Savings goal
The monthly figure a target and a date actually require.
Put away monthly
$662
Solving backwards from the date
PMT = (goal − existing × (1+r)ⁿ) ÷ (((1+r)ⁿ − 1) ÷ r) Existing savings are credited first — they compound across the whole term, so every dollar already banked shrinks the required contribution by more than a dollar. When growth alone reaches the target, the honest answer is zero, and that is exactly what this calculator prints.
Assumptions on the counter
- Constant rate; contributions land at each month's end.
- No taxes on interest; no withdrawals along the way.
- Half-year horizons allowed for near-term goals.
Questions people ask
How do I calculate how much to save per month?
Work backwards: grow what you already have by the target date, subtract it from the goal, then solve the annuity formula for the payment that fills the gap. This calculator runs that chain live.
What if the result says zero?
That means your existing savings, left to grow at the entered rate, already reach the target by the date. Nothing further required — or extend the goal past the date.
What rate should I assume?
For cash in a high-yield savings account, use the account APY. For invested goals, many planners model long-run market averages near 7% nominal — but shorter horizons deserve lower, safer figures.