If the projection misses your deadline, the required-deposit figure shows the gap immediately. That makes it easy to trade off a later date against a bigger monthly commitment - useful for an emergency fund, a house deposit, a wedding or a sabbatical. To see the growth side of the same calculation with compounding detail, use the Compound Interest Calculator.
Calculator
Formula used
Required monthly deposit = goal × (i) / [ (1 + i)^n − 1 ] − current balance growth
How to use the Savings Calculator
- Enter the target amount you want to save.
- Add what you already have in the account.
- Set the monthly amount you can realistically deposit.
- Enter the account APY and your target horizon.
- Compare the projected balance with the deposit needed to close any gap.
About this tool
The Savings Calculator is built for speed and accuracy: every calculation runs in your browser, so your data never leaves your device and the result updates as you type. It works equally well on a phone, a tablet or a desktop, and it is free to use as many times as you like.
Common use cases
- Building a 3-6 month emergency fund.
- Saving a down payment on a timeline.
- Deciding whether to delay a purchase or save harder.
- Tracking progress toward a holiday or education fund.
Tips for the best result
- Use the latest figures you have - even a small change in rate or term can shift the outcome by hundreds.
- For annual figures, divide by 12 to get a monthly number you can compare with the result.
- Bookmark this page and revisit the calculation as the inputs change.
Frequently asked questions
What rate should I use?
Use the APY your bank advertises for a high-yield savings account. Money-market and CD rates move with the market, so re-run the projection when they change.
Is interest taxed?
Yes, savings interest is normally taxable income. Using a pre-tax rate slightly overstates the after-tax balance.
Can I model irregular deposits?
Use the average monthly amount, or add a separate lump-sum scenario by increasing the current balance field.
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