Savings Plan and Future Cost Estimation for McDaniel College

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2041$159,892
Monthly savings required$1,266

How much will it cost to send your child to McDaniel College in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $639,567.94 for students enrolling in 2041 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $1,265.68 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$61,658.00
Years until enrollment18
Annual Tuition Increase5%
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 $1,265.68 $0.00 $0.00 $1,265.68
2 $1,265.68 $1,265.68 $0.00 $7.16 $2,538.52
3 $2,538.52 $1,265.68 $0.00 $14.35 $3,818.55
4 $3,818.55 $1,265.68 $0.00 $21.59 $5,105.82
5 $5,105.82 $1,265.68 $0.00 $28.87 $6,400.37
6 $6,400.37 $1,265.68 $0.00 $36.19 $7,702.24
7 $7,702.24 $1,265.68 $0.00 $43.55 $9,011.47
8 $9,011.47 $1,265.68 $0.00 $50.95 $10,328.10
9 $10,328.10 $1,265.68 $0.00 $58.40 $11,652.18
10 $11,652.18 $1,265.68 $0.00 $65.88 $12,983.74
11 $12,983.74 $1,265.68 $0.00 $73.41 $14,322.83
12 $14,322.83 $1,265.68 $0.00 $80.98 $15,669.49
13 $15,669.49 $1,265.68 $0.00 $88.60 $17,023.77
14 $17,023.77 $1,265.68 $0.00 $96.25 $18,385.70
15 $18,385.70 $1,265.68 $0.00 $103.96 $19,755.34
16 $19,755.34 $1,265.68 $0.00 $111.70 $21,132.72
17 $21,132.72 $1,265.68 $0.00 $119.49 $22,517.89
18 $22,517.89 $1,265.68 $0.00 $127.32 $23,910.89
19 $23,910.89 $1,265.68 $0.00 $135.20 $25,311.77
20 $25,311.77 $1,265.68 $0.00 $143.12 $26,720.57
21 $26,720.57 $1,265.68 $0.00 $151.08 $28,137.33
22 $28,137.33 $1,265.68 $0.00 $159.09 $29,562.10
23 $29,562.10 $1,265.68 $0.00 $167.15 $30,994.93
24 $30,994.93 $1,265.68 $0.00 $175.25 $32,435.86
25 $32,435.86 $1,265.68 $0.00 $183.40 $33,884.94
26 $33,884.94 $1,265.68 $0.00 $191.59 $35,342.21
27 $35,342.21 $1,265.68 $0.00 $199.83 $36,807.72
28 $36,807.72 $1,265.68 $0.00 $208.12 $38,281.52
29 $38,281.52 $1,265.68 $0.00 $216.45 $39,763.65
30 $39,763.65 $1,265.68 $0.00 $224.83 $41,254.16
31 $41,254.16 $1,265.68 $0.00 $233.26 $42,753.10
32 $42,753.10 $1,265.68 $0.00 $241.73 $44,260.51
33 $44,260.51 $1,265.68 $0.00 $250.26 $45,776.45
34 $45,776.45 $1,265.68 $0.00 $258.83 $47,300.96
35 $47,300.96 $1,265.68 $0.00 $267.45 $48,834.09
36 $48,834.09 $1,265.68 $0.00 $276.12 $50,375.89
37 $50,375.89 $1,265.68 $0.00 $284.83 $51,926.40
38 $51,926.40 $1,265.68 $0.00 $293.60 $53,485.68
39 $53,485.68 $1,265.68 $0.00 $302.42 $55,053.78
40 $55,053.78 $1,265.68 $0.00 $311.28 $56,630.74
41 $56,630.74 $1,265.68 $0.00 $320.20 $58,216.62
42 $58,216.62 $1,265.68 $0.00 $329.17 $59,811.47
43 $59,811.47 $1,265.68 $0.00 $338.18 $61,415.33
44 $61,415.33 $1,265.68 $0.00 $347.25 $63,028.26
45 $63,028.26 $1,265.68 $0.00 $356.37 $64,650.31
46 $64,650.31 $1,265.68 $0.00 $365.54 $66,281.53
