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Save $10,000 in 10 Years
This page shows the monthly deposit needed to save $10,000 in 10 years. The starting interest rate is 4 percent a year and you can change it.
The monthly amount is $67.91. Your deposits reach $8,149 and interest supplies the rest.
How the deposit is worked out
First find how much an empty account will grow to on its own over 120 months. Subtract that from the goal of $10,000 to get the gap. The monthly deposit is the gap times the monthly rate of 0.3333 percent, divided by the growth factor minus one. The growth factor is one plus the monthly rate raised to the power of 120.
Worked example
Reaching $10,000 in 10 years at 4 percent takes $67.91 a month. Your deposits total $8,149.
Interest provides $1,851. With no interest the deposit would be $83.33 a month.
Questions about this calculator
What if you wanted $10,000 one year sooner than 10 years?
Over 9 years the deposit rises to $77.08. That is $9.16 more each month than over 10 years.
What if the rate on a 10-year $10,000 goal were 2 percent instead of 4 percent?
The monthly deposit for $10,000 would be $75.35 instead of $67.91. A lower rate means you carry more of the goal yourself.
How much would a $500 head start lower the deposit for $10,000 in 10 years?
The deposit would fall from $67.91 to $62.85. That is $5.06 less each month.
What would the deposit be for half the goal, $5,000, in 10 years?
$33.96 a month at 4 percent.
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This page is for education only and is not financial or tax advice.