Aurora Finance
Calculator

Savings goal calculator

Whether you're saving for a house, a car, or a wedding, this calculator finds the monthly contribution that gets you there on time.

Updated July 2026
$
$
%
Monthly amount needed
$558
Projected value of current savings
$12,518
Total to contribute over term
$33,493
Reaches $50,000 in 5 years

How it works

PMT = (Target − P × (1 + r)^t) × r / ((1 + r)^t − 1) — solving compound growth for the required contribution
  • Enter your target amount and target date.
  • Enter your current savings toward the goal.
  • Enter your expected annual return — cash accounts around 4–5%, invested balances 5–7% real.
  • The calculator returns the monthly amount needed to hit the goal on time.

Worked examples

  • $50,000 down payment in 5 years, $10k saved, 4.5% APY: about $618/month needed.
  • Same goal at 3.5%: about $647/month — the rate matters, but the monthly amount matters more.
  • Extending the timeline by 2 years drops the monthly requirement by roughly 30%.

Frequently asked questions

What return should I use for short-term savings?

Under 3 years: high-yield savings rate (currently ~4–5%). 3–10 years: a conservative blend of savings and bonds (~4–6%). Over 10 years: mostly stocks (~5–7% real).

Should I invest short-term savings?

For money needed within 3 years, generally no — a bear market can arrive at the worst time. High-yield savings or short-term Treasuries are safer choices.

What if I fall behind on a goal?

Extend the timeline before shrinking the target. Slower progress toward a real goal beats abandoning it for a smaller one you don't actually want.

Related

Financial goals guide
Framework for setting and hitting goals.
Compound interest calculator
See how contributions grow.
Investment return calculator
Broader projection tool.
Educational information only. Not personalised financial advice. Consult a qualified professional for decisions specific to your situation.