47 $66,281.53 $1,265.68 $0.00 $374.77 $67,921.98
48 $67,921.98 $1,265.68 $0.00 $384.04 $69,571.70
49 $69,571.70 $1,265.68 $0.00 $393.37 $71,230.75
50 $71,230.75 $1,265.68 $0.00 $402.75 $72,899.18
51 $72,899.18 $1,265.68 $0.00 $412.18 $74,577.04
52 $74,577.04 $1,265.68 $0.00 $421.67 $76,264.39
53 $76,264.39 $1,265.68 $0.00 $431.21 $77,961.28
54 $77,961.28 $1,265.68 $0.00 $440.80 $79,667.76
55 $79,667.76 $1,265.68 $0.00 $450.45 $81,383.89
56 $81,383.89 $1,265.68 $0.00 $460.16 $83,109.73
57 $83,109.73 $1,265.68 $0.00 $469.91 $84,845.32
58 $84,845.32 $1,265.68 $0.00 $479.73 $86,590.73
59 $86,590.73 $1,265.68 $0.00 $489.60 $88,346.01
60 $88,346.01 $1,265.68 $0.00 $499.52 $90,111.21
61 $90,111.21 $1,265.68 $0.00 $509.50 $91,886.39
62 $91,886.39 $1,265.68 $0.00 $519.54 $93,671.61
63 $93,671.61 $1,265.68 $0.00 $529.63 $95,466.92
64 $95,466.92 $1,265.68 $0.00 $539.78 $97,272.38
65 $97,272.38 $1,265.68 $0.00 $549.99 $99,088.05
66 $99,088.05 $1,265.68 $0.00 $560.26 $100,913.99
67 $100,913.99 $1,265.68 $0.00 $570.58 $102,750.25
68 $102,750.25 $1,265.68 $0.00 $580.96 $104,596.89
69 $104,596.89 $1,265.68 $0.00 $591.41 $106,453.98
70 $106,453.98 $1,265.68 $0.00 $601.91 $108,321.57
71 $108,321.57 $1,265.68 $0.00 $612.47 $110,199.72
72 $110,199.72 $1,265.68 $0.00 $623.09 $112,088.49
73 $112,088.49 $1,265.68 $0.00 $633.76 $113,987.93
74 $113,987.93 $1,265.68 $0.00 $644.50 $115,898.11
75 $115,898.11 $1,265.68 $0.00 $655.30 $117,819.09
76 $117,819.09 $1,265.68 $0.00 $666.17 $119,750.94
77 $119,750.94 $1,265.68 $0.00 $677.09 $121,693.71
78 $121,693.71 $1,265.68 $0.00 $688.07 $123,647.46
79 $123,647.46 $1,265.68 $0.00 $699.12 $125,612.26
80 $125,612.26 $1,265.68 $0.00 $710.23 $127,588.17
81 $127,588.17 $1,265.68 $0.00 $721.40 $129,575.25
82 $129,575.25 $1,265.68 $0.00 $732.64 $131,573.57
83 $131,573.57 $1,265.68 $0.00 $743.94 $133,583.19
84 $133,583.19 $1,265.68 $0.00 $755.30 $135,604.17
85 $135,604.17 $1,265.68 $0.00 $766.73 $137,636.58
86 $137,636.58 $1,265.68 $0.00 $778.22 $139,680.48
87 $139,680.48 $1,265.68 $0.00 $789.77 $141,735.93
88 $141,735.93 $1,265.68 $0.00 $801.40 $143,803.01
89 $143,803.01 $1,265.68 $0.00 $813.08 $145,881.77
90 $145,881.77 $1,265.68 $0.00 $824.84 $147,972.29
91 $147,972.29 $1,265.68 $0.00 $836.66 $150,074.63
92 $150,074.63 $1,265.68 $0.00 $848.54 $152,188.85
93 $152,188.85 $1,265.68 $0.00 $860.50 $154,315.03
94 $154,315.03 $1,265.68 $0.00 $872.52 $156,453.23
95 $156,453.23 $1,265.68 $0.00 $884.61 $158,603.52
96 $158,603.52 $1,265.68 $0.00 $896.77 $160,765.97
97 $160,765.97 $1,265.68 $0.00 $908.99 $162,940.64
98 $162,940.64 $1,265.68 $0.00 $921.29 $165,127.61
99 $165,127.61 $1,265.68 $0.00 $933.66 $167,326.95
100 $167,326.95 $1,265.68 $0.00 $946.09 $169,538.72
