College Savings Calculator
Use this calculator to help develop or fine tune your education savings plan.
How the college savings calculator works
It solves for the monthly amount needed to reach a future tuition bill, letting investment growth on what you set aside cover part of the cost so you contribute less the earlier you start.
Worked example: with total college cost (future) of $120,000, already saved of $10,000 and years until college of 12, the college savings calculator shows monthly savings needed of $517.38.
- Already saved
- $10,000
- You contribute
- $84,503
- Growth earned
- $35,497
- Projected total
- $120,000
| Total college cost (future) | Monthly savings needed |
|---|---|
| $80,000 | $314.09 |
| $120,000 | $517.38 |
| $200,000 | $923.96 |
| $300,000 | $1,432.18 |
The formula
Required monthly = (cost − current savings × (1 + r)ⁿ) ÷ (((1 + r)ⁿ − 1) ÷ r), with r the monthly rate and n the months until college.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the college savings calculator
How much should I save for college?
Work backward from the expected total cost and your timeline. The calculator converts that into a monthly amount, accounting for growth on your savings.
Where should college savings go?
A 529 plan offers tax-free growth for education expenses and is the most common vehicle. This tool estimates the contribution; the account type affects the tax treatment.
What return should I assume for college savings?
A moderate one, shifting more conservative as enrollment nears so a market drop right before college does not derail the plan.
Is the College Savings Calculator free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.