What this page sets up
The calculator opens solving for the deposit: a 10,000 goal in 2 years, with 1,000 already saved in an account paying 4.00% APY, compounded daily. The answer is the amount to put in at the end of every month. Change the target, the years and months until you need the money, and what you have now; enter your account’s APY, or 0 if the money sits in a checking account. Switch When to the start of each period if you save as soon as you’re paid.
Reading the result
The large figure is the monthly deposit. Money put in is your starting amount plus every deposit, and Compound interest is the part of the goal the account pays. The schedule shows the balance at the end of each year, so you can check the plan along the way: if you fall behind, run it again from your current balance. The simple interest card shows how much more you’d need each month if the interest weren’t compounded.
Making the plan work
- Give the goal a date. A deadline turns a wish into a monthly number, and a short one shows early whether the goal is realistic.
- Automate the deposit. A standing transfer on payday is easier to keep than a decision every month.
- Rerun it when the rate changes. Savings rates are variable, so the monthly figure moves with them; the high-yield savings calculator shows what a better rate adds.
Monthly deposit for common goals at 4.00% APY
Starting from nothing, with a deposit at the end of each month and interest compounded daily, as the calculator works it out. Below each deposit, the part of the goal that interest pays for.
| Goal | 1 year | 2 years | 3 years | 5 years | 10 years |
|---|---|---|---|---|---|
| $5,000 | $409.22 $89.39 interest | $200.60 $185.68 interest | $131.09 $280.68 interest | $75.55 $466.84 interest | $34.08 $909.91 interest |
| $10,000 | $818.43 $178.78 interest | $401.19 $371.35 interest | $262.18 $561.36 interest | $151.11 $933.68 interest | $68.17 $1,819.81 interest |
| $25,000 | $2,046.09 $446.95 interest | $1,002.98 $928.38 interest | $655.46 $1,403.40 interest | $377.76 $2,334.21 interest | $170.42 $4,549.53 interest |
| $50,000 | $4,092.17 $893.90 interest | $2,005.97 $1,856.77 interest | $1,310.92 $2,806.80 interest | $755.53 $4,668.42 interest | $340.84 $9,099.07 interest |
At a rate this size, most of a short-term goal is your own money: interest makes a real difference only over several years. For each goal, the deposit roughly halves when you double the time, and interest pays for a growing share of the total.
The 4.00% APY is an example, not an offer. Not financial advice.