101 $169,538.72 $1,265.68 $0.00 $958.60 $171,763.00
102 $171,763.00 $1,265.68 $0.00 $971.17 $173,999.85
103 $173,999.85 $1,265.68 $0.00 $983.82 $176,249.35
104 $176,249.35 $1,265.68 $0.00 $996.54 $178,511.57
105 $178,511.57 $1,265.68 $0.00 $1,009.33 $180,786.58
106 $180,786.58 $1,265.68 $0.00 $1,022.19 $183,074.45
107 $183,074.45 $1,265.68 $0.00 $1,035.13 $185,375.26
108 $185,375.26 $1,265.68 $0.00 $1,048.14 $187,689.08
109 $187,689.08 $1,265.68 $0.00 $1,061.22 $190,015.98
110 $190,015.98 $1,265.68 $0.00 $1,074.38 $192,356.04
111 $192,356.04 $1,265.68 $0.00 $1,087.61 $194,709.33
112 $194,709.33 $1,265.68 $0.00 $1,100.91 $197,075.92
113 $197,075.92 $1,265.68 $0.00 $1,114.30 $199,455.90
114 $199,455.90 $1,265.68 $0.00 $1,127.75 $201,849.33
115 $201,849.33 $1,265.68 $0.00 $1,141.29 $204,256.30
116 $204,256.30 $1,265.68 $0.00 $1,154.89 $206,676.87
117 $206,676.87 $1,265.68 $0.00 $1,168.58 $209,111.13
118 $209,111.13 $1,265.68 $0.00 $1,182.34 $211,559.15
119 $211,559.15 $1,265.68 $0.00 $1,196.19 $214,021.02
120 $214,021.02 $1,265.68 $0.00 $1,210.11 $216,496.81
121 $216,496.81 $1,265.68 $0.00 $1,224.10 $218,986.59
122 $218,986.59 $1,265.68 $0.00 $1,238.18 $221,490.45
123 $221,490.45 $1,265.68 $0.00 $1,252.34 $224,008.47
124 $224,008.47 $1,265.68 $0.00 $1,266.58 $226,540.73
125 $226,540.73 $1,265.68 $0.00 $1,280.89 $229,087.30
126 $229,087.30 $1,265.68 $0.00 $1,295.29 $231,648.27
127 $231,648.27 $1,265.68 $0.00 $1,309.77 $234,223.72
128 $234,223.72 $1,265.68 $0.00 $1,324.33 $236,813.73
129 $236,813.73 $1,265.68 $0.00 $1,338.98 $239,418.39
130 $239,418.39 $1,265.68 $0.00 $1,353.71 $242,037.78
131 $242,037.78 $1,265.68 $0.00 $1,368.52 $244,671.98
132 $244,671.98 $1,265.68 $0.00 $1,383.41 $247,321.07
133 $247,321.07 $1,265.68 $0.00 $1,398.39 $249,985.14
134 $249,985.14 $1,265.68 $0.00 $1,413.45 $252,664.27
135 $252,664.27 $1,265.68 $0.00 $1,428.60 $255,358.55
136 $255,358.55 $1,265.68 $0.00 $1,443.83 $258,068.06
137 $258,068.06 $1,265.68 $0.00 $1,459.15 $260,792.89
138 $260,792.89 $1,265.68 $0.00 $1,474.56 $263,533.13
139 $263,533.13 $1,265.68 $0.00 $1,490.05 $266,288.86
140 $266,288.86 $1,265.68 $0.00 $1,505.64 $269,060.18
141 $269,060.18 $1,265.68 $0.00 $1,521.31 $271,847.17
142 $271,847.17 $1,265.68 $0.00 $1,537.06 $274,649.91
143 $274,649.91 $1,265.68 $0.00 $1,552.91 $277,468.50
144 $277,468.50 $1,265.68 $0.00 $1,568.85 $280,303.03
145 $280,303.03 $1,265.68 $0.00 $1,584.87 $283,153.58
146 $283,153.58 $1,265.68 $0.00 $1,600.99 $286,020.25
147 $286,020.25 $1,265.68 $0.00 $1,617.20 $288,903.13
148 $288,903.13 $1,265.68 $0.00 $1,633.50 $291,802.31
149 $291,802.31 $1,265.68 $0.00 $1,649.89 $294,717.88
150 $294,717.88 $1,265.68 $0.00 $1,666.38 $297,649.94
151 $297,649.94 $1,265.68 $0.00 $1,682.96 $300,598.58
