Retirement Savings

This calculator will show you the additional monthly payment you will need to make on your current mortgage in order to pay if off within a specified number of years. It will also show you how much interest you will save if you make the calculated additional payment each month, from now until your mortgage is paid off. Special thanks to online subscriber Lyle Crafton for presenting the idea for this calculator.

NOTE: Be sure to enter "0" (zero) in any entry boxes that don't apply to you. Also be sure that only numbers and decimal points are entered into the fields (dollar signs and other non-numeric characters will cause a JavaScript error).

Use this calculator to compute how much you would need to have invested in order to withdraw a specified amount each year over the course of a specified period of time. For example, if you want to be able to withdraw $500 during each month of your expected 20-year retirement, this calculator will tell you that if you expect to earn a 10% interest rate you will need to have $51,812.30 saved up by the time you retire. This is often referred to as "Present Value of an Annuity" analysis. To compute the Present Value of an Annuity, fill in the first three text boxes and then click the "compute" button.

Note: Other than decimal points, do not enter any other non-numeric characters (commas, dollar signs, etc.) in the entry boxes. Doing so will cause a JavaScript error.

Enter the amount you would like to withdraw each month:
Enter the Annual Interest Rate you expect to earn:
Enter the number of years you would like to make the monthly withdrawels:
This is how much you need to have saved: