Savings Plan and Future Cost Estimation for Wofford College

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2042$263,341
Monthly savings required$2,081

How much will it cost to send your child to Wofford College in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $1,053,365.76 for students enrolling in 2042 if tuition increases average 7% per year until then.   Assuming you have no current college savings, monthly deposits of $2,081.24 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$70,193.00
Years until enrollment18
Annual Tuition Increase7%
Current Savings$0.00
After Tax Return on Savings7%
Years of enrollment4

Current Savings Shortfall

College Savings Calculator

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Planned Savings Balance

College Savings Schedule

Month Begin Deposit Withdraw Interest End
1 $0.00 $2,081.24 $0.00 $0.00 $2,081.24
2 $2,081.24 $2,081.24 $0.00 $11.77 $4,174.25
3 $4,174.25 $2,081.24 $0.00 $23.60 $6,279.09
4 $6,279.09 $2,081.24 $0.00 $35.50 $8,395.83
5 $8,395.83 $2,081.24 $0.00 $47.47 $10,524.54
6 $10,524.54 $2,081.24 $0.00 $59.51 $12,665.29
7 $12,665.29 $2,081.24 $0.00 $71.61 $14,818.14
8 $14,818.14 $2,081.24 $0.00 $83.78 $16,983.16
9 $16,983.16 $2,081.24 $0.00 $96.03 $19,160.43
10 $19,160.43 $2,081.24 $0.00 $108.34 $21,350.01
11 $21,350.01 $2,081.24 $0.00 $120.72 $23,551.97
12 $23,551.97 $2,081.24 $0.00 $133.17 $25,766.38
13 $25,766.38 $2,081.24 $0.00 $145.69 $27,993.31
14 $27,993.31 $2,081.24 $0.00 $158.28 $30,232.83
15 $30,232.83 $2,081.24 $0.00 $170.94 $32,485.01
16 $32,485.01 $2,081.24 $0.00 $183.67 $34,749.92
17 $34,749.92 $2,081.24 $0.00 $196.48 $37,027.64
18 $37,027.64 $2,081.24 $0.00 $209.36 $39,318.24
19 $39,318.24 $2,081.24 $0.00 $222.31 $41,621.79
20 $41,621.79 $2,081.24 $0.00 $235.34 $43,938.37
21 $43,938.37 $2,081.24 $0.00 $248.43 $46,268.04
22 $46,268.04 $2,081.24 $0.00 $261.61 $48,610.89
23 $48,610.89 $2,081.24 $0.00 $274.85 $50,966.98
24 $50,966.98 $2,081.24 $0.00 $288.17 $53,336.39
25 $53,336.39 $2,081.24 $0.00 $301.57 $55,719.20
26 $55,719.20 $2,081.24 $0.00 $315.04 $58,115.48
27 $58,115.48 $2,081.24 $0.00 $328.59 $60,525.31
28 $60,525.31 $2,081.24 $0.00 $342.22 $62,948.77
29 $62,948.77 $2,081.24 $0.00 $355.92 $65,385.93
30 $65,385.93 $2,081.24 $0.00 $369.70 $67,836.87
31 $67,836.87 $2,081.24 $0.00 $383.56 $70,301.67
32 $70,301.67 $2,081.24 $0.00 $397.50 $72,780.41
33 $72,780.41 $2,081.24 $0.00 $411.51 $75,273.16
34 $75,273.16 $2,081.24 $0.00 $425.61 $77,780.01
35 $77,780.01 $2,081.24 $0.00 $439.78 $80,301.03
36 $80,301.03 $2,081.24 $0.00 $454.03 $82,836.30
37 $82,836.30 $2,081.24 $0.00 $468.37 $85,385.91
38 $85,385.91 $2,081.24 $0.00 $482.78 $87,949.93
39 $87,949.93 $2,081.24 $0.00 $497.28 $90,528.45
40 $90,528.45 $2,081.24 $0.00 $511.86 $93,121.55
41 $93,121.55 $2,081.24 $0.00 $526.52 $95,729.31
