Required contribution
$651.44
per monthly
Savings Goal Calculator
Find the recurring amount needed to reach a target savings goal.
Key Terms (Click to expand)
Target amount
The total balance you want to reach by the end of your selected timeline.
Current savings
The money you already have toward this goal today.
Required contribution
The recurring amount needed at your selected contribution frequency to reach the goal.
Estimated interest earned
Projected growth from returns above your contributed principal.
Tool
Total contributions needed
$44,086.15
Estimated interest earned
$5,913.85
Savings goal detail breakdown
| Final projected balance | $50,000.00 |
|---|---|
| Target amount | $50,000.00 |
| Current savings | $5,000.00 |
| Annual return rate | 4.5% |
| Time horizon (months) | 60 |
Methodology
The calculator projects your current savings forward and solves for the recurring contribution needed to reach the target.
- Current savings is grown over the selected horizon at the provided annual rate.
- Recurring deposits are applied at the selected contribution frequency.
- The required contribution is solved iteratively to reach at least the target amount.
- Contribution timing is end-of-period.
Worked Example
To reach $50,000 from $5,000 over 5 years at 4.5%, estimated required contribution is $651.44 per monthly.
Assumptions and Limitations
- Returns are assumed constant over the full horizon.
- Recurring contributions are modeled as fixed deposits at the selected frequency.
- Taxes, account fees, inflation, and variable market returns are not included.
FAQ
What if I already have part of the goal saved?
Current savings is included in the projection before required recurring contributions are solved.
Does this assume a guaranteed return?
No. It models a constant return rate for planning, but real returns can vary.
Can I use monthly or yearly savings?
Yes. You can choose contribution frequency and the required contribution will be shown in that cadence.