Checked 15 October 2026. What was checked. How these pages are maintained.
How the monthly amount is found
The starting balance grows at the monthly rate. The rest of the goal is funded with equal monthly deposits that also earn interest. If the rate is 0, monthly = (goal − already saved) ÷ months.
This is an estimate. Real accounts skip months, change rates, and charge fees. It is not investment advice.
Worked example
To have $6,000 in 18 months with $500 already saved and no interest, you need about $306/month. At 3% annual interest the required deposit is a little lower because the balance grows.
A high-interest savings account rate changes. If you miss a month, the later deposits have to be larger. This is not investment advice.
A date, a gap, and a deposit
You want $4,500 in 12 months and you already have $600. At 2 percent a year the $600 grows to about $612 by the end of the year. The gap is about $3,888, and the equal monthly deposit that funds it, with that same monthly rate, is about $321. At 0 percent the deposit would be (4,500 − 600) ÷ 12 = $325. The interest does not do much of the work on a one-year, low-rate goal. Skipping a month means a later deposit has to be larger. This page will not redraw the plan after a missed month. Run it again with the new balance and the months that remain.
The rate to type is the rate on the account you will actually use. A high-interest savings rate is a fair input when the money has a date. A stock-market average is not, because the balance can be down in month 12. The compound interest calculator goes the other way: you name the deposit and it names the ending balance.
The goal is nominal dollars
If the $4,500 is a trip priced in today’s money, inflation between now and departure is not in the deposit. Eight years of inflation is large. Twelve months of it is smaller, and you can raise the goal by the inflation calculator before you come back here. Fees on the account should come out of the rate you type, or out of the deposit, because this formula does not have a fee field.
Common questions
What rate should I use?
A high-interest savings account rate, not a stock-market guess, if you need the money on a date.
What if I already have more than the goal?
The monthly amount is 0. You are there.