42 $95,729.31 $2,081.24 $0.00 $541.27 $98,351.82
43 $98,351.82 $2,081.24 $0.00 $556.10 $100,989.16
44 $100,989.16 $2,081.24 $0.00 $571.01 $103,641.41
45 $103,641.41 $2,081.24 $0.00 $586.00 $106,308.65
46 $106,308.65 $2,081.24 $0.00 $601.08 $108,990.97
47 $108,990.97 $2,081.24 $0.00 $616.25 $111,688.46
48 $111,688.46 $2,081.24 $0.00 $631.50 $114,401.20
49 $114,401.20 $2,081.24 $0.00 $646.84 $117,129.28
50 $117,129.28 $2,081.24 $0.00 $662.27 $119,872.79
51 $119,872.79 $2,081.24 $0.00 $677.78 $122,631.81
52 $122,631.81 $2,081.24 $0.00 $693.38 $125,406.43
53 $125,406.43 $2,081.24 $0.00 $709.07 $128,196.74
54 $128,196.74 $2,081.24 $0.00 $724.84 $131,002.82
55 $131,002.82 $2,081.24 $0.00 $740.71 $133,824.77
56 $133,824.77 $2,081.24 $0.00 $756.66 $136,662.67
57 $136,662.67 $2,081.24 $0.00 $772.71 $139,516.62
58 $139,516.62 $2,081.24 $0.00 $788.85 $142,386.71
59 $142,386.71 $2,081.24 $0.00 $805.08 $145,273.03
60 $145,273.03 $2,081.24 $0.00 $821.39 $148,175.66
61 $148,175.66 $2,081.24 $0.00 $837.81 $151,094.71
62 $151,094.71 $2,081.24 $0.00 $854.31 $154,030.26
63 $154,030.26 $2,081.24 $0.00 $870.91 $156,982.41
64 $156,982.41 $2,081.24 $0.00 $887.60 $159,951.25
65 $159,951.25 $2,081.24 $0.00 $904.39 $162,936.88
66 $162,936.88 $2,081.24 $0.00 $921.27 $165,939.39
67 $165,939.39 $2,081.24 $0.00 $938.25 $168,958.88
68 $168,958.88 $2,081.24 $0.00 $955.32 $171,995.44
69 $171,995.44 $2,081.24 $0.00 $972.49 $175,049.17
70 $175,049.17 $2,081.24 $0.00 $989.75 $178,120.16
71 $178,120.16 $2,081.24 $0.00 $1,007.12 $181,208.52
72 $181,208.52 $2,081.24 $0.00 $1,024.58 $184,314.34
73 $184,314.34 $2,081.24 $0.00 $1,042.14 $187,437.72
74 $187,437.72 $2,081.24 $0.00 $1,059.80 $190,578.76
75 $190,578.76 $2,081.24 $0.00 $1,077.56 $193,737.56
76 $193,737.56 $2,081.24 $0.00 $1,095.42 $196,914.22
77 $196,914.22 $2,081.24 $0.00 $1,113.38 $200,108.84
78 $200,108.84 $2,081.24 $0.00 $1,131.44 $203,321.52
79 $203,321.52 $2,081.24 $0.00 $1,149.61 $206,552.37
80 $206,552.37 $2,081.24 $0.00 $1,167.88 $209,801.49
81 $209,801.49 $2,081.24 $0.00 $1,186.25 $213,068.98
82 $213,068.98 $2,081.24 $0.00 $1,204.72 $216,354.94
83 $216,354.94 $2,081.24 $0.00 $1,223.30 $219,659.48
84 $219,659.48 $2,081.24 $0.00 $1,241.99 $222,982.71
85 $222,982.71 $2,081.24 $0.00 $1,260.78 $226,324.73
86 $226,324.73 $2,081.24 $0.00 $1,279.67 $229,685.64
87 $229,685.64 $2,081.24 $0.00 $1,298.68 $233,065.56
88 $233,065.56 $2,081.24 $0.00 $1,317.79 $236,464.59
89 $236,464.59 $2,081.24 $0.00 $1,337.01 $239,882.84
90 $239,882.84 $2,081.24 $0.00 $1,356.33 $243,320.41
91 $243,320.41 $2,081.24 $0.00 $1,375.77 $246,777.42
92 $246,777.42 $2,081.24 $0.00 $1,395.32 $250,253.98
93 $250,253.98 $2,081.24 $0.00 $1,414.97 $253,750.19
94 $253,750.19 $2,081.24 $0.00 $1,434.74 $257,266.17
95 $257,266.17 $2,081.24 $0.00 $1,454.62 $260,802.03
96 $260,802.03 $2,081.24 $0.00 $1,474.61 $264,357.88
