Savings goal calculator

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Estimate the deposit you need to reach a target amount by a deadline. Includes interest, deposit frequency (monthly, biweekly, weekly), and deposit timing options.

USD
USD
This is money you already have saved today.
yr
You can use decimals (example: 2.5 years).
%
This is your expected return per year (example: a high-yield savings account or investment return).
If you pick weekly or biweekly, the result is per deposit (not per month).
Compounding is how often interest is added to your balance (interest-on-interest).
Beginning-of-period means each deposit gets one extra period of growth.
Rounding up helps you hit the goal. Your ending balance may be slightly above the target.
If you enter this, you will see an estimated month and year for reaching the goal.

How to Use

  1. Enter your Savings goal (the target amount you want to have).
  2. Enter your Current savings (what you already have saved today).
  3. Enter the Time to reach goal in years. Decimals are fine (example: 2.5).
  4. Enter your Annual interest rate. Use 0% if you want a no-growth plan.
  5. Open Advanced options if you want to change:
    • Deposit frequency (monthly, biweekly, weekly). The result will be per deposit.
    • Compounding frequency (monthly, daily estimate, annual).
    • Deposit timing (end of period is common; beginning of period grows a bit more).
    • Rounding (rounds the required deposit up so you do not fall short).
    • Start month (optional, shows an estimated goal month and year).
  6. Press Calculate.
  7. Read the results:
    • Required deposit: what you need to add each deposit period.
    • Projected ending balance: what the plan reaches after the chosen time, using rounding.
    • Chart: teal line is projected balance, gray dashed line is the goal.
    • More details: shows total deposits, estimated interest earned, and checkpoints.
Notes: This is a projection using a steady rate and a steady deposit schedule. Real savings rates and investment returns change. Taxes, fees, and account rules are not modeled.
Definitions
  • Deposit frequency: how often you add money. If weekly or biweekly is selected, the required deposit is per week or per biweekly deposit.
  • Compounding: how often interest is added to the balance (interest-on-interest).
  • Deposit timing: end-of-period means interest is applied first, then the deposit. Beginning-of-period means you deposit first, then it grows for that period.
  • Rounding: rounding up can push the ending balance slightly above the goal, by design.
Methodology and sources
What the calculator is doing

The calculator estimates the deposit you need (monthly, biweekly, or weekly) to reach a target balance by a chosen time. It uses your current savings as the starting balance, then projects growth using compound interest and repeated deposits.

Rate conversion and compounding

You enter a nominal annual rate (APR-style percent per year). The calculator converts it to an effective annual rate using your selected compounding frequency: effAnnual = (1 + r/compFreq)^(compFreq) - 1, where r = ratePct/100.

Then it converts the effective annual rate to a per-deposit growth rate based on deposit frequency: iPer = (1 + effAnnual)^(1/depFreq) - 1. This aligns the growth step to your deposit cadence (monthly, biweekly, weekly).

Deposit formula used

The calculator solves for a fixed deposit amount that reaches the goal after n deposits, where n = round(years * depFreq). It uses the standard future value relationship for a starting balance plus equal deposits.

If “Deposit timing” is set to “Beginning of period”, the calculator applies each deposit before interest for that period. That gives each deposit one extra period of growth compared with “End of period”.

Rounding and the projection chart
  • The deposit is rounded up to the next cent or the next whole dollar (your choice). Rounding up can push the final balance slightly above the goal.
  • After rounding, the calculator runs a period-by-period projection to estimate ending balance, total deposits, and total interest earned, and to draw the chart.
  • The “Effective annual yield (APY estimate)” is shown as effAnnual converted to a percent.
Important limitations
  • This is a projection. Real returns can vary over time.
  • Taxes are not modeled (for example, interest in a taxable account).
  • Bank interest often accrues daily using account-specific rules and statement-cycle timing. The daily compounding option here is an estimate.
  • Inflation is not included. A goal in today’s dollars may need to be higher in the future.
Sources
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