Amount already saved for college
Amount you plan to save each month
Time remaining before college starts
Average annual investment return (historical average: 5-7%)
Total estimated cost for 4 years (optional comparison)
Projected College Savings
$0
How this works: Your current savings grows with compound interest while you make regular monthly contributions. Each contribution also earns interest over time. The formula accounts for both the future value of your initial investment and the future value of an annuity (regular payments).
Formula Used:
FV = PV × (1 + r)^n + PMT × [((1 + r)^n - 1) / r]
Where: PV = present value, PMT = monthly payment, r = monthly rate, n = number of months