College Savings Calculator - 529 & Education Savings Planning
Calculate the required monthly contribution to reach a college savings goal based on your child's age, target college cost, and expected returns.
$
%
Required Monthly Contribution
$421
over 13 years
Target College Cost
$110,000
Total Contributions
$65,670
Investment Growth
$39,330
How College Savings Are Calculated
Enter your child's current age, the age they'll start college (typically 18), an estimated total college cost, what you've already saved, and an expected annual investment return. The calculator projects your current savings forward with compounding, finds the remaining gap to your target cost, and solves for the fixed monthly contribution needed to close that gap by the time college starts.
In the US, a 529 plan is one of the most common tax-advantaged accounts used specifically for education savings, though it's far from the only option. This calculator doesn't account for the specific tax treatment of any particular account type — check with a financial advisor or tax professional for guidance on which savings vehicle fits your situation.
Example
A 5-year-old with $5,000 already saved, targeting an in-state public college cost of $110,000 by age 18, at an expected 6% annual return, would need to contribute roughly $340 per month for the next 13 years to reach that goal.
Common Use Cases
- Planning monthly contributions to a 529 plan or other education savings account.
- Comparing how public vs. private college cost estimates change the required savings rate.
- Checking how starting to save earlier (or later) affects the monthly amount needed.
- Seeing how a higher expected return reduces the required monthly contribution.
FAQs
What is a 529 plan?
A 529 plan is a US tax-advantaged savings account specifically designed for education expenses. Rules, contribution limits, and state-specific tax benefits vary, so this tool doesn't provide specific tax or legal advice — consult a financial advisor for guidance tailored to your situation.
How accurate are the college cost presets?
The in-state public and private presets are rough ballpark figures for a 4-year degree at today's prices, meant as a starting point. Actual costs vary widely by school and will likely rise with inflation by the time your child enrolls — use the custom option to enter your own more specific estimate.
What if my child is already close to college age?
With less time to save, the required monthly contribution will be noticeably higher for the same target cost — the calculator will still compute it, but you may also want to consider adjusting your cost expectations or savings timeline.