Free college savings calculator
Find out how much to save monthly for college — enter your savings goal, current balance, expected return, and years until enrollment, updated live, as you type.
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Hypothetical projection at fixed rate. Actual savings returns vary. Excludes taxes.
Results are estimates. Consult a professional.
How the college savings calculator works
The calculator works backward from your savings goal: given a target college fund, an expected investment return, and the number of years until enrollment, it solves for the fixed monthly contribution you would need to start today to hit that amount through systematic investing in a 529 or similar plan.
Worked example: $150,000 goal in 10 years at 6% return
Jamie and Chris have a newborn and want to accumulate $150,000 by the time their child starts college in 10 years. They open a 529 plan and expect an average annual return of 6%. How much do they need to save every month?
Monthly savings needed by goal, timeline, and 6% return
All figures assume a 6% annual return, monthly contributions, and end-of-month compounding. Multiply or divide proportionally if your goal differs (e.g., a $175,000 goal is roughly 1.17× the $150,000 column).
| Savings Goal | 5 Years | 10 Years | 15 Years | 18 Years |
|---|---|---|---|---|
| $100,000 | $1,433/mo | $610/mo | $344/mo | $258/mo |
| $150,000 | $2,149/mo | $917/mo | $516/mo | $386/mo |
| $200,000 | $2,866/mo | $1,221/mo | $688/mo | $515/mo |
Source: Future-value annuity formula at 6% annual return. Figures rounded to nearest dollar. Actual investment returns will vary.
The 529 annual contribution limit follows the gift-tax annual exclusion ($18,000 per donor in 2024). You may also front-load up to five years of contributions at once ($90,000 per contributor) without triggering gift tax, a strategy called superfunding.
Tips for college savings
A 529 plan is the most tax-efficient vehicle for most families, but how you fund it and when you start matters as much as the account type itself.
- Start as early as possible, even with a small amount — A $200/month contribution started at birth grows significantly more than the same amount started five years later, because compounding has 18 years instead of 13 to work. Time is the most powerful variable in the formula.
- Choose your state's plan — or shop around — Many states offer an income-tax deduction on 529 contributions, which effectively lowers your cost. However, some plans have higher fees than national options like Utah or Nevada plans; compare the net benefit.
- Use age-based investment options early on — These automatically shift from aggressive stock allocations when the child is young to conservative bond allocations near college age, reducing the risk that a market downturn wipes out savings just before enrollment.
- Update your savings target annually — College costs and your investment returns both change. Re-run the calculator each fall with updated COA estimates and your actual account balance to keep contributions on track.
- Coordinate with grandparents carefully — Under post-2024 FAFSA rules, 529 distributions from grandparent-owned accounts no longer count against financial aid. Grandparent contributions can meaningfully close the gap without reducing aid eligibility.
Accuracy and limitations
This calculator assumes a fixed annual return, level monthly contributions, and end-of-month compounding. Real investment returns fluctuate, and 529 plan fees reduce the effective return. The future college cost input is itself an estimate; actual costs depend on where the student enrolls and future tuition inflation. Tax benefits from 529 plans depend on your state of residence and plan choice and are not reflected in this calculator.
Not financial advice — consult a financial professional for your specific situation.
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About this calculator
Part of our finance calculators suite — explore all calculators.