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

Amount you need
Amount you have deposited
Amount you can save monthly
Months you wish to save
Your savings rate
Your federal tax rate
Your state tax rate

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.
Leadfusion CALCULATORS: Savings Email Results

The Northwestern Mutual Life Insurance Company, 720 E. Wisconsin Avenue, Milwaukee, Wisconsin, 53202-4797.

The calculators are provided by a third party service provider, Leadfusion, Inc. The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed by Northwestern Mutual. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Northwestern Mutual, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product. The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation.

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