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Save $50,000 in 3 Years
Use this page to plan a $50,000 savings goal over 3 years. It assumes 4 percent a year to start and lets you edit every box.
The monthly amount is $1,309.53. Your deposits reach $47,143 and interest supplies the rest.
How the deposit is worked out
A goal of $50,000 in 3 years means 36 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 $50,000.
Worked example
Aim for $50,000 within 3 years. At 4 percent, a month-by-month deposit of $1,309.53 gets there. Your deposits add up to $47,143.
Interest provides $2,857. With no interest the deposit would be $1,388.89 a month.
Questions about this calculator
What if the rate on a 3-year $50,000 goal were 2 percent instead of 4 percent?
The monthly deposit for $50,000 would be $1,348.80 instead of $1,309.53. A lower rate means you carry more of the goal yourself.
How much would a $500 head start lower the deposit for $50,000 in 3 years?
The deposit would fall from $1,309.53 to $1,294.77. That is $14.76 less each month.
What would the deposit be for half the goal, $25,000, in 3 years?
$654.77 a month at 4 percent.
How long would $50,000 take if you deposited only $982 a month?
About 4 years. At $1,309.53 a month the goal takes 3 years.
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This page is for education only and is not financial or tax advice.