# 529 Plan Calculator (College Savings)

URL: https://speedycalculator.com/calculators/finance/529/
Last updated: 2026-10-25

> The 529 calculator estimates the total cost of college when your child starts, how much you will have saved in a 529 plan, and the yearly contribution needed to cover the cost – with tuition inflation and investment growth.

## Inputs

- Child's current age
- Age when college starts
- Years in college
- Current annual cost of college
- College cost inflation (%)
- Current 529 savings
- Your yearly contribution
- Expected annual return (%)

## Results

- Years until college
- Cost of the first year of college
- Total cost of college
- Savings when college starts
- Shortfall (−) or surplus (+)
- Yearly contribution needed to cover the cost
- Equivalent monthly contribution

## Formula

```
Total cost = annual cost × (1 + inflation)^years until college, summed over the years in school
Savings at college = initial × (1 + r)^n + yearly contribution × ((1 + r)^n − 1) ÷ r
Required contribution = (total cost − initial × (1 + r)^n) × r ÷ ((1 + r)^n − 1)
```

## Explanation

College costs have historically risen faster than general inflation (often 3–5% a year). 529 plans grow tax-free and withdrawals for qualified education expenses are tax-free; up to $10,000 a year can go to K-12 tuition (raised to $20,000 from 2026), and unused funds can roll into a Roth IRA (lifetime cap $35,000).

### How to use the 529 Plan Calculator

- **Child's current age**
- **Age when college starts**
- **Years in college**
- **Current annual cost of college**
- **College cost inflation**
- **Current 529 savings**
- **Your yearly contribution**
- **Expected annual return**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter the child's age, the age they start college, years in school, current annual cost, cost inflation, current savings, planned yearly contribution and expected return.

### Tips

- Use your real spending from bank statements rather than guesses.
- Automate savings so they happen before you spend.
- Revisit your plan once a year or after any big life change.
- Keep an emergency fund before investing for long-term goals.

### Common mistakes to avoid

- Underestimating irregular expenses such as car repairs, gifts and annual bills.
- Ignoring inflation for long-term goals.
- Taking on high-interest debt to fund wants.

### Inputs explained

FieldWhat to enterChild's current ageA numberAge when college startsA numberYears in collegeA numberCurrent annual cost of collegeAmount in your currencyCollege cost inflationIn %Current 529 savingsAmount in your currencyYour yearly contributionAmount in your currencyExpected annual returnIn %

### What each result means

- **Years until college** = max([Age when college starts] - [Child's current age], 0)
- **Cost of the first year of college** = [Current annual cost of college]×(1 + [College cost inflation]÷100)^[Years until college]
- **Savings when college starts** = fvc([Expected annual return]÷100, [Years until college], [Current 529 savings], [Your yearly contribution])
- **Shortfall (−) or surplus (+)** = [Savings when college starts] - [Total cost of college]
- **Equivalent monthly contribution** = [Yearly contribution needed to cover the cost]÷12

### Example values

How the main result changes when **Child's current age** changes and everything else stays at the example values above:

Child's current ageYearly contribution needed to cover the cost1.58,551.952.258,928.939,342.13.759,797.314.510,301.53611,493.86

## Worked example

Inputs — Child's current age: 3; Age when college starts: 18; Years in college: 4; Current annual cost of college: $30,000; College cost inflation: 4 %; Current 529 savings: $5,000; Your yearly contribution: $3,000; Expected annual return: 6 %.

Results — Years until college = 15; Cost of the first year of college = $54,028.31; Total cost of college = $229,429.25; Savings when college starts = $81,810.70; Shortfall (−) or surplus (+) = $-147,618.55; **Yearly contribution needed to cover the cost = $9,342.10**; Equivalent monthly contribution = $778.51.

## FAQ

**How much should I save in a 529?**
Enough to cover your share of expected costs – many families aim for one-third of the total.

**What can 529 money be used for?**
Tuition, fees, books, room and board, K-12 tuition and some apprenticeships and student loans.

**What happens if my child doesn't go to college?**
Change the beneficiary, roll up to $35,000 into the child's Roth IRA, or withdraw with tax and a 10% penalty on earnings.

**What formula does the 529 Plan Calculator use?**
Total cost = annual cost × (1 + inflation)^years until college, summed over the years in school.


## Sources

- [IRS – 529 plans: questions and answers](https://www.irs.gov/newsroom/529-plans-questions-and-answers)