Loans & savings

Savings Goal Calculator

Pick a target, such as a house deposit or an emergency fund, and when you want to reach it. The calculator gives the monthly amount to set aside, counting the interest your savings earn along the way.

Your result will appear here.

How it's calculated

First the calculator grows what you have already to the target date. The rest of the goal has to come from deposits, and the deposit amount is found by solving the future value formula for the payment.

Deposit = (Goal − S × (1 + i)^n) × i ÷ ((1 + i)^n − 1)

How to do it in Excel

=PMT((1+4%)^(1/12)-1, 36, -2000, 20000): Monthly deposit for the default example. Excel treats money you pay in as negative, so the result is negative; wrap it in ABS() if you prefer.