfolio might average more but with risk. Avoid optimistic rates, since overestimating return inflates the projection.
Yes. The projected balance is in today's nominal dollars and ignores inflation, which erodes purchasing power over time. To plan in real terms, either target a higher goal or subtract an inflation estimate from your assumed return before calculating.
Raising your deposit boosts the future value significantly, especially if you do it early when contributions have the most time to compound. This tool assumes a constant deposit, so recalculate whenever your contribution changes to keep the projection accurate.
Also known as
TG we-Calculate Editorial Team. (2026). Savings Goal Calculator [Online calculator]. TG we-Calculate. https://we-calculate.com/calculator/savings-calculator
TG we-Calculate Editorial Team. "Savings Goal Calculator." TG we-Calculate. 2026. https://we-calculate.com/calculator/savings-calculator.
TG we-Calculate Editorial Team, "Savings Goal Calculator," TG we-Calculate, 2026. [Online]. Available: https://we-calculate.com/calculator/savings-calculator
@misc{wecalculate_savings_calculator, title = {Savings Goal Calculator}, author = {{TG we-Calculate Editorial Team}}, howpublished = {\url{https://we-calculate.com/calculator/savings-calculator}}, year = {2026}, note = {TG we-Calculate} }
Did this calculator help you?