Monthly Amount to Reach a Goal
This shows how much to deposit each month to reach a savings goal by a set point, starting from what you already have. Interest can be included.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
Each deposit grows at the monthly rate, which is the yearly return divided by twelve, and so does the money already saved. The page finds the deposit that makes the total reach the goal after the set number of months.
With a zero rate, the answer is simply the gap divided by the number of months. The result is never shown below zero.
Worked example
To reach $20,000.00 in 36 months, starting from $2,000.00 at 4% a year, put in $464.77 a month.
Questions
Does the rate need to be exact?
No. It is an estimate. Try a few rates to see how much the answer moves.
What if the goal is already met?
If the money you have is already enough, the monthly deposit shows zero.
Are deposits made at the end of each month?
This assumes each deposit earns interest from the month after it is made. Your account may work a little differently.
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