Savings Plan and Future Cost Estimation for Knox College

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2042$247,637
Monthly savings required$1,957

How much will it cost to send your child to Knox College in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $990,547.69 for students enrolling in 2042 if tuition increases average 7% per year until then.   Assuming you have no current college savings, monthly deposits of $1,957.13 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$66,007.00
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 $1,957.13 $0.00 $0.00 $1,957.13
2 $1,957.13 $1,957.13 $0.00 $11.07 $3,925.33
3 $3,925.33 $1,957.13 $0.00 $22.19 $5,904.65
4 $5,904.65 $1,957.13 $0.00 $33.39 $7,895.17
5 $7,895.17 $1,957.13 $0.00 $44.64 $9,896.94
6 $9,896.94 $1,957.13 $0.00 $55.96 $11,910.03
7 $11,910.03 $1,957.13 $0.00 $67.34 $13,934.50
8 $13,934.50 $1,957.13 $0.00 $78.79 $15,970.42
9 $15,970.42 $1,957.13 $0.00 $90.30 $18,017.85
10 $18,017.85 $1,957.13 $0.00 $101.88 $20,076.86
11 $20,076.86 $1,957.13 $0.00 $113.52 $22,147.51
12 $22,147.51 $1,957.13 $0.00 $125.23 $24,229.87
13 $24,229.87 $1,957.13 $0.00 $137.00 $26,324.00
14 $26,324.00 $1,957.13 $0.00 $148.84 $28,429.97
15 $28,429.97 $1,957.13 $0.00 $160.75 $30,547.85
16 $30,547.85 $1,957.13 $0.00 $172.72 $32,677.70
17 $32,677.70 $1,957.13 $0.00 $184.76 $34,819.59
18 $34,819.59 $1,957.13 $0.00 $196.88 $36,973.60
19 $36,973.60 $1,957.13 $0.00 $209.05 $39,139.78
20 $39,139.78 $1,957.13 $0.00 $221.30 $41,318.21
21 $41,318.21 $1,957.13 $0.00 $233.62 $43,508.96
22 $43,508.96 $1,957.13 $0.00 $246.01 $45,712.10
23 $45,712.10 $1,957.13 $0.00 $258.46 $47,927.69
24 $47,927.69 $1,957.13 $0.00 $270.99 $50,155.81
25 $50,155.81 $1,957.13 $0.00 $283.59 $52,396.53
26 $52,396.53 $1,957.13 $0.00 $296.26 $54,649.92
27 $54,649.92 $1,957.13 $0.00 $309.00 $56,916.05
28 $56,916.05 $1,957.13 $0.00 $321.81 $59,194.99
29 $59,194.99 $1,957.13 $0.00 $334.70 $61,486.82
30 $61,486.82 $1,957.13 $0.00 $347.66 $63,791.61
31 $63,791.61 $1,957.13 $0.00 $360.69 $66,109.43
32 $66,109.43 $1,957.13 $0.00 $373.79 $68,440.35
33 $68,440.35 $1,957.13 $0.00 $386.97 $70,784.45
34 $70,784.45 $1,957.13 $0.00 $400.23 $73,141.81
35 $73,141.81 $1,957.13 $0.00 $413.55 $75,512.49
36 $75,512.49 $1,957.13 $0.00 $426.96 $77,896.58
37 $77,896.58 $1,957.13 $0.00 $440.44 $80,294.15
38 $80,294.15 $1,957.13 $0.00 $453.99 $82,705.27
39 $82,705.27 $1,957.13 $0.00 $467.63 $85,130.03
40 $85,130.03 $1,957.13 $0.00 $481.34 $87,568.50
41 $87,568.50 $1,957.13 $0.00 $495.13 $90,020.76
42 $90,020.76 $1,957.13 $0.00 $508.99 $92,486.88
43 $92,486.88 $1,957.13 $0.00 $522.93 $94,966.94
44 $94,966.94 $1,957.13 $0.00 $536.96 $97,461.03
45 $97,461.03 $1,957.13 $0.00 $551.06 $99,969.22
46 $99,969.22 $1,957.13 $0.00 $565.24 $102,491.59
