How do you calculate monthly savings needed for a goal?

Using the compound interest formula: PMT = (FV - PV * (1 + i)^M) / (((1 + i)^M - 1) / i), where FV is the goal, PV is starting balance, i is monthly interest, and M is months.

Does this calculator account for APY compound interest?

Yes, it accounts for annual interest compounded monthly, showcasing how your deposits grow alongside compound yield over time.

Savings Goal Calculator

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Model savings plans by calculating the required monthly contribution or the time needed to reach your goal, factoring in APY and monthly compounding.

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Target Savings Goal

Starting Balance (Initial Deposit)

Annual Interest Rate (APY %)

Time Horizon (Years)

Time Horizon (Months)

Required Monthly Deposit

$245.50

Total Deposits

$9,800.00

Total Interest Earned

$200.00

Final Balance

$10,000.00

Year-by-Year Growth Forecast

Year	Deposits	Interest Earned	End Balance

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