Goal planning
Simulate month by month growth and find when you'll reach your target.
Time to reach goal
6 yrs
In 72 months, your balance will be ₹10,07,293.
The simulation compounds monthly: balance = balance × (1 + rate/1200) + contribution. It assumes your first contribution is made at the end of the first month. Returns cannot be guaranteed.
A savings goal calculator is a financial planning tool that works backwards from your target amount and timeframe to show you the monthly savings required. It factors in compound interest earned on your savings, so your money grows over time, reducing the amount you need to contribute each month.
Enter your target savings amount, your desired timeline (in months or years), and the annual interest rate your savings will earn. The calculator compounds interest periodically (monthly, quarterly, or annually depending on your account) and solves for the fixed monthly payment needed to reach your goal. If you already have an initial amount saved, enter that too—the calculator will reduce your monthly payment accordingly.
Monthly Payment = [Target Amount - (Initial Amount × (1 + r)^n)] / [((1 + r)^n - 1) / r]Target Amount is your final goal; Initial Amount is what you've already saved; r is the monthly interest rate (annual rate ÷ 12); n is the total number of months. The formula solves for the constant monthly payment that, combined with compound interest, grows your savings to the target.
| Input | Result | Notes |
|---|---|---|
| Target: ₹500,000 | Timeframe: 5 years (60 months) | Interest: 6% p.a. | Starting: ₹0 | Monthly savings needed: ~₹7,728 | Over 5 years, your ₹464,320 in contributions plus ~₹35,680 in compound interest reaches ₹500,000. |
| Target: ₹1,000,000 | Timeframe: 10 years (120 months) | Interest: 7% p.a. | Starting: ₹50,000 | Monthly savings needed: ~₹6,578 | Your ₹50,000 head start grows to ~₹98,350, so you save the remainder (₹901,650) over 10 years. |
| Target: ₹100,000 | Timeframe: 2 years (24 months) | Interest: 5% p.a. | Starting: ₹0 | Monthly savings needed: ~₹4,116 | Shorter timeframe and lower interest mean higher monthly payments relative to the goal. |
Extend your timeframe (save longer at a lower monthly rate) or reduce your target goal. The calculator shows the trade-off clearly: more months = lower monthly payment.
Most calculators assume end-of-month deposits (ordinary annuity). If your account deposits at month-start (annuity due), the result will be slightly lower; check your bank.
Yes, but use a realistic average return rate. Historical equity returns average 10–12% p.a., but they fluctuate; conservative savers use 6–8% to account for volatility.
This works backwards from a goal (how much do I save?); a loan calculator works forwards from a borrowed amount (what's my monthly payment?). The maths are similar but the direction differs.
Yes. If your savings rate drops from 6% to 4%, your monthly payment must rise to hit your target by the same date. Recalculate to adjust.
Occasionally skipping slows progress slightly; the calculator assumes consistent monthly deposits. If you skip a month, extend your timeframe by one month or increase later payments to catch up.