Savings Goal Calculator
Give a goal a number and a date and it becomes a plan. Choose whether you want to find the monthly amount you need, or how long a monthly amount will take.
Results
Monthly saving needed
₹22,268
- Total you save
- ₹8,01,662
- Interest earned
- ₹98,338
- What you have now grows to
- ₹1,19,668
To reach ₹10,00,000 in 3 years, save about ₹22,268 a month.
Show the calculation steps
- Your existing ₹1,00,000 grows to ₹1,19,668 in 36 months at 6%.
- The gap of ₹8,80,332 is closed by a monthly saving of ₹22,268 (paid at the start of each month).
- You put in ₹8,01,662 yourself; the rest is interest.
Set a target and a date
A goal such as a holiday, a car down payment or a wedding needs an amount and a deadline. From those two facts the monthly saving is a matter of arithmetic.
How interest helps
Interest on your savings reduces the amount you must put in yourself. The longer the time and the higher the rate, the bigger the share that interest provides.
Formula
Monthly saving = (Goal − savings grown) × i ÷ (((1 + i)^n − 1) × (1 + i))
Or: repeat balance = (balance + saving) × (1 + i) until it reaches the goal
Where:
- i
- = Monthly interest rate
- n
- = Number of months
Example calculation
₹10 lakh in 3 years with ₹1 lakh saved at 6%
Inputs
- What do you want to find?
- The monthly saving needed
- Savings Goal
- ₹10,00,000
- Already Saved
- ₹1,00,000
- Interest Earned
- 6 %
- Years to Reach the Goal
- 3 years
Result
- Monthly saving needed
- ₹22,268
- Total you save
- ₹8,01,662
- Interest earned
- ₹98,338
- What you have now grows to
- ₹1,19,668
Step-by-step
- Your existing ₹1,00,000 grows to ₹1,19,668 in 36 months at 6%.
- The gap of ₹8,80,332 is closed by a monthly saving of ₹22,268 (paid at the start of each month).
- You put in ₹8,01,662 yourself; the rest is interest.
₹25,000 a month towards ₹10 lakh
Inputs
- What do you want to find?
- How long it will take
- Savings Goal
- ₹10,00,000
- Already Saved
- ₹1,00,000
- Interest Earned
- 6 %
- Monthly Saving
- ₹25,000
Result
- Time to reach the goal
- 2 years, 9 months
- Total you save
- ₹8,25,000
- Interest earned
- ₹91,905
- Amount at the end
- ₹10,16,905
- Months
- 33
Step-by-step
- Each month: balance = (balance + ₹25,000) × (1 + 0.5%), starting from ₹1,00,000.
- The balance reaches ₹10,00,000 after 33 months.
- You put in ₹8,25,000; interest adds ₹91,905.
Important notes
- Savings are assumed to be added at the start of each month.
Disclaimer: This calculator provides estimates for informational purposes and should not be considered financial advice. Actual figures from lenders, banks and investment products can differ because of fees, taxes, rounding rules and changing rates. Consult a qualified professional before making financial decisions.
Frequently asked questions
How do I calculate how much to save each month?
Subtract what your existing savings will grow to from the goal, then find the monthly amount that grows to the difference.
Does interest matter for short goals?
A little. For goals under a year or two, most of the amount is your own saving.
Where should I keep goal savings?
Short-term goals suit safe deposits and liquid funds rather than volatile investments.
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