What will it take to save for a vehicle, home, etc.?

 Amount you need
\$
 Amount you have deposited
\$
 Amount you can save monthly
\$
 Months you wish to save
%
%

 This tool calculates different combinations to save a lump-sum amount that you intend to use to buy a vehicle, home, or other big-ticket item.

Your savings will grow over time due to monthly deposits and compound interest. The amount you accumulate, however, will be decreased due to taxes you pay on the interest you've earned.

The calculator assumes you save with a taxable account. If you want to simulate saving with a tax-advantaged account, enter a zero in the fields for federal and state income tax rates. Tax-advantaged accounts may have restrictions on taking early penalty-free distributions. You may wish to consult a financial professional.
Taxable account: An account that does not receive the tax breaks that either a tax-exempt account or tax-deferred account are eligible to receive.
Compounded interest: Compounded interest is the interest that you earn on a deposit or investment that uses compounding. Banks and financial institutions routinely use compounding to pay you a higher interest rate. For example, a bank may be offering a CD that pays interest at 10%. If the bank does not compound interest, you will receive 10% of your investment as interest income at the end of a year. However, if the bank compounds interest every three months, you will earn an interest rate of 10.38%. If the bank compounds interest monthly, you will earn 10.47%. If it compounds daily, you will earn 10.52%. For a \$10,000 deposit, this is an extra \$52 in interest that you earn.
Tax rates: The percentage of your taxable income that is owed to the state and federal governments. The tax rate increases as the taxable base amount increases.
Savings interest rate: The yearly interest rate you earn on your savings.
Tax-advantaged account: An investment account with tax-deferred or tax-exempt features that are used to save for retirement, college, and other educational expenses.
Lump-sum investments: A lump-sum investment is an investment that you make to open an investment or savings account. It is used to jump-start an investment or savings account. Possible sources of lump-sum investments include inheritances, lump-sum distributions from retirement plans, and proceeds from a life insurance policy.