Park tool — plan your savings rate

How much to save monthly to hit your savings goal?

Whether it's an emergency fund, a down payment, or retirement — this calculator tells you exactly what to save each month. It works backward from your goal so you can stop guessing and start planning.

Savings goal calculator

Enter your target amount, current savings, expected return, and timeline. The result shows the monthly contribution you need to reach your goal on time.

Monthly savings needed
$625
Goal amount
$50,000
Already saved
$10,000

Savings progress

20% saved $40,000 to go
Based on a $50,000 goal with $10,000 saved at 5% annual return over 5 years.

How it works

PMT = (FV − PV(1 + r)^n) × [r / ((1 + r)^n − 1)]

This solves for the monthly payment (PMT) needed to reach a future value (FV), given your current savings (PV), monthly rate (r), and number of months (n). The 5% default reflects a conservative Park slot allocation using SGOV/BIL.