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// myloanmath
Savings Goal Calculator
Find the exact monthly amount you need to save to hit a target — interest included.
Monthly savings needed
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Assumes interest compounds monthly, and every contribution is made on schedule for the full time period.
How this savings goal calculator works
This is the reverse of a standard compound interest calculator. Instead of starting with a monthly contribution and calculating where you'll end up, this tool starts with where you want to end up and solves for the monthly contribution that gets you there — accounting for the fact that both your existing savings and every future contribution keep earning interest along the way.
That last part matters more than people expect. A contribution made in year one earns interest for the entire remaining period; a contribution made in the final month barely earns any interest at all. The math here correctly weights every contribution by how long it actually has to grow, rather than treating them all the same.
Frequently asked questions
Why does it say I don't need to save anything?
This happens when the interest your current savings will earn on its own, by the time your deadline arrives, already meets or exceeds your goal — no additional monthly contribution is needed.
Does this account for interest on my monthly contributions too?
Yes — each monthly contribution starts earning its own interest from the month it's added, not just your starting balance. This is the same compounding math used in our compound interest calculator.
What interest rate should I use?
Use the actual rate on the account you're saving in — a high-yield savings account, a CD, or an investment account's expected return. A more conservative (lower) rate gives a more cautious, dependable monthly target.