Savings Goal Calculator
Working backwards from the target to the monthly number.
Reading your result
Fill in every field and the steps will be spelled out here.
How it is calculated
Over short horizons interest does almost nothing. On a three-year goal it supplies a few percent of the total; the deposits are effectively the whole story. Raising the amount saved beats chasing yield in this range, and by a wide margin.
Compounding needs years before it bites. Its acceleration is back-loaded, and three years sits entirely before the interesting part of the curve. Past ten, the picture changes completely.
Tax belongs in the comparison. Interest is generally taxed, so a headline rate overstates what actually lands. Hitting the target exactly means depositing slightly more than the formula suggests.
Frequently asked questions
Lump sum or monthly deposits?
A lump sum earns on the full balance for the whole term; monthly deposits earn on money that arrives late and sits briefly. At the same headline rate the lump sum returns more.
What if I do not know the rate?
Leave it at zero and you get target ÷ months. Over short horizons the gap between that and the exact figure is small enough to plan with.
What if I miss a month?
Recalculate with the remaining months. The revised monthly figure absorbs the gap.
Assumes equal monthly deposits and a constant rate, before tax. Tax on interest, early withdrawal and promotional rate conditions are not modelled.