Updated · Built and checked by the PlinzoTools team, formulas tested against published sources
Calculate the monthly contribution required to reach a specific savings target by a target date.
$249.59
This is the inverse of the Savings Calculator: instead of projecting a result from a chosen contribution, it starts with your target amount and solves for the monthly contribution needed to get there, given your current savings, expected rate, and timeframe.
Enter your target amount, current savings, expected annual rate of return, and years until you need the goal met.
Future Value of Current Savings = Current Savings × (1 + r)n
Remaining Needed = Target − Future Value of Current Savings
Required Monthly Contribution = Remaining Needed × r ÷ ((1 + r)n − 1)
Say you want $20,000 for a home down payment in 5 years, you already have $2,000, and you expect 5% per year. Your existing $2,000 would grow to about $2,567 on its own, leaving roughly $17,433 to be covered by contributions. The required monthly contribution comes out near $256. Now try 3 years instead: the same goal needs a much larger monthly amount, because there is less time and less growth to help. The calculator makes this trade-off visible in seconds.
For goals within a few years, many people use a low, stable rate because market losses could arrive just before the money is needed. For goals a decade or more away, some people choose a higher rate, but that increases the chance the goal is missed. The calculator cannot judge which is right; it only solves the math for the rate you supply. Educational note: if you are unsure about risk, a licensed financial adviser can help match investments to your timeline.
Once you know the contribution, set up an automatic transfer on payday so the plan happens without relying on willpower, then re-run the calculator once a year to check whether you remain on track.
The calculator returns a required contribution of $0 if your current savings alone (growing at the given rate) already reaches or exceeds your target by the deadline.
Yes -- a higher expected rate of return means your money does more of the work, reducing how much you need to contribute yourself, but a higher assumed rate also carries more risk/uncertainty of actually being achieved.
It uses the standard end-of-month annuity formula. Contributing at the start of each month would put you slightly ahead of the projection.
You can enter a fractional number of years. Because there is little time for growth, most of the target will need to come from your own contributions.
You can for a rough figure, but retirement planning involves inflation, taxes and changing income. Use the result as a starting point and consult a professional for a full plan.
Reference: Social Security Administration