Savings Calculator
Monthly deposit needed to reach a savings goal, with monthly compounding.
Monthly deposit
$199.74
Deposited at the end of each month
Goal
$20,000.00
Already saved
$5,000.00
The annual rate is divided by 12. What you have already saved grows at that monthly rate, and each new deposit is added at the end of the month. Years are rounded to the nearest month. A result of $0.00 means the current savings already reach the goal. These figures are illustrative estimates only. They are not financial, investment, tax, lending, or legal advice.
Learn more
How this calculator works and what to know before using it
What this calculator does
Finds the end-of-month deposit that reaches a savings goal, after the money already saved has had time to grow.
How to use it
- Enter the goal and the amount already saved.
- Enter the annual return and how many years you have.
- Read the monthly deposit. $0.00 means the savings already reach the goal.
Formula used
Monthly deposit for a future goal
The annual rate is divided by 12. The amount already saved grows for the whole period. The monthly deposit is the payment that makes up the remaining gap, with each deposit earning interest after it arrives. Years are rounded to the nearest month.
Source. The amount already saved compounds monthly at the annual rate divided by 12. The deposit is the end-of-month payment that closes the gap to the goal, rounded to the cent. A zero rate divides the gap by the number of months. Investor.gov compound interest calculator.
Updated November 1, 2026
Example
A goal of $20,000.00 with $5,000.00 already saved, at 5% compounded monthly for 5 years, needs a monthly deposit of $199.74.
Good to know
- The deposit is rounded to the cent.
- A zero rate divides the gap by the number of months.
Common questions
- Why is the deposit lower than the gap divided by the months?
- The amount already saved keeps earning the monthly rate, and each deposit earns interest for the months after it is added.
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