152 $300,598.58 $1,265.68 $0.00 $1,699.63 $303,563.89
153 $303,563.89 $1,265.68 $0.00 $1,716.39 $306,545.96
154 $306,545.96 $1,265.68 $0.00 $1,733.26 $309,544.90
155 $309,544.90 $1,265.68 $0.00 $1,750.21 $312,560.79
156 $312,560.79 $1,265.68 $0.00 $1,767.26 $315,593.73
157 $315,593.73 $1,265.68 $0.00 $1,784.41 $318,643.82
158 $318,643.82 $1,265.68 $0.00 $1,801.66 $321,711.16
159 $321,711.16 $1,265.68 $0.00 $1,819.00 $324,795.84
160 $324,795.84 $1,265.68 $0.00 $1,836.44 $327,897.96
161 $327,897.96 $1,265.68 $0.00 $1,853.98 $331,017.62
162 $331,017.62 $1,265.68 $0.00 $1,871.62 $334,154.92
163 $334,154.92 $1,265.68 $0.00 $1,889.36 $337,309.96
164 $337,309.96 $1,265.68 $0.00 $1,907.20 $340,482.84
165 $340,482.84 $1,265.68 $0.00 $1,925.14 $343,673.66
166 $343,673.66 $1,265.68 $0.00 $1,943.18 $346,882.52
167 $346,882.52 $1,265.68 $0.00 $1,961.32 $350,109.52
168 $350,109.52 $1,265.68 $0.00 $1,979.57 $353,354.77
169 $353,354.77 $1,265.68 $0.00 $1,997.92 $356,618.37
170 $356,618.37 $1,265.68 $0.00 $2,016.37 $359,900.42
171 $359,900.42 $1,265.68 $0.00 $2,034.93 $363,201.03
172 $363,201.03 $1,265.68 $0.00 $2,053.59 $366,520.30
173 $366,520.30 $1,265.68 $0.00 $2,072.36 $369,858.34
174 $369,858.34 $1,265.68 $0.00 $2,091.23 $373,215.25
175 $373,215.25 $1,265.68 $0.00 $2,110.21 $376,591.14
176 $376,591.14 $1,265.68 $0.00 $2,129.30 $379,986.12
177 $379,986.12 $1,265.68 $0.00 $2,148.50 $383,400.30
178 $383,400.30 $1,265.68 $0.00 $2,167.80 $386,833.78
179 $386,833.78 $1,265.68 $0.00 $2,187.21 $390,286.67
180 $390,286.67 $1,265.68 $0.00 $2,206.74 $393,759.09
181 $393,759.09 $1,265.68 $0.00 $2,226.37 $397,251.14
182 $397,251.14 $1,265.68 $0.00 $2,246.12 $400,762.94
183 $400,762.94 $1,265.68 $0.00 $2,265.97 $404,294.59
184 $404,294.59 $1,265.68 $0.00 $2,285.94 $407,846.21
185 $407,846.21 $1,265.68 $0.00 $2,306.02 $411,417.91
186 $411,417.91 $1,265.68 $0.00 $2,326.22 $415,009.81
187 $415,009.81 $1,265.68 $0.00 $2,346.53 $418,622.02
188 $418,622.02 $1,265.68 $0.00 $2,366.95 $422,254.65
189 $422,254.65 $1,265.68 $0.00 $2,387.49 $425,907.82
190 $425,907.82 $1,265.68 $0.00 $2,408.14 $429,581.64
191 $429,581.64 $1,265.68 $0.00 $2,428.92 $433,276.24
192 $433,276.24 $1,265.68 $0.00 $2,449.81 $436,991.73
193 $436,991.73 $1,265.68 $0.00 $2,470.81 $440,728.22
194 $440,728.22 $1,265.68 $0.00 $2,491.94 $444,485.84
195 $444,485.84 $1,265.68 $0.00 $2,513.19 $448,264.71
196 $448,264.71 $1,265.68 $0.00 $2,534.55 $452,064.94
197 $452,064.94 $1,265.68 $0.00 $2,556.04 $455,886.66
198 $455,886.66 $1,265.68 $0.00 $2,577.65 $459,729.99
199 $459,729.99 $1,265.68 $0.00 $2,599.38 $463,595.05
200 $463,595.05 $1,265.68 $0.00 $2,621.23 $467,481.96
201 $467,481.96 $1,265.68 $0.00 $2,643.21 $471,390.85
202 $471,390.85 $1,265.68 $0.00 $2,665.31 $475,321.84
