Savings Plan and Future Cost Estimation for Florida Institute of Technology

How much will it cost and what do you need to save?

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2042$228,912
Monthly savings required$1,809

How much will it cost to send your child to Florida Institute of Technology in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $915,649.21 for students enrolling in 2042 if tuition increases average 7% per year until then.   Assuming you have no current college savings, monthly deposits of $1,809.15 into a 529 or other college savings plan earning and after tax or tax exempt return of 7% will be necessary to achieve this balance.

Assumptions

Current Annual Cost$61,016.00
Years until enrollment18
Annual Tuition Increase7%
Current Savings$0.00
After Tax Return on Savings7%
Years of enrollment4

Current Savings Shortfall

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Planned Savings Balance

College Savings Schedule

Month Begin Deposit Withdraw Interest End
1 $0.00 $1,809.15 $0.00 $0.00 $1,809.15
2 $1,809.15 $1,809.15 $0.00 $10.23 $3,628.53
3 $3,628.53 $1,809.15 $0.00 $20.52 $5,458.20
4 $5,458.20 $1,809.15 $0.00 $30.86 $7,298.21
5 $7,298.21 $1,809.15 $0.00 $41.27 $9,148.63
6 $9,148.63 $1,809.15 $0.00 $51.73 $11,009.51
7 $11,009.51 $1,809.15 $0.00 $62.25 $12,880.91
8 $12,880.91 $1,809.15 $0.00 $72.83 $14,762.89
9 $14,762.89 $1,809.15 $0.00 $83.47 $16,655.51
10 $16,655.51 $1,809.15 $0.00 $94.17 $18,558.83
11 $18,558.83 $1,809.15 $0.00 $104.93 $20,472.91
12 $20,472.91 $1,809.15 $0.00 $115.76 $22,397.82
13 $22,397.82 $1,809.15 $0.00 $126.64 $24,333.61
14 $24,333.61 $1,809.15 $0.00 $137.59 $26,280.35
15 $26,280.35 $1,809.15 $0.00 $148.59 $28,238.09
16 $28,238.09 $1,809.15 $0.00 $159.66 $30,206.90
17 $30,206.90 $1,809.15 $0.00 $170.79 $32,186.84
18 $32,186.84 $1,809.15 $0.00 $181.99 $34,177.98
19 $34,177.98 $1,809.15 $0.00 $193.25 $36,180.38
20 $36,180.38 $1,809.15 $0.00 $204.57 $38,194.10
21 $38,194.10 $1,809.15 $0.00 $215.95 $40,219.20
22 $40,219.20 $1,809.15 $0.00 $227.41 $42,255.76
23 $42,255.76 $1,809.15 $0.00 $238.92 $44,303.83
24 $44,303.83 $1,809.15 $0.00 $250.50 $46,363.48
25 $46,363.48 $1,809.15 $0.00 $262.15 $48,434.78
26 $48,434.78 $1,809.15 $0.00 $273.86 $50,517.79
27 $50,517.79 $1,809.15 $0.00 $285.63 $52,612.57
28 $52,612.57 $1,809.15 $0.00 $297.48 $54,719.20
29 $54,719.20 $1,809.15 $0.00 $309.39 $56,837.74
30 $56,837.74 $1,809.15 $0.00 $321.37 $58,968.26
31 $58,968.26 $1,809.15 $0.00 $333.42 $61,110.83
32 $61,110.83 $1,809.15 $0.00 $345.53 $63,265.51
33 $63,265.51 $1,809.15 $0.00 $357.71 $65,432.37
34 $65,432.37 $1,809.15 $0.00 $369.96 $67,611.48
35 $67,611.48 $1,809.15 $0.00 $382.29 $69,802.92
36 $69,802.92 $1,809.15 $0.00 $394.68 $72,006.75
37 $72,006.75 $1,809.15 $0.00 $407.14 $74,223.04
38 $74,223.04 $1,809.15 $0.00 $419.67 $76,451.86
39 $76,451.86 $1,809.15 $0.00 $432.27 $78,693.28
