About this tool
A savings goal calculator (lump-sum saving planner) works backwards from the amount you want to have: it tells you how much to put away each month to reach a target by a deadline, or how many months a fixed monthly amount will take.
How much should I save per month to reach 30 million KRW in 24 months?
With a 3% annual rate, simple interest on monthly installments and 15.4% interest tax, you need about 1.22 million KRW a month, which is less than the 1.25 million KRW you would need with no interest.
How many months will it take if I save a fixed amount? Enter the monthly amount and the calculator solves for the number of months, rounded up.
The interest uses the installment-savings method of paying at the start of each month, so interest = monthly deposit x annual rate / 12 x n(n+1)/2, and any money you already have earns simple interest for the whole term.
Set the tax to 0 for a tax-free product or 15.4% for the standard rate; for tax-preferred or low-rate products, enter their rate (for example 1.4%).
If you are curious about the maturity interest of an installment account, try the savings interest calculator too.
Real products vary with preferential rates and payment dates, and this tool does not recommend any financial product or investment.
The result is a reference estimate and does not replace advice from a financial professional.
How to use
- Enter your target amount, the term in months and what you already have.
- Enter the annual interest rate and the tax rate (0 for tax-free, 15.4 for standard).
- Read the monthly saving you need to reach the target.
- Or enter a monthly saving to see how many months it will take.