Savings, budgets and cards
Savings Goal Calculator: How Much to Deposit
Choose a goal and a deadline, and see the regular deposit that gets you there with interest.
- Cost
- Free
- Your figures
- Stay in your browser
- Method
- Set out below
For example, a home deposit and the costs of buying.
Deposit frequency
Monthly deposit needed
$800.37
Each month for 5 years, 60 deposits in all, on top of the $5,000 you have now.
- Total deposited
- $53,022
- Interest earned
- $6,978
- Balance at the end
- $60,000
Estimate only, based on the figures entered and the assumptions listed below. It is not a quote, an offer of credit or personal advice.
Deposits and interest, year by year
The balance at the end of each year, split into what you have put in, including your current savings, and the interest earned so far.
- Deposits
- Interest
The last column totals $60,000.
Show the figures as a tableHide the table
| Point | Deposits | Interest | Total |
|---|---|---|---|
| Year 1 | $14,604 | $430 | $15,035 |
| Year 2 | $24,209 | $1,322 | $25,530 |
| Year 3 | $33,813 | $2,695 | $36,508 |
| Year 4 | $43,418 | $4,573 | $47,990 |
| Year 5 | $53,022 | $6,978 | $60,000 |
How this calculator works
Work backwards from the goal: the calculator finds the regular deposit that, with your current balance and interest, reaches the goal exactly on time.
If your current savings will reach the goal on their own, it tells you so.
Assumptions
- Interest compounds at the deposit frequency and deposits are made at the end of each period. A year is taken as 52 weeks or 26 fortnights.
- The rate stays the same for the whole term.
- Account fees and tax on interest are not included.
Want the number a lender would actually give you?
Send through your figures and we will run them against our panel of 45 lenders for a real answer.
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