What Will it Take to Save for?
We have calculated the future value of your savings based on the interest rate you entered. We assume that interest is compounded annually, so you should enter the APY (Annual Percent Yield) rather than the 'nominal' yield. For example, your bank may pay 5.00% with interest compounded quarterly and an APY of 5.09%. You should enter 5.09, and not 5.00, in this calculator.
We assumed that all contributions will be made at the end of each month, and that earnings are fully taxable at the rate you entered.