Savings Goal Calculator
Name the target and the deadline — the calculator names the monthly price. Already there? It tells you straight.
Nothing here is filled in for you. Enter your numbers — the receipt waits.
A nominal annual rate, compounded monthly — so 15% nominal earns more than 15% over a year once compounding is counted. The receipt shows both figures.
The monthly amount you can actually commit — the calculator answers how long it takes.
Save monthly
₦155,690
Total ₦5,000,000 · interest ₦763,442
Annuity-solved · monthly compounding
Deposits land at the end of each month
Your rate is a nominal annual figure compounded monthly, so it earns slightly more than the number you typed once a year of compounding is counted. The effective annual yield above is what one full year actually returns at that rate — the honest figure to compare against a provider's advertised yield.
Nothing entered · no figures invented
Path to the goal
| Year | Balance | Deposited | Interest |
|---|---|---|---|
| 1 | ₦2,582,606 | ₦2,368,279 | ₦214,327 |
| 2 | ₦5,000,000 | ₦4,236,558 | ₦763,442 |
Your numbers stay in this browser. Nothing you type here is sent to us — no salary, rent, income or savings figure is transmitted, logged or visible to anyone. Your numbers are not kept between visits unless you switch on Remember my numbers on this device above; with it on, this calculator remembers your figures for next time, and on a shared or public computer the next person could see them. Reset clears this calculator; Clear my saved numbers clears every calculator on this site.
Annuity-solved monthly · monthly compounding default
This calculator is for informational guidance only and is not financial or investment advice. Rates are not guaranteed, confirm your plan with a licensed financial adviser.
The amount you need each month is not simply the gap divided by the months. Your existing savings grow with interest, and each new deposit earns interest too. This calculator solves that properly, subtracting the growth of what you already have, then spreading the rest across your timeline. The result is the honest monthly figure, not a rough guess.
Compound interest is interest earned on your interest. When your savings earn interest that stays in the account, next month you earn interest on the original amount plus the interest from the month before, so your balance accelerates over time. That acceleration is what lets a small monthly saving become a large one, and it is why starting early matters so much.
Pick a realistic rate for where your money will sit, savings accounts, fixed deposits or money-market funds. A higher assumed rate is not guaranteed, and a lower one makes your plan more conservative and safer. Ranges below are indicative, always check today's actual rates with our savings rate comparator, which tracks the best paying platforms right now:
Most Nigerians building a mid-term goal use a money-market fund or fixed deposit, so 10-15% is a sensible planning rate. Type your instrument's actual figure directly into the rate field and the monthly amount drops further.
Your ₦2,000,000 goal set today will cost more in three years because of inflation. Saving toward today's price can leave you short. Use our inflation-adjusted savings calculator to see what you really need to save, or our naira value calculator to see how much the naira in your pocket is worth in five years.
The months control lets you price a specific deadline, a school-fee term, a project launch, a rent renewal. Adding a few months at a high interest rate can lower your monthly figure noticeably, because every extra month of compounding does real work. Run the same goal at 24 months and at 28 months to feel the difference.
One compounding mode only, and it is monthly: the annual rate you type is converted to its monthly equivalent and applied to your whole balance every month. There is no frequency selector on this calculator — the rate field and the months field are the two controls that move the answer.
Savings goal questions
Does this include compound interest?
Yes, interest is compounded monthly on your whole balance, including the interest you have already earned.
What if I already hit my target amount?
If what you have already saved meets or passes your goal, the monthly amount shows ₦0, you are already there.
Can I change the timeline?
Yes — the Months field is the timeline. Set how many months you have left to your deadline and the calculator re-solves the monthly amount up or down automatically. This calculator works in months, not years.
Questions
What if I already passed the target?
Monthly drops to zero and the receipt says the goal is reached. Protect the win — move the surplus to the next goal.
Does a higher rate really change the monthly?
Dramatically over long deadlines. Compare 0% vs 15% above — the interest pays part of your goal for you.
Is the rate I type nominal or effective?
Nominal, compounded monthly — the receipt states both. We divide the annual rate by 12 and compound monthly, so a typed 15% actually returns 16.08% over a full year once compounding is counted. The effective annual yield row shows that figure, and it is the one to compare against what a provider advertises.