How much do I need to save monthly?
Starting with $5,000 and wanting $50,000 in 10 years at 6%, you need to contribute $249.59 a month.
Time value of money (TVM) calculator
This is an estimate for information only. It is not financial or investment advice.
Result
Fill in the fields to see your result.
How it works
This is the general version behind more specific tools like the future value or present value calculators: instead of always solving for the same variable, you choose which one is unknown.
Future value and present value have closed-form formulas; solving for time uses a logarithm; solving for the rate has no algebraic solution and is found by numerical search.
Formulas used
The single relationship behind all five
FV = PV × (1 + i)^n + PMT × ((1 + i)^n − 1) ÷ i
- PV
- present value
- FV
- future value
- PMT
- monthly payment
- i
- monthly rate
- n
- number of months
Worked examples
How long until I reach my goal?
Starting with $5,000, contributing $300 a month at 6%, it takes 8.79 years to reach $50,000.
Assumptions and limits
- The rate is constant and compounds monthly.
- Payments are equal and made at the end of each month.
- Present value, future value and payment all move in the same direction (all contribute to growth).
Frequently asked questions
Why does solving for years or rate sometimes give an error?
If your starting amount and contributions already exceed the target, or would never reach it even with a very high rate, there is no valid positive answer.
Is this the same as a financial calculator app?
Yes — this reproduces the classic five-key TVM function found on financial calculators (N, I/Y, PV, PMT, FV), just solved on the web.
Can present value or future value be zero?
Yes, both can be zero — a zero present value models starting from scratch, and a zero future value models fully spending down a balance.
Does this account for taxes or inflation?
No — enter a rate already adjusted for inflation ("real" rate) if you want a result expressed in today's purchasing power.
Updated
Related calculators
Future value Find what a lump sum plus regular monthly deposits will grow to at a given interest rate. Present value Find what a future lump sum, a series of future payments, or both together are worth today at a given discount rate. Retirement Estimate how much you need for retirement, what your current savings will grow to, how much to save monthly, or how long your savings will last. Mortgage Work out a mortgage payment, the total interest and the full amortisation schedule, with extra payments and taxes included. Loan Work out the payment, total interest and real annual rate of a personal or car loan, fees and extra payments included. Compound interest See what an investment grows to with compound interest, with or without regular contributions, at any compounding frequency.