Monthly amount needed for your goal

Also called: savings goal, how much to save

The steady monthly payment that, with growth, would take you from today's pot to your goal by the end of the time horizon.

Formula

Monthly = (Goal − Pot × (1 + rₘ)^months) × rₘ ÷ ((1 + rₘ)^months − 1)

Worked example

1. Monthly rate rₘ = 0.487% (6.00% a year)
2. Today's pot grows to £5,000 × (1 + rₘ)^240 = £16,036
3. Still needed = £100,000 − £16,036 = £83,964
4. Monthly = that gap × rₘ ÷ ((1 + rₘ)^240 − 1)

Result: £185 a month

How to read it

This uses the central return. If returns are lower, you'd need to pay in more or wait longer. In today's-money view the rate is after inflation.

See it with real numbers: Planner → (free account)