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Save $15,000 in 3 Years
How much should you put aside each month to have $15,000 in 3 years? Enter your own figures below. The page starts at 4 percent interest.
You would deposit $392.86 each month for 36 months. That is $14,143 in total.
How the deposit is worked out
Run the savings growth formula backward. Instead of asking what a deposit grows into, ask which deposit grows into $15,000 over 36 months. At a monthly rate of 0.3333 percent the answer is the gap to the goal times the rate, divided by the growth factor minus one.
Worked example
At 4 percent you need $392.86 a month to hit $15,000 in 3 years. That is $14,143 of your own money.
Of the $15,000 goal, $857 comes from interest. A zero rate would push the deposit to $416.67.
Questions about this calculator
What if the rate on a 3-year $15,000 goal were 2 percent instead of 4 percent?
The monthly deposit for $15,000 would be $404.64 instead of $392.86. 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 3 years?
The deposit would fall from $392.86 to $378.10. That is $14.76 less each month.
What would the deposit be for half the goal, $7,500, in 3 years?
$196.43 a month at 4 percent.
How long would $15,000 take if you deposited only $295 a month?
About 4 years. At $392.86 a month the goal takes 3 years.
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This page is for education only and is not financial or tax advice.