Savings goal calculator
Enter your goal, what you have saved, and either a monthly deposit (to see how long) or a number of months (to see the deposit needed).
Free · no signup Runs in your browser
How do I work out how much to save each month?
Subtract what your starting balance will grow to from the goal, then divide the rest by the growth of one dollar saved each month. With no interest it is simply (goal − start) ÷ months. With interest at a monthly rate r over n months the deposit is (goal − start × (1 + r)ⁿ) × r ÷ ((1 + r)ⁿ − 1). To save $10,000 in 24 months from nothing at 3%, deposit about $404.82 a month. The calculator does this, and works the other way round to find how long a deposit takes.
Why we built this calculator
A goal without a number is just a wish: a down payment, an emergency fund, a trip, a car, a course. Turning it into a monthly amount, or a date, is what makes it happen. The arithmetic is simple when there is no interest, but with a savings rate, even a modest one, the sums involve compounding that most people cannot do in their heads. This tool does them both ways: how many months a deposit you can afford will take, or how much a month to be there by a date, and shows the balance year by year so you can see it growing.
Everything is worked out in your browser. Nothing you enter is sent anywhere.
How it works
The balance grows each month in two steps: interest is added (balance × annual rate ÷ 12), and the deposit goes in at the end of the month. After n months, a starting balance P and a monthly deposit D at monthly rate r give FV = P(1 + r)ⁿ + D((1 + r)ⁿ − 1) ÷ r. To find the months for a given deposit, the formula is rearranged to n = ln((G·r + D) ÷ (P·r + D)) ÷ ln(1 + r), rounded up to a whole month because you reach the goal at the end of a month. To find the deposit for a given number of months, it is rearranged to D = (G − P(1 + r)ⁿ) × r ÷ ((1 + r)ⁿ − 1). With a rate of zero, the formulas reduce to plain division. The year-by-year list shows the balance at each year end.
How to use it
- Enter the goal and what you have saved so far.
- Enter the annual interest rate your savings earn (0 if none, or a rate you expect).
- Choose whether to find 'how long' (enter a monthly deposit) or 'how much a month' (enter the number of months).
- Read the answer and the interest earned. Try a few deposits or dates to see the trade-off.
- Update it as your balance and rate change.
Use cases
- A down payment, a wedding, a holiday, a car or a course
- An emergency fund of three to six months of expenses
- Children's education or a first-year university fund
- Seeing what a higher deposit does to the date
- Comparing a savings account rate with a GIC rate
- Setting a regular transfer from each paycheque
Problems you may run into
Most trouble is about assumptions.
| What you see | Likely cause | What to do |
|---|---|---|
| The rate I enter does not match my bank's | Banks quote rates differently (simple, compounded daily, promotional) | Use the nominal annual rate; a small difference changes little over a few years |
| I will deposit at the start of the month, not the end | Deposits here are made at the end of each month | The result is slightly conservative; the difference is one month of interest |
| Interest is taxed | Interest in a non-registered account is taxable income | Consider a TFSA or an RRSP; see the tax and account calculators on this site |
| The rate changes over time | Savings rates move | Run it with a higher and a lower rate to see the range |
| Inflation will reduce what the goal buys | Prices rise over time | Raise the goal a few percent a year, or use the inflation calculator |
Where to keep the money
A goal that is under about three years away usually belongs in a savings account or a short-term GIC, where the amount is known and not at risk. Registered accounts such as a TFSA or an FHSA can make the interest or growth tax-free; see the TFSA and FHSA calculators on this site. This is general information, not financial advice.
The formula
How the answer is worked out.
monthly rate r = annual rate ÷ 12value after n months: FV = P × (1 + r)ⁿ + D × ((1 + r)ⁿ − 1) ÷ r (deposits at the end of each month)months to reach goal G: n = ln((G × r + D) ÷ (P × r + D)) ÷ ln(1 + r), rounded updeposit for n months: D = (G − P × (1 + r)ⁿ) × r ÷ ((1 + r)ⁿ − 1)
With a 0% rate the formulas become n = (G − P) ÷ D and D = (G − P) ÷ n. The deposit is rounded up to the next cent. Taxes and fees are not included; the rate is a constant you choose.
Example: $10,000 in 24 months at 3%
You start with nothing and want $10,000 in two years.
- Monthly rate3% ÷ 12 = 0.25%
- Growth factor(1.0025)²⁴ = 1.06176
- Deposit10,000 × 0.0025 ÷ (1.06176 − 1) = $404.81, shown rounded up to $404.82
About $404.82 a month; $9,716 is your own money and $284 is interest
Without interest it would be $416.67 a month.
Terms on this page
- Compounding
- Earning interest on interest as well as on the original amount.
- Future value
- What a balance and regular deposits will be worth after a given time.
Common questions
How do I calculate how long it takes to save?
Enter your goal, balance, rate and monthly deposit and the calculator gives the months.
Does it include interest?
Yes, at the rate you enter, compounded monthly. Use 0 for none.
Are deposits at the start or the end of the month?
At the end.
Is the interest taxable?
In a non-registered account, yes. In a TFSA it is not. See the TFSA calculator.
How much emergency fund do I need?
Many advisers suggest three to six months of essential expenses.
Is anything I enter sent to a server?
No. The calculation happens in your browser and nothing you type leaves your device.
What to work out next
Where these numbers come from
- Wikipedia — Future value (annuity) The growth of a balance with regular deposits.
- Wikipedia — Annuity The formula for regular payments with interest.
- Government of Canada — Tax-Free Savings Account (TFSA) How a TFSA shelters interest and growth from tax.
Last verified 2026-10-25 The method on this page is checked against the sources above at least once a year. Spotted something out of date? Tell us and we will fix it.
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