47 $102,491.59 $1,957.13 $0.00 $579.50 $105,028.22
48 $105,028.22 $1,957.13 $0.00 $593.84 $107,579.19
49 $107,579.19 $1,957.13 $0.00 $608.27 $110,144.59
50 $110,144.59 $1,957.13 $0.00 $622.77 $112,724.49
51 $112,724.49 $1,957.13 $0.00 $637.36 $115,318.98
52 $115,318.98 $1,957.13 $0.00 $652.03 $117,928.14
53 $117,928.14 $1,957.13 $0.00 $666.78 $120,552.05
54 $120,552.05 $1,957.13 $0.00 $681.62 $123,190.80
55 $123,190.80 $1,957.13 $0.00 $696.54 $125,844.47
56 $125,844.47 $1,957.13 $0.00 $711.54 $128,513.14
57 $128,513.14 $1,957.13 $0.00 $726.63 $131,196.90
58 $131,196.90 $1,957.13 $0.00 $741.81 $133,895.84
59 $133,895.84 $1,957.13 $0.00 $757.07 $136,610.04
60 $136,610.04 $1,957.13 $0.00 $772.41 $139,339.58
61 $139,339.58 $1,957.13 $0.00 $787.85 $142,084.56
62 $142,084.56 $1,957.13 $0.00 $803.37 $144,845.06
63 $144,845.06 $1,957.13 $0.00 $818.98 $147,621.17
64 $147,621.17 $1,957.13 $0.00 $834.67 $150,412.97
65 $150,412.97 $1,957.13 $0.00 $850.46 $153,220.56
66 $153,220.56 $1,957.13 $0.00 $866.33 $156,044.02
67 $156,044.02 $1,957.13 $0.00 $882.30 $158,883.45
68 $158,883.45 $1,957.13 $0.00 $898.35 $161,738.93
69 $161,738.93 $1,957.13 $0.00 $914.50 $164,610.56
70 $164,610.56 $1,957.13 $0.00 $930.73 $167,498.42
71 $167,498.42 $1,957.13 $0.00 $947.06 $170,402.61
72 $170,402.61 $1,957.13 $0.00 $963.48 $173,323.22
73 $173,323.22 $1,957.13 $0.00 $979.99 $176,260.34
74 $176,260.34 $1,957.13 $0.00 $996.60 $179,214.07
75 $179,214.07 $1,957.13 $0.00 $1,013.30 $182,184.50
76 $182,184.50 $1,957.13 $0.00 $1,030.10 $185,171.73
77 $185,171.73 $1,957.13 $0.00 $1,046.99 $188,175.85
78 $188,175.85 $1,957.13 $0.00 $1,063.97 $191,196.95
79 $191,196.95 $1,957.13 $0.00 $1,081.06 $194,235.14
80 $194,235.14 $1,957.13 $0.00 $1,098.23 $197,290.50
81 $197,290.50 $1,957.13 $0.00 $1,115.51 $200,363.14
82 $200,363.14 $1,957.13 $0.00 $1,132.88 $203,453.15
83 $203,453.15 $1,957.13 $0.00 $1,150.35 $206,560.63
84 $206,560.63 $1,957.13 $0.00 $1,167.92 $209,685.68
85 $209,685.68 $1,957.13 $0.00 $1,185.59 $212,828.40
86 $212,828.40 $1,957.13 $0.00 $1,203.36 $215,988.89
87 $215,988.89 $1,957.13 $0.00 $1,221.23 $219,167.25
88 $219,167.25 $1,957.13 $0.00 $1,239.20 $222,363.58
89 $222,363.58 $1,957.13 $0.00 $1,257.28 $225,577.99
90 $225,577.99 $1,957.13 $0.00 $1,275.45 $228,810.57
91 $228,810.57 $1,957.13 $0.00 $1,293.73 $232,061.43
92 $232,061.43 $1,957.13 $0.00 $1,312.11 $235,330.67
93 $235,330.67 $1,957.13 $0.00 $1,330.59 $238,618.39
94 $238,618.39 $1,957.13 $0.00 $1,349.18 $241,924.70
95 $241,924.70 $1,957.13 $0.00 $1,367.88 $245,249.71
96 $245,249.71 $1,957.13 $0.00 $1,386.68 $248,593.52
97 $248,593.52 $1,957.13 $0.00 $1,405.58 $251,956.23
98 $251,956.23 $1,957.13 $0.00 $1,424.60 $255,337.96
99 $255,337.96 $1,957.13 $0.00 $1,443.72 $258,738.81
