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Save $100,000 in 5 Years
This page works backward from $100,000. Give it 5 years and a rate of 4 percent and it finds the deposit.
The monthly amount is $1,508.32. Your deposits reach $90,499 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 60 months. Subtract that from the goal of $100,000 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 60.
Worked example
At 4 percent you need $1,508.32 a month to hit $100,000 in 5 years. That is $90,499 of your own money.
Interest provides $9,501. With no interest the deposit would be $1,666.67 a month.
Questions about this calculator
How long would $100,000 take if you deposited only $1,131 a month?
About 6 years 6 months. At $1,508.32 a month the goal takes 5 years.
What would saving $100,000 in 5 years take with no interest at all?
Simply the goal divided by 60 months, which is $1,666.67 a month. Interest at 4 percent trims that by $158.35.
What if you gave yourself one more year than 5 to reach $100,000?
Over 6 years the monthly deposit falls to $1,231.18. That is $277.13 less each month than over 5 years.
What if you wanted $100,000 one year sooner than 5 years?
Over 4 years the deposit rises to $1,924.57. That is $416.25 more each month than over 5 years.
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This page is for education only and is not financial or tax advice.