How this calculator works
Your current savings are grown to the deadline at the interest rate you enter.
The remaining gap is divided into equal monthly deposits, using the future value of an annuity, so each deposit also earns interest until the goal date.
The rate is entered as an APY and converted to an equivalent monthly rate.
If your current savings already reach the goal at that rate, the calculator says so.
Worked example
$30,000 goal in 4 years, $5,000 saved, 4% APY
- Your $5,000 grows to about $5,849.
- The remaining $24,151 needs $465.46 a month.
- You deposit $22,342 and earn about $2,658 of interest along the way.
Questions people ask
How big should an emergency fund be?
A common guideline is three to six months of essential expenses, more if your income is irregular.
Where should I keep savings for a short-term goal?
Somewhere safe and easy to reach, such as a high-yield savings account, money market account or CDs timed to the goal date.
What if I can’t afford the monthly amount?
Extend the deadline, reduce the goal, or start with what you can and increase it as income rises.
Should I invest for the goal instead?
For goals under about five years away, most planners prefer savings over stocks because a market drop could leave you short.
Last reviewed October 2, 2026