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Save $15,000 in 2 Years
This page works backward from $15,000. Give it 2 years and a rate of 4 percent and it finds the deposit.
The monthly amount is $601.37. Your deposits reach $14,433 and interest supplies the rest.
How the deposit is worked out
A goal of $15,000 in 2 years means 24 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 $15,000.
Worked example
At 4 percent you need $601.37 a month to hit $15,000 in 2 years. That is $14,433 of your own money.
Interest covers $567 of the goal. If your account paid nothing the deposit would have to rise to $625.00 a month.
Questions about this calculator
What if the rate on a 2-year $15,000 goal were 2 percent instead of 4 percent?
The monthly deposit for $15,000 would be $613.10 instead of $601.37. A lower rate means you carry more of the goal yourself.
How much would a $500 head start lower the deposit for $15,000 in 2 years?
The deposit would fall from $601.37 to $579.66. That is $21.71 less each month.
What would the deposit be for half the goal, $7,500, in 2 years?
$300.69 a month at 4 percent.
How long would $15,000 take if you deposited only $451 a month?
About 2 years 8 months. At $601.37 a month the goal takes 2 years.
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This page is for education only and is not financial or tax advice.