Savings Goal Calculator
Figure out how much to save each month to reach your goal — or how long it will take at your current rate.
$
$5K$500K
$
$0$200K
%
0%12%
1 yr30 yrs
Save Each Month
$1,098.23
for 5 years to reach $80,000
$5,000 saved$80,000 goal
6.3% of the way there
Final
$80,000
Initial Savings
$5,000Contributions
$65,894Interest Earned
$9,106Monthly Savings$1,098.23
Total Contributions$65,894
Interest Earned$9,106
Final Balance$80,000
Savings Growth Over Time
Contributions vs. interest — see how compounding accelerates your progress
Total Deposits
Interest Earned
Year-by-Year Breakdown
Track your deposits and interest growth each year
| Year | Deposits | Interest | Total Deposits | Total Interest | Balance |
|---|---|---|---|---|---|
| 1 | $13,179 | $505 | $18,179 | $505 | $18,684 |
| 2 | $13,179 | $1,134 | $31,357 | $1,638 | $32,996 |
| 3 | $13,179 | $1,791 | $44,536 | $3,430 | $47,966 |
| 4 | $13,179 | $2,479 | $57,715 | $5,908 | $63,623 |
| 5 | $13,179 | $3,198 | $70,894 | $9,106 | $80,000 |
Related Calculators
How to Set a Savings Goal
A savings goal works best when it's specific, time-bound, and realistic. "Save money" is vague — "save $70,000 for a down payment in 4 years" gives you a clear monthly target and a deadline.
- Start with the number — Know exactly how much you need. For a home down payment, that's typically 3-20% of the home price plus 2-5% for closing costs. For an emergency fund, aim for 3-6 months of expenses.
- Set a realistic timeline — Be honest about how much you can save monthly. If the required amount is more than 20-30% of your take-home pay, consider extending the timeline or adjusting the goal.
- Account for inflation — If your goal is 5+ years away, prices will rise. A home that costs $350,000 today will cost about $406,000 in 5 years at 3% inflation. Build that into your target.
- Choose the right account — Match your savings vehicle to your timeline. High-yield savings (4-5% APY) for 1-3 years, CDs or bonds for 3-5 years, and diversified investments for 7+ years.
Saving for a Home Down Payment
The down payment is often the biggest hurdle for first-time homebuyers. Here's how to approach it:
- 20% isn't mandatory — While 20% down avoids PMI (private mortgage insurance), many loans allow 3-5% down. FHA loans require just 3.5%, and VA loans require 0%. The trade-off is higher monthly payments.
- Don't forget closing costs — Budget an additional 2-5% of the home price for closing costs (appraisal, title, escrow, etc.). On a $350,000 home, that's $7,000-$17,500 on top of the down payment.
- Automate and separate — Set up automatic transfers to a dedicated savings account. Out of sight, out of mind. Many banks let you name accounts ("Down Payment Fund") for motivation.
- Look into assistance programs — Many states and cities offer down payment assistance for first-time buyers. Some provide grants, others offer low-interest second mortgages. Check with your state housing finance agency.
Strategies to Save Faster
- Pay yourself first — Transfer to savings on payday, before you spend on anything else. Treat savings like a non-negotiable bill.
- Boost income temporarily — A side hustle, overtime, or freelance work dedicated entirely to your goal can dramatically shorten the timeline. Even an extra $500/month cuts years off most goals.
- Cut one big expense — One major change (cheaper housing, selling a car, canceling subscriptions) often beats dozens of small cuts. Look for the $200-500/month wins.
- Bank windfalls — Tax refunds, bonuses, gifts, and unexpected income should go straight to savings. A $3,000 tax refund annually is equivalent to $250/month in extra savings.
- Track progress visually — Use the progress bar in this calculator or a visual chart on your fridge. Seeing progress builds momentum and makes the goal feel achievable.