40 $78,693.28 $1,809.15 $0.00 $444.94 $80,947.37
41 $80,947.37 $1,809.15 $0.00 $457.69 $83,214.21
42 $83,214.21 $1,809.15 $0.00 $470.51 $85,493.87
43 $85,493.87 $1,809.15 $0.00 $483.39 $87,786.41
44 $87,786.41 $1,809.15 $0.00 $496.36 $90,091.92
45 $90,091.92 $1,809.15 $0.00 $509.39 $92,410.46
46 $92,410.46 $1,809.15 $0.00 $522.50 $94,742.11
47 $94,742.11 $1,809.15 $0.00 $535.69 $97,086.95
48 $97,086.95 $1,809.15 $0.00 $548.94 $99,445.04
49 $99,445.04 $1,809.15 $0.00 $562.28 $101,816.47
50 $101,816.47 $1,809.15 $0.00 $575.69 $104,201.31
51 $104,201.31 $1,809.15 $0.00 $589.17 $106,599.63
52 $106,599.63 $1,809.15 $0.00 $602.73 $109,011.51
53 $109,011.51 $1,809.15 $0.00 $616.37 $111,437.03
54 $111,437.03 $1,809.15 $0.00 $630.08 $113,876.26
55 $113,876.26 $1,809.15 $0.00 $643.87 $116,329.28
56 $116,329.28 $1,809.15 $0.00 $657.74 $118,796.17
57 $118,796.17 $1,809.15 $0.00 $671.69 $121,277.01
58 $121,277.01 $1,809.15 $0.00 $685.72 $123,771.88
59 $123,771.88 $1,809.15 $0.00 $699.82 $126,280.85
60 $126,280.85 $1,809.15 $0.00 $714.01 $128,804.01
61 $128,804.01 $1,809.15 $0.00 $728.28 $131,341.44
62 $131,341.44 $1,809.15 $0.00 $742.62 $133,893.21
63 $133,893.21 $1,809.15 $0.00 $757.05 $136,459.41
64 $136,459.41 $1,809.15 $0.00 $771.56 $139,040.12
65 $139,040.12 $1,809.15 $0.00 $786.15 $141,635.42
66 $141,635.42 $1,809.15 $0.00 $800.83 $144,245.40
67 $144,245.40 $1,809.15 $0.00 $815.58 $146,870.13
68 $146,870.13 $1,809.15 $0.00 $830.43 $149,509.71
69 $149,509.71 $1,809.15 $0.00 $845.35 $152,164.21
70 $152,164.21 $1,809.15 $0.00 $860.36 $154,833.72
71 $154,833.72 $1,809.15 $0.00 $875.45 $157,518.32
72 $157,518.32 $1,809.15 $0.00 $890.63 $160,218.10
73 $160,218.10 $1,809.15 $0.00 $905.90 $162,933.15
74 $162,933.15 $1,809.15 $0.00 $921.25 $165,663.55
75 $165,663.55 $1,809.15 $0.00 $936.69 $168,409.39
76 $168,409.39 $1,809.15 $0.00 $952.21 $171,170.75
77 $171,170.75 $1,809.15 $0.00 $967.82 $173,947.72
78 $173,947.72 $1,809.15 $0.00 $983.53 $176,740.40
79 $176,740.40 $1,809.15 $0.00 $999.32 $179,548.87
80 $179,548.87 $1,809.15 $0.00 $1,015.20 $182,373.22
81 $182,373.22 $1,809.15 $0.00 $1,031.16 $185,213.53
82 $185,213.53 $1,809.15 $0.00 $1,047.22 $188,069.90
83 $188,069.90 $1,809.15 $0.00 $1,063.37 $190,942.42
84 $190,942.42 $1,809.15 $0.00 $1,079.62 $193,831.19
85 $193,831.19 $1,809.15 $0.00 $1,095.95 $196,736.29
86 $196,736.29 $1,809.15 $0.00 $1,112.38 $199,657.82
87 $199,657.82 $1,809.15 $0.00 $1,128.89 $202,595.86
88 $202,595.86 $1,809.15 $0.00 $1,145.51 $205,550.52
89 $205,550.52 $1,809.15 $0.00 $1,162.21 $208,521.88
90 $208,521.88 $1,809.15 $0.00 $1,179.01 $211,510.04
91 $211,510.04 $1,809.15 $0.00 $1,195.91 $214,515.10
92 $214,515.10 $1,809.15 $0.00 $1,212.90 $217,537.15
93 $217,537.15 $1,809.15 $0.00 $1,229.99 $220,576.29
94 $220,576.29 $1,809.15 $0.00 $1,247.17 $223,632.61
