OzCalc
MoneyLast reviewed 2026-08-19

Savings goal calculator

Work out the monthly deposit needed to reach a target, or how long a deposit will take.

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What the result means

A savings goal is a target date plus a deposit plan. Interest helps, but most short-horizon goals are mostly deposits.

How it is calculated

Solve PMT from FV = P(1+i)^n + PMT × ((1+i)^n − 1)/i, with monthly i = r/12
  • FV: Goal.
  • P: Amount already saved.
  • PMT: Monthly deposit.

Contribution mode rearranges the annuity formula. Time mode solves for n and reports years.

Assumptions

  • Estimates only — not tax, legal, credit or financial advice. Check the official source or your contract before relying on a figure.
  • Fixed monthly deposits and a constant rate.
  • No tax on interest.

Worked example

$20,000 in two years from $2,000, at 0% for a check

If the account paid nothing, 24 deposits must cover $18,000.

Gap
$20,000 − $2,000 = $18,000
Monthly
$18,000 ÷ 24 = $750

A positive rate reduces the required deposit. The calculator solves that adjustment.

Returns are not guaranteed

A 4% figure might match a high-interest savings account in some years and be optimistic in others. For a house deposit, pair this with the deposit and LVR calculators rather than assuming investment-like returns.

Questions

Should I include inflation?

This target is in today’s dollars. If prices will rise, increase the goal rather than the rate unless you have a real (inflation-adjusted) return.

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Sources

Money · Last reviewed 2026-08-19

Estimates only. Not tax, legal or financial advice. Check official sources before relying on a figure.