College Savings Calculator
This works out how much to save each month toward a school cost. It assumes the money grows at the rate you enter, as it might in a college savings account such as a 529 plan, and it counts what you have already saved.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
The savings you already have grow at the monthly rate for the number of months until school starts. That amount is taken off the goal, and the rest must come from monthly deposits.
The monthly amount is the remaining gap times the monthly rate, divided by the growth factor of equal deposits over those months. If today's savings already reach the goal, the answer is zero.
Worked example
A $120,000.00 goal in 18 years, with $5,000.00 saved now and growth of 6% a year, needs $271.89 a month. Over the years you would put in $58,727.52.
Questions
Should the goal include future cost increases?
School costs have tended to rise over time. Many people raise the goal for expected increases, then compare the results.
Does the growth rate include taxes and fees?
No. Plan tax treatment and fees differ, so the growth here is before any costs.
What if the growth is lower?
Less growth means a bigger monthly saving. Change the rate to test a range of returns.
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