95 $223,632.61 $1,809.15 $0.00 $1,264.45 $226,706.21
96 $226,706.21 $1,809.15 $0.00 $1,281.83 $229,797.19
97 $229,797.19 $1,809.15 $0.00 $1,299.31 $232,905.65
98 $232,905.65 $1,809.15 $0.00 $1,316.88 $236,031.68
99 $236,031.68 $1,809.15 $0.00 $1,334.56 $239,175.39
100 $239,175.39 $1,809.15 $0.00 $1,352.33 $242,336.87
101 $242,336.87 $1,809.15 $0.00 $1,370.21 $245,516.23
102 $245,516.23 $1,809.15 $0.00 $1,388.18 $248,713.56
103 $248,713.56 $1,809.15 $0.00 $1,406.26 $251,928.97
104 $251,928.97 $1,809.15 $0.00 $1,424.44 $255,162.56
105 $255,162.56 $1,809.15 $0.00 $1,442.73 $258,414.44
106 $258,414.44 $1,809.15 $0.00 $1,461.11 $261,684.70
107 $261,684.70 $1,809.15 $0.00 $1,479.60 $264,973.45
108 $264,973.45 $1,809.15 $0.00 $1,498.20 $268,280.80
109 $268,280.80 $1,809.15 $0.00 $1,516.90 $271,606.85
110 $271,606.85 $1,809.15 $0.00 $1,535.70 $274,951.70
111 $274,951.70 $1,809.15 $0.00 $1,554.62 $278,315.47
112 $278,315.47 $1,809.15 $0.00 $1,573.64 $281,698.26
113 $281,698.26 $1,809.15 $0.00 $1,592.76 $285,100.17
114 $285,100.17 $1,809.15 $0.00 $1,612.00 $288,521.32
115 $288,521.32 $1,809.15 $0.00 $1,631.34 $291,961.81
116 $291,961.81 $1,809.15 $0.00 $1,650.79 $295,421.75
117 $295,421.75 $1,809.15 $0.00 $1,670.36 $298,901.26
118 $298,901.26 $1,809.15 $0.00 $1,690.03 $302,400.44
119 $302,400.44 $1,809.15 $0.00 $1,709.82 $305,919.41
120 $305,919.41 $1,809.15 $0.00 $1,729.71 $309,458.27
121 $309,458.27 $1,809.15 $0.00 $1,749.72 $313,017.14
122 $313,017.14 $1,809.15 $0.00 $1,769.84 $316,596.13
123 $316,596.13 $1,809.15 $0.00 $1,790.08 $320,195.36
124 $320,195.36 $1,809.15 $0.00 $1,810.43 $323,814.94
125 $323,814.94 $1,809.15 $0.00 $1,830.90 $327,454.99
126 $327,454.99 $1,809.15 $0.00 $1,851.48 $331,115.62
127 $331,115.62 $1,809.15 $0.00 $1,872.18 $334,796.95
128 $334,796.95 $1,809.15 $0.00 $1,892.99 $338,499.09
129 $338,499.09 $1,809.15 $0.00 $1,913.92 $342,222.16
130 $342,222.16 $1,809.15 $0.00 $1,934.97 $345,966.28
131 $345,966.28 $1,809.15 $0.00 $1,956.14 $349,731.57
132 $349,731.57 $1,809.15 $0.00 $1,977.43 $353,518.15
133 $353,518.15 $1,809.15 $0.00 $1,998.84 $357,326.14
134 $357,326.14 $1,809.15 $0.00 $2,020.37 $361,155.66
135 $361,155.66 $1,809.15 $0.00 $2,042.03 $365,006.84
136 $365,006.84 $1,809.15 $0.00 $2,063.80 $368,879.79
137 $368,879.79 $1,809.15 $0.00 $2,085.70 $372,774.64
138 $372,774.64 $1,809.15 $0.00 $2,107.72 $376,691.51
139 $376,691.51 $1,809.15 $0.00 $2,129.87 $380,630.53
140 $380,630.53 $1,809.15 $0.00 $2,152.14 $384,591.82
141 $384,591.82 $1,809.15 $0.00 $2,174.54 $388,575.51
142 $388,575.51 $1,809.15 $0.00 $2,197.06 $392,581.72
143 $392,581.72 $1,809.15 $0.00 $2,219.71 $396,610.58
144 $396,610.58 $1,809.15 $0.00 $2,242.49 $400,662.22
145 $400,662.22 $1,809.15 $0.00 $2,265.40 $404,736.77
146 $404,736.77 $1,809.15 $0.00 $2,288.44 $408,834.36
147 $408,834.36 $1,809.15 $0.00 $2,311.61 $412,955.12
