Free calculator
College savings calculator
Model savings until a first year of college (or other post-secondary start) with a constant monthly contribution, a nominal expected return, and the compounding you pick. Project a balance at that age, or set a goal and read the monthly that reaches it. Optional inflation deflates the ending balance to one simple “today’s dollars” line—an illustration, not a tuition forecast. Copy FV/PMT into Google Sheets or Excel when you move the same story into a file.
When to use this calculator
A clear toy cash-flow view of “save every month at a constant rate” before you build scenarios in a spreadsheet or template—same engine as our retirement and compound interest tools, with an education horizon.
- Ballpark what a starting balance and monthly saving might grow to by the year you set as college start (one child or student at a time).
- Ask “what monthly gets me to $X by that date?” and read a level end-of-month contribution under the same assumptions (not a financial-aid package or tax number).
- Compare a row you will paste into a bigger family or school model after you lock return and inflation in one place the team can explain.
- Teach end-of-month
FV/PMTwith numbers on the page next to a short methodology—and jump to the rule of 72 or compound tools for other time horizons.
We turn the child or student’s current age and age at first college year into a horizon in months (same rounding story as the retirement tool). The engine is our compound interest model: a lump sum and end-of-month monthly contributions, with a nominal annual return and a compounding frequency for the per-month growth factor.
Ages to months
We use college start age − current age as a decimal years value, then a month count that matches the compound-interest page’s rounding to whole months. The college year must be after the current age or we stop with an error.
Project mode (future balance)
We apply the same closed form as the compound calculator: starting balance and each monthly inflow, with a growth factor from your nominal rate and compounding pick.
Target mode (PMT to a goal)
We ask what monthly closes the gap between the lump-sum future value and your target balance, same rate and horizon. When the starting balance already meets the goal in that model, the page shows $0 required add-on; at 0% rate, the needed monthly is (goal − start) ÷ months.
Optional inflation deflates only the displayed “today’s dollars” number by (1 + expected inflation)^years—a common shortcut; it is not the same as a college-specific tuition index or variable costs year by year.
529, UGMA/UTMA, Coverdell, and state plan rules live outside this page—see the FAQ. For long retirement horizons, use the retirement savings calculator; for generic growth without ages, use compound interest; for level cash flows with no life-stage story, use the annuity calculator.
Google Sheets & Excel (FV, PMT)
This page uses end-of-month saving. In Sheets/Excel, outflows are negative inside FV / PMT when you use the same convention as the compound calculator. Replace the names with your cell layout; use years×12 for months from the age gap you entered.
=FV(annualRate/12, months, -monthly, -savings, 0)Use college start age − current age (in years) × 12 for months when the horizon comes from your ages. Savings = starting balance, negated; monthly = your contribution, negated. Last 0 = end of period, matching this page.
=PMT(annualRate/12, months, -savings, -goal, 0)Solves the level monthly to reach goal after months with rate annualRate/12 and a starting balance savings (as present value, negated in the function).
Frequently asked questions
Is this a 529 plan, Coverdell, or tax calculator?
No. We do not model 529 (or other country) tax benefits, contribution limits, qualified expenses, state deductions, or RMD-style rules. You *may* type a balance you hold in an education account as a round starting number for a toy illustration, but the policy details belong in plan documents and licensed advice.
What is “in today’s dollars” here?
When you set an inflation percent, we divide the nominal balance at the college year by (1+inflation)^years—a simple deflation to interpret size in a familiar way. It is not a separate college cost index, and it will not match real tuition in every year.
How do I do this in Google Sheets or Excel?
=FV(annualRate/12, nMonths, -monthly, -start, 0) for the same end timing; =PMT(annualRate/12, nMonths, -start, -goal, 0) to back-solve a level monthly. Use (college start age − now age) × 12 for nMonths if you are mirroring the fields on this page. Keep annualRate as a decimal inside the function (e.g. 0.05) or divide your percent by 100 in the cell.
Why might this differ from Savingforcollege, my 529 plan site, or a robo app?
Those products may add time-varying return assumptions, age-based glide paths, fees, plan-specific defaults, financial-aid or “total cost of attendance” layers, and state benefits. This page is one transparent story with the fields you set—compare outputs with care when assumptions differ.
Can I type a 529 or brokerage balance as “current education savings”?
For a rough illustration, yes. In real life, account type, fees, rebalancing, and qualified-expense rules change outcomes; we do not automate any of that. Use a dedicated plan tool or plan administrator for binding answers.
What about more than one child or several tuition years at once?
Not in v1. This is one horizon and one level monthly. Rerun the calculator for each person or run a separate multi-line model in a spreadsheet when you need combined family cash flow.
Why don’t you use college-specific tuition inflation instead of the inflation % field?
A single inflation input keeps the page small and the math open-book. Tuition and room-and-board series differ by school and year; a serious cost model would load assumptions and citations we do not ship in this tool. You can use this page for savings growth, then build cost in your sheet with your own data.
When should I use the compound interest or retirement tool instead?
Use the compound interest calculator for ages-agnostic FV/PMT over years you type directly. Use retirement savings when the story is a retirement date, not a school start. This page is optimized for a “first year of college” age line while sharing the same core math.
Is this investment or tax advice?
No. The numbers are a simplified illustration for learning and top-of-funnel spreadsheet checks—not a fiduciary recommendation, tax return, or enrollment advice.