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College Savings Calculator

Plan how much to save for college — accounting for tuition inflation and investment growth.

Updated June 2026 · Editorial standards

Your details

yrs
$
$
$
%
%
Projected college cost
$263,991
Projected savings
$81,520
Shortfall
$182,470
Monthly needed to fully fund
$1,075

Your projected savings of $81,520 fall short of the $263,991 inflation-adjusted target by $182,470. You have 13 years to close this gap.Saving $1,075/month instead of $300/month would fully fund the target by the time your child turns 18.

Savings growth vs inflation-adjusted target

College funding progress

Just startedFully funded
Just started2% of target

$5,000 saved of $263,991 target. 13 years to go.

By the KalkWise Editorial Team Reviewed for accuracy Updated June 2026

What is the college savings calculator?

In short

College costs roughly $35,000–$80,000 per year at private schools and $10,000–$30,000 at public universities. College inflation has averaged 4–6% per year. If your child is 5 years old and annual cost is $35,000, you'd need to save $280,000 in today's dollars ($400,000+ inflation-adjusted) for four years. A 529 plan with $300/month from age 5 at 6% grows to about $75,000 by age 18.

This college savings calculator projects the inflation-adjusted total cost of four years of college, computes how much your current savings and monthly contributions will grow by the time your child turns 18, shows any funding shortfall, and tells you the monthly contribution needed to fully fund the goal.

How to use this calculator

  1. 1Enter your child's current age.
  2. 2Enter the estimated annual college cost in today's dollars.
  3. 3Enter your current college savings balance (529 or other).
  4. 4Enter your monthly contribution to college savings.
  5. 5Adjust the investment return and college inflation rate.
  6. 6See the projected shortfall and monthly amount needed to close it.

The formula

target=cost×4×(1+i)n
FV=S(1+r)n+C×(1+r)n−1r
Target = annual cost × 4 years × (1 + inflation)^years. Projected savings = current savings × (1+r)^n + monthly × ((1+r)^n − 1) / r. Shortfall = target − projected savings.
cost
— Annual college cost in today's dollars
i
— College inflation rate (decimal)
n
— Years until college (18 − child's age)
S
— Current college savings balance
C
— Monthly contribution
r
— Monthly investment return

Worked example

The scenario

Child age 5, $35,000/year cost, $5,000 saved, $300/month, 6% return, 5% college inflation.

gives

The result

By age 18, the inflation-adjusted cost is ≈ $65,000/year, so the 4-year target is ≈ $260,000. Your projected savings ≈ $89,000 — a $171,000 shortfall. You'd need ≈ $870/month to fully fund.

Common use cases

  • Setting a monthly 529 contribution target
  • Seeing how college inflation impacts long-term costs
  • Comparing saving more now vs starting later
  • Deciding between in-state vs private school financially

Limitations & assumptions

  • Assumes college starts exactly at age 18.
  • Does not model 529 tax benefits or state deductions.
  • Assumes a fixed investment return — actual 529 returns vary by age-based allocation.
  • Room, board, books, and fees vary widely; the cost input should include all expenses.

Frequently asked questions

A 529 is a tax-advantaged savings account specifically for education expenses. Earnings grow tax-free, and withdrawals for qualified education expenses (tuition, room, board, books) are also tax-free. Many states offer additional state tax deductions for contributions.

Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.