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Save $1,000 in 5 Years
What monthly deposit saves $1,000 in 5 years? This page starts at 4 percent interest. Change any box to match your plan.
The monthly amount is $15.08. Your deposits reach $905 and interest supplies the rest.
How the deposit is worked out
A goal of $1,000 in 5 years means 60 monthly deposits. Each deposit earns interest at 0.3333 percent a month until the end. The calculator finds the one deposit size that makes the total land on $1,000.
Worked example
Aim for $1,000 within 5 years. At 4 percent, a month-by-month deposit of $15.08 gets there. Your deposits add up to $905.
The gap between $16.67 and $15.08 a month is the work interest does for you.
Questions about this calculator
How long would $1,000 take if you deposited only $11 a month?
About 6 years 8 months. At $15.08 a month the goal takes 5 years.
What would saving $1,000 in 5 years take with no interest at all?
Simply the goal divided by 60 months, which is $16.67 a month. Interest at 4 percent trims that by $1.58.
What if you gave yourself one more year than 5 to reach $1,000?
Over 6 years the monthly deposit falls to $12.31. That is $2.77 less each month than over 5 years.
What if you wanted $1,000 one year sooner than 5 years?
Over 4 years the deposit rises to $19.25. That is $4.16 more each month than over 5 years.
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This page is for education only and is not financial or tax advice.