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 2040$158,295
Monthly savings required$1,253

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 $633,178.27 for students enrolling in 2040 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $1,253.04 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$61,042.00
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 $1,253.04 $0.00 $0.00 $1,253.04
2 $1,253.04 $1,253.04 $0.00 $7.08 $2,513.16
3 $2,513.16 $1,253.04 $0.00 $14.21 $3,780.41
4 $3,780.41 $1,253.04 $0.00 $21.37 $5,054.82
5 $5,054.82 $1,253.04 $0.00 $28.58 $6,336.44
6 $6,336.44 $1,253.04 $0.00 $35.83 $7,625.31
7 $7,625.31 $1,253.04 $0.00 $43.11 $8,921.46
8 $8,921.46 $1,253.04 $0.00 $50.44 $10,224.94
9 $10,224.94 $1,253.04 $0.00 $57.81 $11,535.79
10 $11,535.79 $1,253.04 $0.00 $65.23 $12,854.06
11 $12,854.06 $1,253.04 $0.00 $72.68 $14,179.78
12 $14,179.78 $1,253.04 $0.00 $80.17 $15,512.99
13 $15,512.99 $1,253.04 $0.00 $87.71 $16,853.74
14 $16,853.74 $1,253.04 $0.00 $95.29 $18,202.07
15 $18,202.07 $1,253.04 $0.00 $102.92 $19,558.03
16 $19,558.03 $1,253.04 $0.00 $110.58 $20,921.65
17 $20,921.65 $1,253.04 $0.00 $118.29 $22,292.98
18 $22,292.98 $1,253.04 $0.00 $126.05 $23,672.07
19 $23,672.07 $1,253.04 $0.00 $133.85 $25,058.96
20 $25,058.96 $1,253.04 $0.00 $141.69 $26,453.69
21 $26,453.69 $1,253.04 $0.00 $149.57 $27,856.30
22 $27,856.30 $1,253.04 $0.00 $157.50 $29,266.84
23 $29,266.84 $1,253.04 $0.00 $165.48 $30,685.36
24 $30,685.36 $1,253.04 $0.00 $173.50 $32,111.90
25 $32,111.90 $1,253.04 $0.00 $181.57 $33,546.51
26 $33,546.51 $1,253.04 $0.00 $189.68 $34,989.23
27 $34,989.23 $1,253.04 $0.00 $197.83 $36,440.10
28 $36,440.10 $1,253.04 $0.00 $206.04 $37,899.18
29 $37,899.18 $1,253.04 $0.00 $214.29 $39,366.51
30 $39,366.51 $1,253.04 $0.00 $222.58 $40,842.13
31 $40,842.13 $1,253.04 $0.00 $230.93 $42,326.10
32 $42,326.10 $1,253.04 $0.00 $239.32 $43,818.46
33 $43,818.46 $1,253.04 $0.00 $247.76 $45,319.26
34 $45,319.26 $1,253.04 $0.00 $256.24 $46,828.54
35 $46,828.54 $1,253.04 $0.00 $264.78 $48,346.36
36 $48,346.36 $1,253.04 $0.00 $273.36 $49,872.76
37 $49,872.76 $1,253.04 $0.00 $281.99 $51,407.79
38 $51,407.79 $1,253.04 $0.00 $290.67 $52,951.50
39 $52,951.50 $1,253.04 $0.00 $299.40 $54,503.94
40 $54,503.94 $1,253.04 $0.00 $308.17 $56,065.15
41 $56,065.15 $1,253.04 $0.00 $317.00 $57,635.19
42 $57,635.19 $1,253.04 $0.00 $325.88 $59,214.11
43 $59,214.11 $1,253.04 $0.00 $334.81 $60,801.96
44 $60,801.96 $1,253.04 $0.00 $343.78 $62,398.78
45 $62,398.78 $1,253.04 $0.00 $352.81 $64,004.63
46 $64,004.63 $1,253.04 $0.00 $361.89 $65,619.56
47 $65,619.56 $1,253.04 $0.00 $371.02 $67,243.62
48 $67,243.62 $1,253.04 $0.00 $380.21 $68,876.87
49 $68,876.87 $1,253.04 $0.00 $389.44 $70,519.35
50 $70,519.35 $1,253.04 $0.00 $398.73 $72,171.12
51 $72,171.12 $1,253.04 $0.00 $408.07 $73,832.23
52 $73,832.23 $1,253.04 $0.00 $417.46 $75,502.73
53 $75,502.73 $1,253.04 $0.00 $426.90 $77,182.67
54 $77,182.67 $1,253.04 $0.00 $436.40 $78,872.11
55 $78,872.11 $1,253.04 $0.00 $445.95 $80,571.10
56 $80,571.10 $1,253.04 $0.00 $455.56 $82,279.70
57 $82,279.70 $1,253.04 $0.00 $465.22 $83,997.96
58 $83,997.96 $1,253.04 $0.00 $474.94 $85,725.94
59 $85,725.94 $1,253.04 $0.00 $484.71 $87,463.69
60 $87,463.69 $1,253.04 $0.00 $494.53 $89,211.26
61 $89,211.26 $1,253.04 $0.00 $504.41 $90,968.71
62 $90,968.71 $1,253.04 $0.00 $514.35 $92,736.10
63 $92,736.10 $1,253.04 $0.00 $524.34 $94,513.48
64 $94,513.48 $1,253.04 $0.00 $534.39 $96,300.91
65 $96,300.91 $1,253.04 $0.00 $544.50 $98,098.45
66 $98,098.45 $1,253.04 $0.00 $554.66 $99,906.15
