Savings Goal Calculator
Monthly deposit needed for a goal, or how long your savings will take.
Use via API
Savings goal planner: the monthly deposit needed to reach a target by a deadline, or how long a given monthly deposit takes, with monthly interest. Send JSON, get JSON back.
POST https://pithlab.com/api/v1/tools/savings-goal-calculator
curl https://pithlab.com/api/v1/tools/savings-goal-calculator \
-H "Authorization: Bearer $PITHLAB_KEY" \
-H "Content-Type: application/json" \
-d '{"mode":"deadline","target":10000,"current":1000,"rate":4,"months":24}'About the Savings Goal Calculator
Find out how much to save each month to hit a goal by a deadline, or how long your monthly savings will take to get there, with interest and a yearly breakdown.
How to use the Savings Goal Calculator
- Enter your savings goal, what you've already saved, and the annual interest rate on your savings account (0 if none).
- Choose By a deadline and enter how many months you have, or Saving a set amount and enter what you can put away each month.
- Read the monthly deposit or the time it will take, and check the year-by-year table of deposits, interest and balance.
Examples
Input
Goal 20,000, saved 2,000, 4% interest, 36 months
Output
Save 464.77 a month for 36 months (3 years) to reach 20,000.00.
Input
Goal 10,000, saved 1,000, 3% interest, 300 a month
Output
Saving 300.00 a month, you reach 10,000.00 in 29 months (2 years 5 months).
Frequently asked questions
How is interest calculated?
The annual rate is divided by 12 and added every month (monthly compounding), and each deposit is made at the end of the month. Most savings accounts pay interest monthly, so this is a close match, though real rates can change.
Why does the deposit come out to fractions of a cent?
The exact deposit is what makes the balance land precisely on your goal. It is shown rounded to the cent; rounding up slightly will get you there a little early.
Does it account for inflation or tax?
No. The goal is in today's money and interest is before tax. If your goal is years away, consider raising it for inflation, and remember interest may be taxable where you live.