Whether saving for a dream vacation, new vehicle, home renovation, or wedding, calculate the monthly contribution required to hit your target date with compound interest.
Enter your values, then select Calculate Now
Calculates required monthly contribution PMT: PMT = [Target - Initial * (1 + r)^n] / [((1 + r)^n - 1) / r], where r = annual interest rate / 12 and n = years * 12.
Saving $562.77 every month for 3 years reaches the $25,000 goal, with compound interest providing $1,740 in free growth.
Enter the total purchase price or target savings goal amount.
Input the money you have already earmarked for this goal.
Choose your time horizon in years or months.
Enter the annual interest rate of your savings vehicle (e.g. 4.5% for HYSA).
Review the required monthly deposit, total principal contributions, and earned interest.
You have three options: extend your timeline (e.g. 3 years to 4 years), reduce the target amount, or make an initial lump-sum deposit from existing surplus.
Store money for 1 to 3-year goals in high-yield savings accounts (HYSA), certificates of deposit (CDs), or short-term Treasury bills where principal is guaranteed.
No. Stock market volatility can cause a 20-30% drawdown right when you need the cash. Reserve stock investments for goals with a 5+ year horizon.
Focusing on 2 to 3 priority goals (e.g. emergency fund + car down payment) produces faster psychological wins than fragmenting money across 10 different goals.
Automate your monthly deposit on payday and track visual milestone percentages (25%, 50%, 75%).
Discover other tools to optimize your wealth strategy
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Discover how much interest your bank account generates. Compare daily, monthly, and annual compounding across high-yield savings accounts, CDs, and standard savings.
Preparing to purchase a home or car? Calculate your target down payment percentage (3%, 5%, 10%, 20%), estimated closing costs, and the monthly savings required to buy on time.