97 $264,357.88 $2,081.24 $0.00 $1,494.72 $267,933.84
98 $267,933.84 $2,081.24 $0.00 $1,514.94 $271,530.02
99 $271,530.02 $2,081.24 $0.00 $1,535.27 $275,146.53
100 $275,146.53 $2,081.24 $0.00 $1,555.72 $278,783.49
101 $278,783.49 $2,081.24 $0.00 $1,576.28 $282,441.01
102 $282,441.01 $2,081.24 $0.00 $1,596.96 $286,119.21
103 $286,119.21 $2,081.24 $0.00 $1,617.76 $289,818.21
104 $289,818.21 $2,081.24 $0.00 $1,638.67 $293,538.12
105 $293,538.12 $2,081.24 $0.00 $1,659.71 $297,279.07
106 $297,279.07 $2,081.24 $0.00 $1,680.86 $301,041.17
107 $301,041.17 $2,081.24 $0.00 $1,702.13 $304,824.54
108 $304,824.54 $2,081.24 $0.00 $1,723.52 $308,629.30
109 $308,629.30 $2,081.24 $0.00 $1,745.03 $312,455.57
110 $312,455.57 $2,081.24 $0.00 $1,766.67 $316,303.48
111 $316,303.48 $2,081.24 $0.00 $1,788.43 $320,173.15
112 $320,173.15 $2,081.24 $0.00 $1,810.31 $324,064.70
113 $324,064.70 $2,081.24 $0.00 $1,832.31 $327,978.25
114 $327,978.25 $2,081.24 $0.00 $1,854.44 $331,913.93
115 $331,913.93 $2,081.24 $0.00 $1,876.69 $335,871.86
116 $335,871.86 $2,081.24 $0.00 $1,899.07 $339,852.17
117 $339,852.17 $2,081.24 $0.00 $1,921.57 $343,854.98
118 $343,854.98 $2,081.24 $0.00 $1,944.21 $347,880.43
119 $347,880.43 $2,081.24 $0.00 $1,966.97 $351,928.64
120 $351,928.64 $2,081.24 $0.00 $1,989.86 $355,999.74
121 $355,999.74 $2,081.24 $0.00 $2,012.87 $360,093.85
122 $360,093.85 $2,081.24 $0.00 $2,036.02 $364,211.11
123 $364,211.11 $2,081.24 $0.00 $2,059.30 $368,351.65
124 $368,351.65 $2,081.24 $0.00 $2,082.71 $372,515.60
125 $372,515.60 $2,081.24 $0.00 $2,106.26 $376,703.10
126 $376,703.10 $2,081.24 $0.00 $2,129.93 $380,914.27
127 $380,914.27 $2,081.24 $0.00 $2,153.74 $385,149.25
128 $385,149.25 $2,081.24 $0.00 $2,177.69 $389,408.18
129 $389,408.18 $2,081.24 $0.00 $2,201.77 $393,691.19
130 $393,691.19 $2,081.24 $0.00 $2,225.99 $397,998.42
131 $397,998.42 $2,081.24 $0.00 $2,250.34 $402,330.00
132 $402,330.00 $2,081.24 $0.00 $2,274.83 $406,686.07
133 $406,686.07 $2,081.24 $0.00 $2,299.46 $411,066.77
134 $411,066.77 $2,081.24 $0.00 $2,324.23 $415,472.24
135 $415,472.24 $2,081.24 $0.00 $2,349.14 $419,902.62
136 $419,902.62 $2,081.24 $0.00 $2,374.19 $424,358.05
137 $424,358.05 $2,081.24 $0.00 $2,399.38 $428,838.67
138 $428,838.67 $2,081.24 $0.00 $2,424.72 $433,344.63
139 $433,344.63 $2,081.24 $0.00 $2,450.19 $437,876.06
140 $437,876.06 $2,081.24 $0.00 $2,475.81 $442,433.11
141 $442,433.11 $2,081.24 $0.00 $2,501.58 $447,015.93
142 $447,015.93 $2,081.24 $0.00 $2,527.49 $451,624.66
143 $451,624.66 $2,081.24 $0.00 $2,553.55 $456,259.45
144 $456,259.45 $2,081.24 $0.00 $2,579.76 $460,920.45
145 $460,920.45 $2,081.24 $0.00 $2,606.11 $465,607.80
146 $465,607.80 $2,081.24 $0.00 $2,632.61 $470,321.65
147 $470,321.65 $2,081.24 $0.00 $2,659.27 $475,062.16
148 $475,062.16 $2,081.24 $0.00 $2,686.07 $479,829.47