100 $258,738.81 $1,957.13 $0.00 $1,462.95 $262,158.89
101 $262,158.89 $1,957.13 $0.00 $1,482.28 $265,598.30
102 $265,598.30 $1,957.13 $0.00 $1,501.73 $269,057.16
103 $269,057.16 $1,957.13 $0.00 $1,521.29 $272,535.58
104 $272,535.58 $1,957.13 $0.00 $1,540.96 $276,033.67
105 $276,033.67 $1,957.13 $0.00 $1,560.73 $279,551.53
106 $279,551.53 $1,957.13 $0.00 $1,580.62 $283,089.28
107 $283,089.28 $1,957.13 $0.00 $1,600.63 $286,647.04
108 $286,647.04 $1,957.13 $0.00 $1,620.74 $290,224.91
109 $290,224.91 $1,957.13 $0.00 $1,640.97 $293,823.01
110 $293,823.01 $1,957.13 $0.00 $1,661.32 $297,441.46
111 $297,441.46 $1,957.13 $0.00 $1,681.78 $301,080.37
112 $301,080.37 $1,957.13 $0.00 $1,702.35 $304,739.85
113 $304,739.85 $1,957.13 $0.00 $1,723.04 $308,420.02
114 $308,420.02 $1,957.13 $0.00 $1,743.85 $312,121.00
115 $312,121.00 $1,957.13 $0.00 $1,764.78 $315,842.91
116 $315,842.91 $1,957.13 $0.00 $1,785.82 $319,585.86
117 $319,585.86 $1,957.13 $0.00 $1,806.98 $323,349.97
118 $323,349.97 $1,957.13 $0.00 $1,828.27 $327,135.37
119 $327,135.37 $1,957.13 $0.00 $1,849.67 $330,942.17
120 $330,942.17 $1,957.13 $0.00 $1,871.20 $334,770.50
121 $334,770.50 $1,957.13 $0.00 $1,892.84 $338,620.47
122 $338,620.47 $1,957.13 $0.00 $1,914.61 $342,492.21
123 $342,492.21 $1,957.13 $0.00 $1,936.50 $346,385.84
124 $346,385.84 $1,957.13 $0.00 $1,958.52 $350,301.49
125 $350,301.49 $1,957.13 $0.00 $1,980.66 $354,239.28
126 $354,239.28 $1,957.13 $0.00 $2,002.92 $358,199.33
127 $358,199.33 $1,957.13 $0.00 $2,025.31 $362,181.77
128 $362,181.77 $1,957.13 $0.00 $2,047.83 $366,186.73
129 $366,186.73 $1,957.13 $0.00 $2,070.47 $370,214.33
130 $370,214.33 $1,957.13 $0.00 $2,093.25 $374,264.71
131 $374,264.71 $1,957.13 $0.00 $2,116.15 $378,337.99
132 $378,337.99 $1,957.13 $0.00 $2,139.18 $382,434.30
133 $382,434.30 $1,957.13 $0.00 $2,162.34 $386,553.77
134 $386,553.77 $1,957.13 $0.00 $2,185.63 $390,696.53
135 $390,696.53 $1,957.13 $0.00 $2,209.05 $394,862.71
136 $394,862.71 $1,957.13 $0.00 $2,232.61 $399,052.45
137 $399,052.45 $1,957.13 $0.00 $2,256.30 $403,265.88
138 $403,265.88 $1,957.13 $0.00 $2,280.12 $407,503.13
139 $407,503.13 $1,957.13 $0.00 $2,304.08 $411,764.34
140 $411,764.34 $1,957.13 $0.00 $2,328.18 $416,049.65
141 $416,049.65 $1,957.13 $0.00 $2,352.41 $420,359.19
142 $420,359.19 $1,957.13 $0.00 $2,376.77 $424,693.09
143 $424,693.09 $1,957.13 $0.00 $2,401.28 $429,051.50
144 $429,051.50 $1,957.13 $0.00 $2,425.92 $433,434.55
145 $433,434.55 $1,957.13 $0.00 $2,450.70 $437,842.38
146 $437,842.38 $1,957.13 $0.00 $2,475.62 $442,275.13
147 $442,275.13 $1,957.13 $0.00 $2,500.69 $446,732.95
148 $446,732.95 $1,957.13 $0.00 $2,525.89 $451,215.97
149 $451,215.97 $1,957.13 $0.00 $2,551.24 $455,724.34
150 $455,724.34 $1,957.13 $0.00 $2,576.73 $460,258.20
151 $460,258.20 $1,957.13 $0.00 $2,602.37 $464,817.70
