Expecting a baby this year? You could pay as much as $552,000 for their private education.

Ah the wonders of being a new parent, the delight of the first ultrasound , the thrill of the first cuddle and the cold chill the first time you sit down and work out just how much this parenting caper is going to cost you.

Parents are paying out the cost of a new home on their children’s education, research out today reveals.

If you are expecting a baby this year then be prepared to spend anything around $500,000 per child if you have chosen a private education.

If you are planning two or three kids the sums are staggering.

The Planning for Education Index, released by scholarship provider ASG, shows that Sydney – no surprises there – is the most expensive city for private schooling with fees above half a million dollars to $552,000.

But it’s not just private education that is costly – with the public system costings up to $75,000 a child.

ASG chief executive officer John Velegrinis told News Limited “It’s not just about the school fees but the uniforms, textbooks, tablets or laptops and transport costs — there’s a myriad of items that go into getting the kids to school and setting them up,” he said.

“The components making up these education costs are rising faster than the cost of general goods and services.”

The index, which measured the response of 12,500 families from across the country, calculated the costs based on location, school fees, transport, uniforms, computers, school excursions and sports.

It found that while the price of fuel and school supplies were down on last year, school fees continued to rise at twice the rate of inflation.

The national metropolitan average for private schooling was $468,397.

Sydney’s average was $552,351, followed by Melbourne on $512,283, Canberra $431,538 and Hobart $421,309 then Brisbane at $360,044.

But even the parents who decide to send their children through the public system face a significant financial contribution with the survey showing that a NSW parent starting a child in school this year will pay more than $73,000 to school them in public education and Victorian parents fork out $75,000 over their child’s education lifetime.

Victoria ranks the highest in costs of public education well above national average of $66,862. While parents in Canberra will pay close to $50,000 a child, those in Brisbane around $58,000 and Adelaide $67,000.

Public or private? Seem alike whatever way you choose there really is no such thing as a free education.