149 $479,829.47 $2,081.24 $0.00 $2,713.03 $484,623.74
150 $484,623.74 $2,081.24 $0.00 $2,740.13 $489,445.11
151 $489,445.11 $2,081.24 $0.00 $2,767.39 $494,293.74
152 $494,293.74 $2,081.24 $0.00 $2,794.81 $499,169.79
153 $499,169.79 $2,081.24 $0.00 $2,822.38 $504,073.41
154 $504,073.41 $2,081.24 $0.00 $2,850.10 $509,004.75
155 $509,004.75 $2,081.24 $0.00 $2,877.99 $513,963.98
156 $513,963.98 $2,081.24 $0.00 $2,906.03 $518,951.25
157 $518,951.25 $2,081.24 $0.00 $2,934.23 $523,966.72
158 $523,966.72 $2,081.24 $0.00 $2,962.58 $529,010.54
159 $529,010.54 $2,081.24 $0.00 $2,991.10 $534,082.88
160 $534,082.88 $2,081.24 $0.00 $3,019.78 $539,183.90
161 $539,183.90 $2,081.24 $0.00 $3,048.62 $544,313.76
162 $544,313.76 $2,081.24 $0.00 $3,077.63 $549,472.63
163 $549,472.63 $2,081.24 $0.00 $3,106.80 $554,660.67
164 $554,660.67 $2,081.24 $0.00 $3,136.13 $559,878.04
165 $559,878.04 $2,081.24 $0.00 $3,165.63 $565,124.91
166 $565,124.91 $2,081.24 $0.00 $3,195.30 $570,401.45
167 $570,401.45 $2,081.24 $0.00 $3,225.13 $575,707.82
168 $575,707.82 $2,081.24 $0.00 $3,255.14 $581,044.20
169 $581,044.20 $2,081.24 $0.00 $3,285.31 $586,410.75
170 $586,410.75 $2,081.24 $0.00 $3,315.65 $591,807.64
171 $591,807.64 $2,081.24 $0.00 $3,346.17 $597,235.05
172 $597,235.05 $2,081.24 $0.00 $3,376.85 $602,693.14
173 $602,693.14 $2,081.24 $0.00 $3,407.71 $608,182.09
174 $608,182.09 $2,081.24 $0.00 $3,438.75 $613,702.08
175 $613,702.08 $2,081.24 $0.00 $3,469.96 $619,253.28
176 $619,253.28 $2,081.24 $0.00 $3,501.35 $624,835.87
177 $624,835.87 $2,081.24 $0.00 $3,532.91 $630,450.02
178 $630,450.02 $2,081.24 $0.00 $3,564.66 $636,095.92
179 $636,095.92 $2,081.24 $0.00 $3,596.58 $641,773.74
180 $641,773.74 $2,081.24 $0.00 $3,628.68 $647,483.66
181 $647,483.66 $2,081.24 $0.00 $3,660.97 $653,225.87
182 $653,225.87 $2,081.24 $0.00 $3,693.43 $659,000.54
183 $659,000.54 $2,081.24 $0.00 $3,726.08 $664,807.86
184 $664,807.86 $2,081.24 $0.00 $3,758.92 $670,648.02
185 $670,648.02 $2,081.24 $0.00 $3,791.94 $676,521.20
186 $676,521.20 $2,081.24 $0.00 $3,825.15 $682,427.59
187 $682,427.59 $2,081.24 $0.00 $3,858.54 $688,367.37
188 $688,367.37 $2,081.24 $0.00 $3,892.13 $694,340.74
189 $694,340.74 $2,081.24 $0.00 $3,925.90 $700,347.88
190 $700,347.88 $2,081.24 $0.00 $3,959.87 $706,388.99
191 $706,388.99 $2,081.24 $0.00 $3,994.03 $712,464.26
192 $712,464.26 $2,081.24 $0.00 $4,028.38 $718,573.88
193 $718,573.88 $2,081.24 $0.00 $4,062.92 $724,718.04
194 $724,718.04 $2,081.24 $0.00 $4,097.66 $730,896.94
195 $730,896.94 $2,081.24 $0.00 $4,132.60 $737,110.78
196 $737,110.78 $2,081.24 $0.00 $4,167.73 $743,359.75
197 $743,359.75 $2,081.24 $0.00 $4,203.06 $749,644.05
198 $749,644.05 $2,081.24 $0.00 $4,238.60 $755,963.89
199 $755,963.89 $2,081.24 $0.00 $4,274.33 $762,319.46
200 $762,319.46 $2,081.24 $0.00 $4,310.27 $768,710.97
201 $768,710.97 $2,081.24 $0.00 $4,346.40 $775,138.61