148 $412,955.12 $1,809.15 $0.00 $2,334.91 $417,099.18
149 $417,099.18 $1,809.15 $0.00 $2,358.34 $421,266.67
150 $421,266.67 $1,809.15 $0.00 $2,381.90 $425,457.72
151 $425,457.72 $1,809.15 $0.00 $2,405.60 $429,672.47
152 $429,672.47 $1,809.15 $0.00 $2,429.43 $433,911.05
153 $433,911.05 $1,809.15 $0.00 $2,453.40 $438,173.60
154 $438,173.60 $1,809.15 $0.00 $2,477.50 $442,460.25
155 $442,460.25 $1,809.15 $0.00 $2,501.73 $446,771.13
156 $446,771.13 $1,809.15 $0.00 $2,526.11 $451,106.39
157 $451,106.39 $1,809.15 $0.00 $2,550.62 $455,466.16
158 $455,466.16 $1,809.15 $0.00 $2,575.27 $459,850.58
159 $459,850.58 $1,809.15 $0.00 $2,600.06 $464,259.79
160 $464,259.79 $1,809.15 $0.00 $2,624.99 $468,693.93
161 $468,693.93 $1,809.15 $0.00 $2,650.06 $473,153.14
162 $473,153.14 $1,809.15 $0.00 $2,675.28 $477,637.57
163 $477,637.57 $1,809.15 $0.00 $2,700.63 $482,147.35
164 $482,147.35 $1,809.15 $0.00 $2,726.13 $486,682.63
165 $486,682.63 $1,809.15 $0.00 $2,751.77 $491,243.55
166 $491,243.55 $1,809.15 $0.00 $2,777.56 $495,830.26
167 $495,830.26 $1,809.15 $0.00 $2,803.50 $500,442.91
168 $500,442.91 $1,809.15 $0.00 $2,829.58 $505,081.64
169 $505,081.64 $1,809.15 $0.00 $2,855.81 $509,746.60
170 $509,746.60 $1,809.15 $0.00 $2,882.18 $514,437.93
171 $514,437.93 $1,809.15 $0.00 $2,908.71 $519,155.79
172 $519,155.79 $1,809.15 $0.00 $2,935.38 $523,900.32
173 $523,900.32 $1,809.15 $0.00 $2,962.21 $528,671.68
174 $528,671.68 $1,809.15 $0.00 $2,989.19 $533,470.02
175 $533,470.02 $1,809.15 $0.00 $3,016.32 $538,295.49
176 $538,295.49 $1,809.15 $0.00 $3,043.60 $543,148.24
177 $543,148.24 $1,809.15 $0.00 $3,071.04 $548,028.43
178 $548,028.43 $1,809.15 $0.00 $3,098.63 $552,936.21
179 $552,936.21 $1,809.15 $0.00 $3,126.38 $557,871.74
180 $557,871.74 $1,809.15 $0.00 $3,154.29 $562,835.18
181 $562,835.18 $1,809.15 $0.00 $3,182.35 $567,826.68
182 $567,826.68 $1,809.15 $0.00 $3,210.57 $572,846.40
183 $572,846.40 $1,809.15 $0.00 $3,238.96 $577,894.51
184 $577,894.51 $1,809.15 $0.00 $3,267.50 $582,971.16
185 $582,971.16 $1,809.15 $0.00 $3,296.20 $588,076.51
186 $588,076.51 $1,809.15 $0.00 $3,325.07 $593,210.73
187 $593,210.73 $1,809.15 $0.00 $3,354.10 $598,373.98
188 $598,373.98 $1,809.15 $0.00 $3,383.29 $603,566.42
189 $603,566.42 $1,809.15 $0.00 $3,412.65 $608,788.22
190 $608,788.22 $1,809.15 $0.00 $3,442.18 $614,039.55
191 $614,039.55 $1,809.15 $0.00 $3,471.87 $619,320.57
192 $619,320.57 $1,809.15 $0.00 $3,501.73 $624,631.45
193 $624,631.45 $1,809.15 $0.00 $3,531.76 $629,972.36
194 $629,972.36 $1,809.15 $0.00 $3,561.96 $635,343.47
195 $635,343.47 $1,809.15 $0.00 $3,592.32 $640,744.94
196 $640,744.94 $1,809.15 $0.00 $3,622.87 $646,176.96
197 $646,176.96 $1,809.15 $0.00 $3,653.58 $651,639.69
198 $651,639.69 $1,809.15 $0.00 $3,684.47 $657,133.31
199 $657,133.31 $1,809.15 $0.00 $3,715.53 $662,657.99
200 $662,657.99 $1,809.15 $0.00 $3,746.76 $668,213.90