152 $464,817.70 $1,957.13 $0.00 $2,628.15 $469,402.98
153 $469,402.98 $1,957.13 $0.00 $2,654.07 $474,014.18
154 $474,014.18 $1,957.13 $0.00 $2,680.15 $478,651.46
155 $478,651.46 $1,957.13 $0.00 $2,706.36 $483,314.95
156 $483,314.95 $1,957.13 $0.00 $2,732.73 $488,004.81
157 $488,004.81 $1,957.13 $0.00 $2,759.25 $492,721.19
158 $492,721.19 $1,957.13 $0.00 $2,785.92 $497,464.24
159 $497,464.24 $1,957.13 $0.00 $2,812.74 $502,234.11
160 $502,234.11 $1,957.13 $0.00 $2,839.70 $507,030.94
161 $507,030.94 $1,957.13 $0.00 $2,866.83 $511,854.90
162 $511,854.90 $1,957.13 $0.00 $2,894.10 $516,706.13
163 $516,706.13 $1,957.13 $0.00 $2,921.53 $521,584.79
164 $521,584.79 $1,957.13 $0.00 $2,949.12 $526,491.04
165 $526,491.04 $1,957.13 $0.00 $2,976.86 $531,425.03
166 $531,425.03 $1,957.13 $0.00 $3,004.75 $536,386.91
167 $536,386.91 $1,957.13 $0.00 $3,032.81 $541,376.85
168 $541,376.85 $1,957.13 $0.00 $3,061.02 $546,395.00
169 $546,395.00 $1,957.13 $0.00 $3,089.40 $551,441.53
170 $551,441.53 $1,957.13 $0.00 $3,117.93 $556,516.59
171 $556,516.59 $1,957.13 $0.00 $3,146.63 $561,620.35
172 $561,620.35 $1,957.13 $0.00 $3,175.48 $566,752.96
173 $566,752.96 $1,957.13 $0.00 $3,204.50 $571,914.59
174 $571,914.59 $1,957.13 $0.00 $3,233.69 $577,105.41
175 $577,105.41 $1,957.13 $0.00 $3,263.04 $582,325.58
176 $582,325.58 $1,957.13 $0.00 $3,292.55 $587,575.26
177 $587,575.26 $1,957.13 $0.00 $3,322.24 $592,854.63
178 $592,854.63 $1,957.13 $0.00 $3,352.09 $598,163.85
179 $598,163.85 $1,957.13 $0.00 $3,382.11 $603,503.09
180 $603,503.09 $1,957.13 $0.00 $3,412.29 $608,872.51
181 $608,872.51 $1,957.13 $0.00 $3,442.65 $614,272.29
182 $614,272.29 $1,957.13 $0.00 $3,473.18 $619,702.60
183 $619,702.60 $1,957.13 $0.00 $3,503.89 $625,163.62
184 $625,163.62 $1,957.13 $0.00 $3,534.77 $630,655.52
185 $630,655.52 $1,957.13 $0.00 $3,565.82 $636,178.47
186 $636,178.47 $1,957.13 $0.00 $3,597.05 $641,732.65
187 $641,732.65 $1,957.13 $0.00 $3,628.45 $647,318.23
188 $647,318.23 $1,957.13 $0.00 $3,660.03 $652,935.39
189 $652,935.39 $1,957.13 $0.00 $3,691.79 $658,584.31
190 $658,584.31 $1,957.13 $0.00 $3,723.73 $664,265.17
191 $664,265.17 $1,957.13 $0.00 $3,755.85 $669,978.15
192 $669,978.15 $1,957.13 $0.00 $3,788.15 $675,723.43
193 $675,723.43 $1,957.13 $0.00 $3,820.64 $681,501.20
194 $681,501.20 $1,957.13 $0.00 $3,853.31 $687,311.64
195 $687,311.64 $1,957.13 $0.00 $3,886.16 $693,154.93
196 $693,154.93 $1,957.13 $0.00 $3,919.20 $699,031.26
197 $699,031.26 $1,957.13 $0.00 $3,952.42 $704,940.81
198 $704,940.81 $1,957.13 $0.00 $3,985.84 $710,883.78
199 $710,883.78 $1,957.13 $0.00 $4,019.44 $716,860.35
200 $716,860.35 $1,957.13 $0.00 $4,053.23 $722,870.71
201 $722,870.71 $1,957.13 $0.00 $4,087.22 $728,915.06
202 $728,915.06 $1,957.13 $0.00 $4,121.39 $734,993.58
