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Savings Goal Calculator

Work out how much you need to save each month to reach a goal, based on the target amount, saving period and annual return. If you have current savings, their future value is subtracted to find the required amount.

Input

×10,000
yrs
%
×10,000

If entered, the future value of your current savings is subtracted to work out the required monthly contribution.

Result

Required monthly contribution

$30,460.00

Target amount

$10,000,000.00

Total contributions

$7,310,342.00

Investment gain

$2,689,658.00

How it works

  • The monthly rate is annual rate (%) / 100 / 12 and the number of payments is saving period (years) × 12, calculated with monthly compounding and end-of-period payments (ordinary annuity).
  • If you have current savings, their future value (savings × (1 + monthly rate)^payments) is subtracted from the target, and the shortfall is assumed to be covered by monthly contributions.
  • The required monthly contribution is P = (target − future value of savings) × monthly rate / ((1 + monthly rate)^payments − 1). When the monthly rate is 0%, it is (target − savings) / payments.
  • Total contributions are shown as monthly contribution × payments + current savings, and the investment gain as target − total contributions.
  • If the future value of your current savings alone reaches the target, the tool indicates that no additional contributions are needed.
  • This is an estimate assuming monthly compounding and end-of-period payments. Actual financial products may differ due to taxes, fees and changing rates.