Savings plan estimate
Savings goal monthly contribution calculator
Estimate the monthly contribution needed to reach a savings goal by a chosen date, using your current balance and optional interest assumption.
Estimate a level monthly contribution for a goal and deadline you choose. Interest is optional; without it, the result is the remaining amount divided by the number of months.
Enter your goal and timing assumptions to see the estimated monthly contribution.
How the estimate works
The model compounds the current balance monthly at the entered annual rate divided by 12. It assumes one equal contribution at the end of each month. If the monthly rate is r, the term is n months, the goal is G, and current savings are B, the required monthly contribution is the greater of zero and (G − B × (1 + r)n) ÷ (((1 + r)n − 1) ÷ r). At 0% interest, it is the greater of zero and (G − B) ÷ n. The displayed contribution is rounded up to the next cent and the resulting schedule is simulated month by month.
The CFPB savings worksheet suggests setting a savings target by dividing the amount needed by the time available, and choosing a contribution frequency that fits your situation. This calculator extends that planning arithmetic with an optional, user-entered interest assumption. Source checked November 3, 2026: CFPB Your Money, Your Goals: Savings booklet and the CFPB Savings Goal Calculator.
The rate is an assumption, not a product quote or forecast. Actual accounts can change rates and use different compounding, deposit timing, fees, taxes, or withdrawal rules. The result does not account for missed or extra deposits, and it does not determine what amount fits your budget. Review account terms and adjust the plan as your circumstances change.
Compare a different interest scenario
Use the simple and compound interest calculator to compare a fixed starting balance under different compounding frequencies. It does not model recurring contributions.
For an emergency savings target based on monthly expenses and coverage months you choose, use the emergency fund scenario calculator. It excludes interest and does not prescribe a target.
How it works
Enter a goal amount, current savings, months until your target date, and an optional annual interest rate. The model compounds monthly and assumes each contribution is made at the end of the month.
Good to know
How much should I save each month?
The calculator solves for a level end-of-month contribution that reaches the entered target under its assumptions. It is a planning estimate, not a recommendation about how much you can afford to save.
Does the estimate include interest?
Only if you enter an annual rate. The model treats it as a fixed nominal annual rate divided by 12 and compounds monthly. Actual accounts may use different rates, compounding, fees, taxes, and deposit timing.
What if my current savings already reaches the target?
The modeled required contribution is zero. The displayed ending balance still reflects the selected rate assumption through the chosen time horizon.
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