203 $734,993.58 $1,957.13 $0.00 $4,155.76 $741,106.47
204 $741,106.47 $1,957.13 $0.00 $4,190.32 $747,253.92
205 $747,253.92 $1,957.13 $0.00 $4,225.08 $753,436.13
206 $753,436.13 $1,957.13 $0.00 $4,260.04 $759,653.30
207 $759,653.30 $1,957.13 $0.00 $4,295.19 $765,905.62
208 $765,905.62 $1,957.13 $0.00 $4,330.54 $772,193.29
209 $772,193.29 $1,957.13 $0.00 $4,366.09 $778,516.51
210 $778,516.51 $1,957.13 $0.00 $4,401.85 $784,875.49
211 $784,875.49 $1,957.13 $0.00 $4,437.80 $791,270.42
212 $791,270.42 $1,957.13 $0.00 $4,473.96 $797,701.51
213 $797,701.51 $1,957.13 $0.00 $4,510.32 $804,168.96
214 $804,168.96 $1,957.13 $0.00 $4,546.89 $810,672.98
215 $810,672.98 $1,957.13 $0.00 $4,583.66 $817,213.77
216 $817,213.77 $1,957.13 $0.00 $4,620.65 $823,791.55
217 $823,791.55 $1,957.13 $223,099.19 $4,657.84 $607,307.33
218 $607,307.33 $1,957.13 $0.00 $3,433.80 $612,698.26
219 $612,698.26 $1,957.13 $0.00 $3,464.29 $618,119.68
220 $618,119.68 $1,957.13 $0.00 $3,494.94 $623,571.75
221 $623,571.75 $1,957.13 $0.00 $3,525.77 $629,054.65
222 $629,054.65 $1,957.13 $0.00 $3,556.77 $634,568.55
223 $634,568.55 $1,957.13 $0.00 $3,587.94 $640,113.62
224 $640,113.62 $1,957.13 $0.00 $3,619.30 $645,690.05
225 $645,690.05 $1,957.13 $0.00 $3,650.83 $651,298.01
226 $651,298.01 $1,957.13 $0.00 $3,682.53 $656,937.67
227 $656,937.67 $1,957.13 $0.00 $3,714.42 $662,609.22
228 $662,609.22 $1,957.13 $0.00 $3,746.49 $668,312.84
229 $668,312.84 $1,957.13 $238,716.13 $3,778.74 $435,332.58
230 $435,332.58 $1,957.13 $0.00 $2,461.43 $439,751.14
231 $439,751.14 $1,957.13 $0.00 $2,486.42 $444,194.69
232 $444,194.69 $1,957.13 $0.00 $2,511.54 $448,663.36
233 $448,663.36 $1,957.13 $0.00 $2,536.81 $453,157.30
234 $453,157.30 $1,957.13 $0.00 $2,562.22 $457,676.65
235 $457,676.65 $1,957.13 $0.00 $2,587.77 $462,221.55
236 $462,221.55 $1,957.13 $0.00 $2,613.47 $466,792.15
237 $466,792.15 $1,957.13 $0.00 $2,639.31 $471,388.59
238 $471,388.59 $1,957.13 $0.00 $2,665.30 $476,011.02
239 $476,011.02 $1,957.13 $0.00 $2,691.44 $480,659.59
240 $480,659.59 $1,957.13 $0.00 $2,717.72 $485,334.44
241 $485,334.44 $1,957.13 $255,426.26 $2,744.15 $234,609.46
242 $234,609.46 $1,957.13 $0.00 $1,326.52 $237,893.11
243 $237,893.11 $1,957.13 $0.00 $1,345.08 $241,195.32
244 $241,195.32 $1,957.13 $0.00 $1,363.75 $244,516.20
245 $244,516.20 $1,957.13 $0.00 $1,382.53 $247,855.86
246 $247,855.86 $1,957.13 $0.00 $1,401.41 $251,214.40
247 $251,214.40 $1,957.13 $0.00 $1,420.40 $254,591.93
248 $254,591.93 $1,957.13 $0.00 $1,439.50 $257,988.56
249 $257,988.56 $1,957.13 $0.00 $1,458.70 $261,404.39
250 $261,404.39 $1,957.13 $0.00 $1,478.02 $264,839.54
251 $264,839.54 $1,957.13 $0.00 $1,497.44 $268,294.11
252 $268,294.11 $1,957.13 $0.00 $1,516.97 $271,768.21
253 $271,768.21 $0.00 $273,306.10 $1,536.62 -$1.27