Free College Savings Calculator
Estimate how much you need to save monthly to fund your child's college education.
USD
years
USD
%
Estimated Total Cost
$120,000
Monthly Savings Needed$676.74
Current Savings Will Grow To$9,097
Estimated Total Cost vs Years Until College
College Savings Calculation
Total Cost = Annual Cost × Years
The monthly savings needed is calculated by finding the gap between the total cost and what your current savings will grow to, then solving for the PMT needed to fill that gap.
Example Calculation
$30,000/year for 4 years, 10 years away, $5,000 saved, 6% returns.
- 01Total cost = $30,000 × 4 = $120,000
- 02Current savings in 10 years = $5,000 × 1.005^120 = $9,097
- 03Gap = $120,000 - $9,097 = $110,903
- 04Monthly savings needed = ~$679
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