How to use
- Enter the goal and what you already have.
- Choose a date (to get the monthly amount) or a monthly amount (to get the date).
- Add an interest rate if the money earns interest.
Worked example
A $12,000 goal in 24 months with nothing saved at 0% interest needs $500 per month.
Supported formats and limits
| Input | Goal, current savings, date or monthly amount, interest rate |
|---|---|
| Output | Monthly amount or time to goal, chart |
| Engine | Future value of an annuity solved for the monthly payment; month-by-month simulation for time to goal |
Limitations
- Interest is assumed constant and compounded monthly, with deposits at the end of each month. Tax on interest is not deducted.
Questions
How is the monthly amount worked out?
Deposits are made at the end of each month and interest compounds monthly at the annual rate ÷ 12. The deposit is rounded up to the cent so the goal is actually reached. A $12,000 goal in 24 months with nothing saved at 0% needs $500 a month.
Can I enter a date instead of a number of months?
Yes. In the monthly-amount mode you can give the target as a number of months or a date. In the time mode the tool simulates month by month, up to 100 years.
Guides
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