Set a goal, start balance, and timeframe easily. See required monthly saving or time needed. Download results, track progress, and stay motivated every month.
| Scenario | Goal | Start | Monthly | Rate | Months |
|---|---|---|---|---|---|
| Emergency fund build | 500,000 | 50,000 | 20,000 | 6% | 24 |
| Device upgrade plan | 200,000 | 20,000 | 12,000 | 4% | 15 |
| Travel goal | 300,000 | 0 | 18,000 | 5% | 17 |
With constant monthly deposits and monthly compounding, the future value model is: FV = P(1+r)^n + PMT·((1+r)^n − 1)/r. Here, P is the starting balance, PMT is the monthly deposit, r is the monthly interest rate, and n is months.
To find the required monthly deposit for a fixed timeline: PMT = (FV − P(1+r)^n)·r / ((1+r)^n − 1). If deposits happen at the start of each month, the deposit effectively earns one extra period of interest.
This calculator uses an iterative monthly schedule so it can support optional step-ups and one-time deposits, while still matching the standard model when options are zero.
Choose a clear goal and a realistic date. A 1,000,000 target over 24 months demands far higher deposits than the same target over 48 months. The schedule view shows month labels, opening balance, contribution, interest, and ending balance, so you can see whether progress is smooth or back-loaded. If the goal is unmet, increase months, raise deposits, or add a scheduled boost.
Starting funds reduce the gap immediately and earn interest for every month. If you begin with 50,000 toward a 500,000 goal, the remaining gap is 450,000. With the same deposit pattern, that initial 50,000 compounds alongside your deposits, improving the ending balance without increasing effort. Even 5,000 more upfront can cut several months in tight plans often.
Monthly compounding adds interest each month and then compounds again. At an 8% annual rate, the monthly rate is about 0.6667%. Over 24 months, the difference between 4% and 8% can shift the required monthly deposit noticeably, especially when deposits are large or the timeline is short. A 72 rule estimate suggests doubling near nine years at 8% nominal.
Start-of-month deposits typically reach targets sooner because each deposit earns interest for that month. End-of-month deposits trade a small growth advantage for simpler budgeting. The most important driver remains consistency: missing two 25,000 deposits can delay a 24‑month plan more than a modest rate change. Use the chart to compare habits across multiple scenarios quickly.
Step-ups model planned increases in saving. A 10% annual step-up turns 20,000 into 22,000 after 12 months and 24,200 after 24 months. A one-time deposit, such as 100,000 at month 12, can shorten the timeline and increase interest earned because the lump sum compounds earlier. Combine step-ups with bonuses to maintain affordability and momentum yearly.
Inflation reduces purchasing power, so a fixed number may understate what you need. When you set a timeline, inflation adjustment grows the effective target using the annual inflation rate. For example, 6% inflation over two years raises a 1,000,000 target to roughly 1,123,600, keeping the plan aligned with expected prices. For long horizons, test 3%, 6%, and 9% inflation cases.
It is the estimated monthly deposit needed to reach your target within the chosen months, using your start balance, interest rate, deposit timing, and any step-up or one-time deposit settings.
They earn interest for the current month, adding one extra compounding period compared with end-of-month deposits. Over many months, that small advantage can accumulate into noticeable progress.
No. It assumes a constant nominal annual rate compounded monthly. Real products may vary, and fees, taxes, or rate changes can reduce growth versus the projection.
The monthly deposit increases after every 12 months by the step-up percentage. This models planned saving increases, like salary growth, while keeping each month’s contribution visible in the schedule.
Enable it when you set a fixed timeline and want today’s goal translated into a future-value target. It is especially useful for longer plans where price changes can materially affect purchasing power.
If deposits are too small, rates are low, or the goal is large, the projection may not hit the target within the maximum horizon. Increase deposits, add a lump sum, raise the timeline, or reduce the target.
Important Note: All the Calculators listed in this site are for educational purpose only and we do not guarentee the accuracy of results. Please do consult with other sources as well.