Free calculator · Personal Finance
Savings Goal
Calculates the monthly deposit generally needed to reach a savings goal by a chosen date, after crediting what current savings are projected to grow to on their own. Inputs are the goal amount, current savings, an assumed annual rate, and the years to the goal.
By Devon Coombs, CPA, MBA · Teaching Professor of Finance, Santa Clara University · Reviewed August 2026
Interactive Tool
Savings Goal
Required monthly deposit
$662.08
to reach $50,000 in 5 years
Current savings grow to
$6,105
at 4.0% for 5 years
Total deposits
$39,725
60 monthly deposits
PMT = ($50,000 − $6,105) × i ÷ ((1 + i)^60 − 1) = $662.08, where i = 4.0%/12
Deposits are assumed at the end of each month at a constant rate. A higher assumed rate lowers the required deposit but adds risk that the goal arrives short.
Learn the concept
This calculator comes from the free Corporate Finance: The 10 Laws of Finance course, where the concept is taught with readings, worked examples, and practice questions.
Precomputed reference tables
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Built by Devon Coombs, CPA, MBA, Teaching Professor of Finance at Santa Clara University.