Savings goal calculator
The savings goal calculator will help you calculate how much you need to contribute each month in order to reach your savings goal.
You must contribute $48.45 every month for 10 years to reach your savings goal.
Needed Monthly Contribution
$48.45
Savings Goal
$10,000.00
Initial investment
$1,000.00
Total Contributions
$5,813.98
Total interest
$3,186.02
Interest rate
7%
Year
Contribution
Interest
Accumulated interest
Total
1
$581.40
$70.00
$70.00
$1,651.40
2
$1,162.80
$115.60
$185.60
$2,348.39
3
$1,744.19
$164.39
$349.99
$3,094.18
4
$2,325.59
$216.59
$566.58
$3,892.17
5
$2,906.99
$272.45
$839.03
$4,746.02
6
$3,488.39
$332.22
$1,171.25
$5,659.64
7
$4,069.78
$396.17
$1,567.43
$6,637.21
8
$4,651.18
$464.60
$2,032.03
$7,683.21
9
$5,232.58
$537.82
$2,569.85
$8,802.43
10
$5,813.98
$616.17
$3,186.02
$10,000.00