Monthly Amount to Reach a Goal
Run the compound-savings maths backwards: with interest working for you, the monthly figure comes out below the target simply divided by the months.
Your numbers
Monthly needed
791,562
Total deposited
28,496,246
Interest
1,503,754
Formula
Monthly needed = Goal amount × (Annual rate ÷ 1200) ÷ ((1 + Annual rate ÷ 1200) ^ Months − 1)
Tax on interest means you need slightly more. Where interest is taxed, set the goal on an after-tax basis.
What to enter
| Input | Default | Accepted range |
|---|---|---|
| Goal amountThe sum you want to have by the end. | 30,000,000 | 0 and up |
| Months (mo)The period counted in months; a yearly rate gets divided by twelve. | 36 | 1 ~ 600 |
| Annual rate (%)Interest quoted per year; the monthly rate is this over 12. | 3.5 | 0 ~ 30 |
Step by step
Quick reference table
Results when only Goal amount changes and everything else stays put.
| Goal amount | Monthly needed | Total deposited | Interest |
|---|---|---|---|
| 15,000,000 | 395,781 | 14,248,123 | 751,877 |
| 22,500,000 | 593,672 | 21,372,185 | 1,127,815 |
| 30,000,000 | 791,562 | 28,496,246 | 1,503,754 |
| 45,000,000 | 1,187,344 | 42,744,369 | 2,255,631 |
| 60,000,000 | 1,583,125 | 56,992,492 | 3,007,508 |
What each result means
| Result | At default values |
|---|---|
| Monthly neededWhat to pay in each month to land on the goal. | 791,562 |
| Total depositedEverything you paid in over the period, interest not included. | 28,496,246 |
| InterestThe interest earned or owed over the period. | 1,503,754 |
Common mistakes
Tax on interest means you need slightly more. Where interest is taxed, set the goal on an after-tax basis.
Glossary
- Goal amount
- The sum you want to have by the end.
- Months
- The period counted in months; a yearly rate gets divided by twelve.
- Annual rate
- Interest quoted per year; the monthly rate is this over 12.
- Monthly needed
- What to pay in each month to land on the goal.
- Total deposited
- Everything you paid in over the period, interest not included.
- Interest
- The interest earned or owed over the period.
Frequently asked questions
Q. How is Monthly Amount to Reach a Goal calculated?
Monthly needed = Goal amount × (Annual rate ÷ 1200) ÷ ((1 + Annual rate ÷ 1200) ^ Months − 1) — Run the compound-savings maths backwards: with interest working for you, the monthly figure comes out below the target simply divided by the months.
Q. Can you walk through an example?
With Goal amount 30,000,000, Months 36mo, Annual rate 3.5%, the answer is Monthly needed 791,562.
Q. What do I need to enter?
Enter Goal amount, Months, Annual rate. The result recalculates as you type, and an empty box counts as zero.
Q. How much does the answer move if I change a number?
Changing only Goal amount moves the answer to Goal amount 15,000,000 → Monthly needed 395,781 and Goal amount 60,000,000 → Monthly needed 1,583,125. The table below lays out five steps.
Q. How are the numbers rounded?
Money is shown to the nearest whole unit, percentages to one decimal place and everything else to two. What you see is rounded; the calculation itself carries the unrounded value forward.
Q. Anything to watch out for?
Tax on interest means you need slightly more. Where interest is taxed, set the goal on an after-tax basis.
Related calculators
Tax rates and interest conventions differ by country and product — check your contract for real transactions.