Find the monthly deposit needed to reach a savings goal by a target date, given current savings and APY.
How much you want to have on the target date. Example: $12,000.
Current Savings (USD) — Financial input in USD. Directly drives affordability, yield, or cost; small changes compound over time. Example: 2500 USD.
When you need the money. Must be in the future.
Expected annual yield (APY). Use your savings account or conservative investment estimate.
Monthly Deposit Needed
$2,354.82
Level monthly contribution that, with interest, reaches the goal exactly by the target date.
Months Until Target
4
Months between now and the target date (30.44-day months).
Total Out-of-Pocket Deposits
$9,419.30
Sum of monthly deposits — excludes interest earned.
What this means
The calculator treats your savings as growing at the stated annual yield, compounded monthly, with deposits made at the end of each month.
Plan a savings goal (car, vacation, down payment) by finding the monthly deposit that, together with interest growth, reaches your target by a chosen date.
Formula
deposit = (goal − current × (1+r)ⁿ) × r ÷ ((1+r)ⁿ − 1), r = monthly rate, n = months
Worked examples
FAQ
Does the APY matter much for short goals?
For short horizons interest has little effect; for longer goals it can noticeably reduce the required deposit.
What if I already have enough saved?
If current savings already cover the goal, the required deposit is zero.
Important assumptions
Limitations