Your inputs

Model your plan

Tuition goal

The total education cost you want to have saved, up to $1 trillion.

Current savings

What is already in the 529 or RESP today, up to $1 trillion.

Years until college

Use a whole number from 1 through 100.

Expected return

Hypothetical annual return from -20% through 30%.

Your inputs are calculated locally and are not stored.

Save this much per month$233.98

Contributing this amount monthly for 18 years is projected to reach your tuition goal.

Total you’ll contribute: $60,539.37
Projected growth: $59,460.63
Ending balance: $120,000.00

Formula & methodology

How the monthly contribution is calculated

This calculator solves the future-value annuity formula backwards to find the monthly saving needed to reach an education goal. Current savings are first grown at the expected return for the years until college, then subtracted from the tuition goal. The remainder is what must come from regular contributions, which is divided by an annuity factor to find the required monthly payment.

PMT = (FV − PV(1 + i)ⁿ) / (((1 + i)ⁿ − 1) / i)

PMT: Required contribution per month
FV: Tuition goal
PV: Current savings
i: Expected return per month
n: Total number of monthly contributions

If current savings alone are projected to grow past the goal, the required contribution is $0 — no further contributions are needed to reach the target.

Worked example

$120,000 goal, $10,000 saved, 18 years, 6% return

To reach a $120,000 tuition goal in 18 years, starting from $10,000 already in a 529 or RESP and a hypothetical 6% nominal annual return compounded monthly, the required monthly contribution is $233.98. Over 18 years that adds up to $60,539.37 in total contributions plus $59,460.63 in projected growth, for an ending balance of $120,000.00.

This is an educational projection. Actual education costs and investment returns can change, and taxes, fees, inflation, and market volatility are not included unless explicitly modeled.

Assumptions

What this calculator assumes

The expected annual return remains constant for the full period.
Contributions are made every month, at the end of the month.
All growth stays in the account and compounds.
Tuition inflation, taxes, fees, plan rules, and withdrawals are excluded.
Money values are rounded to the nearest cent for display.

Common questions

College savings FAQ

Does this work for both 529 plans and RESPs?

Yes. The math is the same whether you save in a US 529 plan or a Canadian RESP: enter your goal, what you already have saved, the years until college, and an expected return. Each account type has its own tax rules and government incentives that this general calculator does not model.

What if I already have enough saved?

If your current savings are projected to grow past the tuition goal on their own, the required contribution shows as $0 and the calculator notes that no further monthly contributions are needed.

Primary sources

Sources and review notes

Methodology last checked Jul 14, 2026. Formula implementation is covered by deterministic unit tests. No financial professional review is claimed yet.