Check the background of this financial professional on FINRA's BrokerCheck.

Calculators


Got a question that involves number crunching? Use the calculators on this page to find the mathematical answer to the most commonly asked number-crunching questions, and see your inputs displayed next to the graph, chart, and/or table output in a side-by-side display.

Calculator: Print This Page
Saving for College Calculator
Projected Costs
$

College inflation typically runs 4% to 6% per year.

How Your Savings Match Up
$
$
%

This calculator projects the future cost of college and illustrates how your savings, if any, match up for each year of college. If there is a funding shortfall, the calculator shows that amount each year, and calculates both the monthly savings amount and the lump-sum amount needed to eliminate the shortfall.


Saving for College Calculator Chart

These results are based on the supplied data shown and the assumptions that follow.

Projected cost of college (total for all years): $397,677

Amount you want to fund: $397,677

Projected value of college savings: $229,860

Shortfall: $167,817
Your savings would fall short of your funding goal by:

... year 1 $39,579
... year 2 $41,122
... year 3 $42,725
... year 4 $44,391

Funding the shortfall would require additional monthly contributions of $588.49 or a one-time lump-sum payment today of $83,356.49.



    Assumptions

  • The projected value of college savings does not take into account federal or state income taxes, or investment fees and expenses, all which may vary depending on the savings vehicle selected (e.g., 529 plan, mutual fund, certificate of deposit). Earnings are compounded monthly. This is a hypothetical example and is not intended to reflect the actual performance of any specific investment, nor is it a guarantee of future value. The projection assumes a fixed annual return; the rate of return on your actual investment portfolio will be different, and will vary according to actual market performance. This is particularly true for long-term investments. It is important to note that investments offering the potential for higher rates of return also involve a higher degree of risk to principal.
  • College savings, if any, are mapped proportionately against each year of college. Savings not used in a given year continue to earn interest at the rate selected.
  • The shortfall is the difference between the projected cost of college (adjusted by the percentage of costs you want to fund) and the projected value of college savings.
  • If there is a shortfall, the calculator determines both the extra monthly savings needed (in addition to any monthly savings currently being made) and the lump-sum amount needed today to eliminate the shortfall. If there is a surplus, this number represents the amount of money you’ll have left over after paying all college costs.
©2018 Broadridge Investor Communication Solutions, Inc. All rights reserved.
Tell A Friend Tell A Friend


 
 
 

The views and opinions expressed in these presentations are those of the author(s) and do not necessarily represent official policy or a position of NWAM or Intercarolina Financial Services

This information is not published by Intercarolina Financial Services. While the information is believed to be accurate, distribution of this material should not be considered an endorsement of any particular investment strategy, product or service described therein. This information is being provided only as a general source of information and is not intended to be the primary basis for investment decisions, nor should it be construed as advice designed to meet the particular needs of an individual investor. Please seek the advice of your advisor regarding your particular financial concerns.

Consult with your tax advisor or attorney regarding specific tax issues.

This data should be used for informational purposes only. The accuracy of this data is not guaranteed.

Securities offered through Intercarolina Financial Services and Intercarolina Advisory Services, Member FINRA, SIPC

3300 Battleground Avenue, Suite 400, Greensboro, North Carolina 27410

NetWorth Asset Management Inc. is not a subsidiary or an affiliate of Intercarolina Financial Services and Intercarolina Advisory Services.



This communication is strictly intended for individuals residing in the state(s) of FL, MN and PA. No offers may be made or accepted from any resident outside the specific states referenced.
 


Check the background of this financial professional on FINRA's BrokerCheck.