How the monthly amount is figured
Your current savings grow on their own. The calculator works out how much of the goal is left after that growth, then finds the equal monthly deposit that, with interest, covers the rest by the deadline.
Monthly = (Goal − Current × (1 + r)n) × r ÷ ((1 + r)n − 1)
Here r is the monthly rate and n is the number of months.
Common savings goals
- Emergency fund: often three to six months of essential expenses.
- Home down payment: 3% to 20% of the price, plus closing costs.
- Car: a larger down payment lowers the loan and the interest you pay.
Frequently asked questions
Where should I keep money for a short-term goal?
For goals a few years away, many people use high-yield savings accounts, money market accounts, or CDs, where the balance doesn't swing with the stock market.
What if I can't save that much each month?
Switch to “How long it will take” and enter what you can afford, or extend the deadline.