203 $475,321.84 $1,265.68 $0.00 $2,687.54 $479,275.06
204 $479,275.06 $1,265.68 $0.00 $2,709.89 $483,250.63
205 $483,250.63 $1,265.68 $0.00 $2,732.37 $487,248.68
206 $487,248.68 $1,265.68 $0.00 $2,754.97 $491,269.33
207 $491,269.33 $1,265.68 $0.00 $2,777.71 $495,312.72
208 $495,312.72 $1,265.68 $0.00 $2,800.57 $499,378.97
209 $499,378.97 $1,265.68 $0.00 $2,823.56 $503,468.21
210 $503,468.21 $1,265.68 $0.00 $2,846.68 $507,580.57
211 $507,580.57 $1,265.68 $0.00 $2,869.93 $511,716.18
212 $511,716.18 $1,265.68 $0.00 $2,893.32 $515,875.18
213 $515,875.18 $1,265.68 $0.00 $2,916.83 $520,057.69
214 $520,057.69 $1,265.68 $0.00 $2,940.48 $524,263.85
215 $524,263.85 $1,265.68 $0.00 $2,964.26 $528,493.79
216 $528,493.79 $1,265.68 $0.00 $2,988.18 $532,747.65
217 $532,747.65 $1,265.68 $148,387.33 $3,012.23 $388,638.23
218 $388,638.23 $1,265.68 $0.00 $2,197.42 $392,101.33
219 $392,101.33 $1,265.68 $0.00 $2,217.00 $395,584.01
220 $395,584.01 $1,265.68 $0.00 $2,236.69 $399,086.38
221 $399,086.38 $1,265.68 $0.00 $2,256.49 $402,608.55
222 $402,608.55 $1,265.68 $0.00 $2,276.41 $406,150.64
223 $406,150.64 $1,265.68 $0.00 $2,296.43 $409,712.75
224 $409,712.75 $1,265.68 $0.00 $2,316.58 $413,295.01
225 $413,295.01 $1,265.68 $0.00 $2,336.83 $416,897.52
226 $416,897.52 $1,265.68 $0.00 $2,357.20 $420,520.40
227 $420,520.40 $1,265.68 $0.00 $2,377.68 $424,163.76
228 $424,163.76 $1,265.68 $0.00 $2,398.28 $427,827.72
229 $427,827.72 $1,265.68 $155,806.70 $2,419.00 $275,705.70
230 $275,705.70 $1,265.68 $0.00 $1,558.88 $278,530.26
231 $278,530.26 $1,265.68 $0.00 $1,574.85 $281,370.79
232 $281,370.79 $1,265.68 $0.00 $1,590.91 $284,227.38
233 $284,227.38 $1,265.68 $0.00 $1,607.06 $287,100.12
234 $287,100.12 $1,265.68 $0.00 $1,623.31 $289,989.11
235 $289,989.11 $1,265.68 $0.00 $1,639.64 $292,894.43
236 $292,894.43 $1,265.68 $0.00 $1,656.07 $295,816.18
237 $295,816.18 $1,265.68 $0.00 $1,672.59 $298,754.45
238 $298,754.45 $1,265.68 $0.00 $1,689.20 $301,709.33
239 $301,709.33 $1,265.68 $0.00 $1,705.91 $304,680.92
240 $304,680.92 $1,265.68 $0.00 $1,722.71 $307,669.31
241 $307,669.31 $1,265.68 $163,597.03 $1,739.61 $147,077.57
242 $147,077.57 $1,265.68 $0.00 $831.60 $149,174.85
243 $149,174.85 $1,265.68 $0.00 $843.46 $151,283.99
244 $151,283.99 $1,265.68 $0.00 $855.38 $153,405.05
245 $153,405.05 $1,265.68 $0.00 $867.37 $155,538.10
246 $155,538.10 $1,265.68 $0.00 $879.44 $157,683.22
247 $157,683.22 $1,265.68 $0.00 $891.56 $159,840.46
248 $159,840.46 $1,265.68 $0.00 $903.76 $162,009.90
249 $162,009.90 $1,265.68 $0.00 $916.03 $164,191.61
250 $164,191.61 $1,265.68 $0.00 $928.36 $166,385.65
251 $166,385.65 $1,265.68 $0.00 $940.77 $168,592.10
252 $168,592.10 $1,265.68 $0.00 $953.24 $170,811.02
253 $170,811.02 $0.00 $171,776.88 $965.79 ($0.07)