$MoneyCalc

College Savings Calculator

Calculate how much to save for your child's college education.

$10,000
$
$500
$
8%
%
20 years
Future Value
$343,778
Total Contributions$10,000 initial + $120,000 monthly
$130,000
Total Interest Earned164.4% return on contributions
$213,778
Interest as % of Total
62.2%

How it works

Average annual college cost: $22K (public in-state), $40K (public out-of-state), $55K (private). Over 4 years: $88K-$220K. Starting early makes a massive difference due to compound growth. A 529 plan contribution of $300/month from birth at 7% return grows to approximately $130,000 by age 18 — enough for in-state public university.

FAQ

What is a 529 plan?

A tax-advantaged savings account specifically for education expenses. Contributions grow tax-free and withdrawals for qualified education expenses are tax-free. Most states offer additional state tax deductions.

Compound Interest in other locations

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Disclaimer: MoneyCalc provides estimates for educational purposes. These are not financial advice. For significant decisions, consult a licensed financial advisor or tax professional.