201 $668,213.90 $1,809.15 $0.00 $3,778.18 $673,801.23
202 $673,801.23 $1,809.15 $0.00 $3,809.77 $679,420.15
203 $679,420.15 $1,809.15 $0.00 $3,841.54 $685,070.84
204 $685,070.84 $1,809.15 $0.00 $3,873.49 $690,753.48
205 $690,753.48 $1,809.15 $0.00 $3,905.62 $696,468.25
206 $696,468.25 $1,809.15 $0.00 $3,937.93 $702,215.33
207 $702,215.33 $1,809.15 $0.00 $3,970.43 $707,994.91
208 $707,994.91 $1,809.15 $0.00 $4,003.11 $713,807.17
209 $713,807.17 $1,809.15 $0.00 $4,035.97 $719,652.29
210 $719,652.29 $1,809.15 $0.00 $4,069.02 $725,530.46
211 $725,530.46 $1,809.15 $0.00 $4,102.25 $731,441.86
212 $731,441.86 $1,809.15 $0.00 $4,135.68 $737,386.69
213 $737,386.69 $1,809.15 $0.00 $4,169.29 $743,365.13
214 $743,365.13 $1,809.15 $0.00 $4,203.09 $749,377.37
215 $749,377.37 $1,809.15 $0.00 $4,237.09 $755,423.61
216 $755,423.61 $1,809.15 $0.00 $4,271.27 $761,504.03
217 $761,504.03 $1,809.15 $206,229.95 $4,305.65 $561,388.88
218 $561,388.88 $1,809.15 $0.00 $3,174.17 $566,372.20
219 $566,372.20 $1,809.15 $0.00 $3,202.35 $571,383.70
220 $571,383.70 $1,809.15 $0.00 $3,230.69 $576,423.54
221 $576,423.54 $1,809.15 $0.00 $3,259.18 $581,491.87
222 $581,491.87 $1,809.15 $0.00 $3,287.84 $586,588.86
223 $586,588.86 $1,809.15 $0.00 $3,316.66 $591,714.67
224 $591,714.67 $1,809.15 $0.00 $3,345.64 $596,869.46
225 $596,869.46 $1,809.15 $0.00 $3,374.79 $602,053.40
226 $602,053.40 $1,809.15 $0.00 $3,404.10 $607,266.65
227 $607,266.65 $1,809.15 $0.00 $3,433.57 $612,509.37
228 $612,509.37 $1,809.15 $0.00 $3,463.22 $617,781.74
229 $617,781.74 $1,809.15 $220,666.04 $3,493.03 $402,417.88
230 $402,417.88 $1,809.15 $0.00 $2,275.33 $406,502.36
231 $406,502.36 $1,809.15 $0.00 $2,298.42 $410,609.93
232 $410,609.93 $1,809.15 $0.00 $2,321.65 $414,740.73
233 $414,740.73 $1,809.15 $0.00 $2,345.00 $418,894.88
234 $418,894.88 $1,809.15 $0.00 $2,368.49 $423,072.52
235 $423,072.52 $1,809.15 $0.00 $2,392.11 $427,273.78
236 $427,273.78 $1,809.15 $0.00 $2,415.87 $431,498.80
237 $431,498.80 $1,809.15 $0.00 $2,439.76 $435,747.71
238 $435,747.71 $1,809.15 $0.00 $2,463.78 $440,020.64
239 $440,020.64 $1,809.15 $0.00 $2,487.94 $444,317.73
240 $444,317.73 $1,809.15 $0.00 $2,512.24 $448,639.12
241 $448,639.12 $1,809.15 $236,112.67 $2,536.67 $216,872.27
242 $216,872.27 $1,809.15 $0.00 $1,226.23 $219,907.65
243 $219,907.65 $1,809.15 $0.00 $1,243.39 $222,960.19
244 $222,960.19 $1,809.15 $0.00 $1,260.65 $226,029.99
245 $226,029.99 $1,809.15 $0.00 $1,278.01 $229,117.15
246 $229,117.15 $1,809.15 $0.00 $1,295.46 $232,221.76
247 $232,221.76 $1,809.15 $0.00 $1,313.02 $235,343.93
248 $235,343.93 $1,809.15 $0.00 $1,330.67 $238,483.75
249 $238,483.75 $1,809.15 $0.00 $1,348.42 $241,641.32
250 $241,641.32 $1,809.15 $0.00 $1,366.28 $244,816.75
251 $244,816.75 $1,809.15 $0.00 $1,384.23 $248,010.13
252 $248,010.13 $1,809.15 $0.00 $1,402.29 $251,221.57
253 $251,221.57 $0.00 $252,640.55 $1,420.44 $1.46