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Save $30,000 in 2 Years
This page shows the monthly deposit needed to save $30,000 in 2 years. The starting interest rate is 4 percent a year and you can change it.
On the starting figures the monthly deposit is $1,202.75. The deposits total $28,866.
How the deposit is worked out
The rule is a balance. Money you have now grows for 24 months. Money you deposit grows for fewer months each time. Add the pieces at 0.3333 percent a month and the total must equal $30,000. Solving for the deposit gives the gap times the rate over the growth factor minus one.
Worked example
Reaching $30,000 in 2 years at 4 percent takes $1,202.75 a month. Your deposits total $28,866.
The remaining $1,134 comes from interest. Without interest the deposit would need to be $1,250.00 a month.
Questions about this calculator
What if the rate on a 2-year $30,000 goal were 2 percent instead of 4 percent?
The monthly deposit for $30,000 would be $1,226.21 instead of $1,202.75. A lower rate means you carry more of the goal yourself.
How much would a $500 head start lower the deposit for $30,000 in 2 years?
The deposit would fall from $1,202.75 to $1,181.04. That is $21.71 less each month.
What would the deposit be for half the goal, $15,000, in 2 years?
$601.37 a month at 4 percent.
How long would $30,000 take if you deposited only $902 a month?
About 2 years 8 months. At $1,202.75 a month the goal takes 2 years.
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This page is for education only and is not financial or tax advice.