202 $775,138.61 $2,081.24 $0.00 $4,382.75 $781,602.60
203 $781,602.60 $2,081.24 $0.00 $4,419.29 $788,103.13
204 $788,103.13 $2,081.24 $0.00 $4,456.05 $794,640.42
205 $794,640.42 $2,081.24 $0.00 $4,493.01 $801,214.67
206 $801,214.67 $2,081.24 $0.00 $4,530.18 $807,826.09
207 $807,826.09 $2,081.24 $0.00 $4,567.57 $814,474.90
208 $814,474.90 $2,081.24 $0.00 $4,605.16 $821,161.30
209 $821,161.30 $2,081.24 $0.00 $4,642.97 $827,885.51
210 $827,885.51 $2,081.24 $0.00 $4,680.99 $834,647.74
211 $834,647.74 $2,081.24 $0.00 $4,719.22 $841,448.20
212 $841,448.20 $2,081.24 $0.00 $4,757.67 $848,287.11
213 $848,287.11 $2,081.24 $0.00 $4,796.34 $855,164.69
214 $855,164.69 $2,081.24 $0.00 $4,835.23 $862,081.16
215 $862,081.16 $2,081.24 $0.00 $4,874.33 $869,036.73
216 $869,036.73 $2,081.24 $0.00 $4,913.66 $876,031.63
217 $876,031.63 $2,081.24 $237,247.59 $4,953.21 $645,818.49
218 $645,818.49 $2,081.24 $0.00 $3,651.55 $651,551.28
219 $651,551.28 $2,081.24 $0.00 $3,683.97 $657,316.49
220 $657,316.49 $2,081.24 $0.00 $3,716.56 $663,114.29
221 $663,114.29 $2,081.24 $0.00 $3,749.34 $668,944.87
222 $668,944.87 $2,081.24 $0.00 $3,782.31 $674,808.42
223 $674,808.42 $2,081.24 $0.00 $3,815.46 $680,705.12
224 $680,705.12 $2,081.24 $0.00 $3,848.81 $686,635.17
225 $686,635.17 $2,081.24 $0.00 $3,882.34 $692,598.75
226 $692,598.75 $2,081.24 $0.00 $3,916.05 $698,596.04
227 $698,596.04 $2,081.24 $0.00 $3,949.96 $704,627.24
228 $704,627.24 $2,081.24 $0.00 $3,984.06 $710,692.54
229 $710,692.54 $2,081.24 $253,854.92 $4,018.36 $462,937.22
230 $462,937.22 $2,081.24 $0.00 $2,617.51 $467,635.97
231 $467,635.97 $2,081.24 $0.00 $2,644.08 $472,361.29
232 $472,361.29 $2,081.24 $0.00 $2,670.80 $477,113.33
233 $477,113.33 $2,081.24 $0.00 $2,697.67 $481,892.24
234 $481,892.24 $2,081.24 $0.00 $2,724.69 $486,698.17
235 $486,698.17 $2,081.24 $0.00 $2,751.86 $491,531.27
236 $491,531.27 $2,081.24 $0.00 $2,779.19 $496,391.70
237 $496,391.70 $2,081.24 $0.00 $2,806.67 $501,279.61
238 $501,279.61 $2,081.24 $0.00 $2,834.31 $506,195.16
239 $506,195.16 $2,081.24 $0.00 $2,862.10 $511,138.50
240 $511,138.50 $2,081.24 $0.00 $2,890.05 $516,109.79
241 $516,109.79 $2,081.24 $271,624.76 $2,918.16 $249,484.43
242 $249,484.43 $2,081.24 $0.00 $1,410.62 $252,976.29
243 $252,976.29 $2,081.24 $0.00 $1,430.36 $256,487.89
244 $256,487.89 $2,081.24 $0.00 $1,450.22 $260,019.35
245 $260,019.35 $2,081.24 $0.00 $1,470.19 $263,570.78
246 $263,570.78 $2,081.24 $0.00 $1,490.27 $267,142.29
247 $267,142.29 $2,081.24 $0.00 $1,510.46 $270,733.99
248 $270,733.99 $2,081.24 $0.00 $1,530.77 $274,346.00
249 $274,346.00 $2,081.24 $0.00 $1,551.19 $277,978.43
250 $277,978.43 $2,081.24 $0.00 $1,571.73 $281,631.40
251 $281,631.40 $2,081.24 $0.00 $1,592.38 $285,305.02
252 $285,305.02 $2,081.24 $0.00 $1,613.16 $288,999.42
253 $288,999.42 $0.00 $290,638.49 $1,634.04 -$5.03