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Save $15,000 in 5 Years
This page shows the monthly deposit needed to save $15,000 in 5 years. The starting interest rate is 4 percent a year and you can change it.
On the starting figures the monthly deposit is $226.25. The deposits total $13,575.
How the deposit is worked out
The rule is a balance. Money you have now grows for 60 months. Money you deposit grows for fewer months each time. Add the pieces at 0.3333 percent a month and the total must equal $15,000. Solving for the deposit gives the gap times the rate over the growth factor minus one.
Worked example
At 4 percent you need $226.25 a month to hit $15,000 in 5 years. That is $13,575 of your own money.
The remaining $1,425 comes from interest. Without interest the deposit would need to be $250.00 a month.
Questions about this calculator
What if you wanted $15,000 one year sooner than 5 years?
Over 4 years the deposit rises to $288.69. That is $62.44 more each month than over 5 years.
What if the rate on a 5-year $15,000 goal were 2 percent instead of 4 percent?
The monthly deposit for $15,000 would be $237.92 instead of $226.25. 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 5 years?
The deposit would fall from $226.25 to $217.04. That is $9.21 less each month.
What would the deposit be for half the goal, $7,500, in 5 years?
$113.12 a month at 4 percent.
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This page is for education only and is not financial or tax advice.