67 $99,906.15 $1,253.04 $0.00 $564.88 $101,724.07
68 $101,724.07 $1,253.04 $0.00 $575.16 $103,552.27
69 $103,552.27 $1,253.04 $0.00 $585.50 $105,390.81
70 $105,390.81 $1,253.04 $0.00 $595.89 $107,239.74
71 $107,239.74 $1,253.04 $0.00 $606.35 $109,099.13
72 $109,099.13 $1,253.04 $0.00 $616.86 $110,969.03
73 $110,969.03 $1,253.04 $0.00 $627.44 $112,849.51
74 $112,849.51 $1,253.04 $0.00 $638.07 $114,740.62
75 $114,740.62 $1,253.04 $0.00 $648.76 $116,642.42
76 $116,642.42 $1,253.04 $0.00 $659.51 $118,554.97
77 $118,554.97 $1,253.04 $0.00 $670.33 $120,478.34
78 $120,478.34 $1,253.04 $0.00 $681.20 $122,412.58
79 $122,412.58 $1,253.04 $0.00 $692.14 $124,357.76
80 $124,357.76 $1,253.04 $0.00 $703.14 $126,313.94
81 $126,313.94 $1,253.04 $0.00 $714.20 $128,281.18
82 $128,281.18 $1,253.04 $0.00 $725.32 $130,259.54
83 $130,259.54 $1,253.04 $0.00 $736.51 $132,249.09
84 $132,249.09 $1,253.04 $0.00 $747.76 $134,249.89
85 $134,249.89 $1,253.04 $0.00 $759.07 $136,262.00
86 $136,262.00 $1,253.04 $0.00 $770.45 $138,285.49
87 $138,285.49 $1,253.04 $0.00 $781.89 $140,320.42
88 $140,320.42 $1,253.04 $0.00 $793.39 $142,366.85
89 $142,366.85 $1,253.04 $0.00 $804.96 $144,424.85
90 $144,424.85 $1,253.04 $0.00 $816.60 $146,494.49
91 $146,494.49 $1,253.04 $0.00 $828.30 $148,575.83
92 $148,575.83 $1,253.04 $0.00 $840.07 $150,668.94
93 $150,668.94 $1,253.04 $0.00 $851.90 $152,773.88
94 $152,773.88 $1,253.04 $0.00 $863.81 $154,890.73
95 $154,890.73 $1,253.04 $0.00 $875.77 $157,019.54
96 $157,019.54 $1,253.04 $0.00 $887.81 $159,160.39
97 $159,160.39 $1,253.04 $0.00 $899.92 $161,313.35
98 $161,313.35 $1,253.04 $0.00 $912.09 $163,478.48
99 $163,478.48 $1,253.04 $0.00 $924.33 $165,655.85
100 $165,655.85 $1,253.04 $0.00 $936.64 $167,845.53
101 $167,845.53 $1,253.04 $0.00 $949.02 $170,047.59
102 $170,047.59 $1,253.04 $0.00 $961.47 $172,262.10
103 $172,262.10 $1,253.04 $0.00 $973.99 $174,489.13
104 $174,489.13 $1,253.04 $0.00 $986.59 $176,728.76
105 $176,728.76 $1,253.04 $0.00 $999.25 $178,981.05
106 $178,981.05 $1,253.04 $0.00 $1,011.98 $181,246.07
107 $181,246.07 $1,253.04 $0.00 $1,024.79 $183,523.90
108 $183,523.90 $1,253.04 $0.00 $1,037.67 $185,814.61
109 $185,814.61 $1,253.04 $0.00 $1,050.62 $188,118.27
110 $188,118.27 $1,253.04 $0.00 $1,063.65 $190,434.96
111 $190,434.96 $1,253.04 $0.00 $1,076.75 $192,764.75
112 $192,764.75 $1,253.04 $0.00 $1,089.92 $195,107.71
113 $195,107.71 $1,253.04 $0.00 $1,103.17 $197,463.92
114 $197,463.92 $1,253.04 $0.00 $1,116.49 $199,833.45
115 $199,833.45 $1,253.04 $0.00 $1,129.89 $202,216.38
116 $202,216.38 $1,253.04 $0.00 $1,143.36 $204,612.78
117 $204,612.78 $1,253.04 $0.00 $1,156.91 $207,022.73
118 $207,022.73 $1,253.04 $0.00 $1,170.54 $209,446.31
119 $209,446.31 $1,253.04 $0.00 $1,184.24 $211,883.59
120 $211,883.59 $1,253.04 $0.00 $1,198.02 $214,334.65
121 $214,334.65 $1,253.04 $0.00 $1,211.88 $216,799.57
122 $216,799.57 $1,253.04 $0.00 $1,225.82 $219,278.43
123 $219,278.43 $1,253.04 $0.00 $1,239.83 $221,771.30
124 $221,771.30 $1,253.04 $0.00 $1,253.93 $224,278.27
125 $224,278.27 $1,253.04 $0.00 $1,268.10 $226,799.41
126 $226,799.41 $1,253.04 $0.00 $1,282.36 $229,334.81
127 $229,334.81 $1,253.04 $0.00 $1,296.69 $231,884.54
128 $231,884.54 $1,253.04 $0.00 $1,311.11 $234,448.69
129 $234,448.69 $1,253.04 $0.00 $1,325.61 $237,027.34
130 $237,027.34 $1,253.04 $0.00 $1,340.19 $239,620.57
131 $239,620.57 $1,253.04 $0.00 $1,354.85 $242,228.46
132 $242,228.46 $1,253.04 $0.00 $1,369.59 $244,851.09
133 $244,851.09 $1,253.04 $0.00 $1,384.42 $247,488.55
134 $247,488.55 $1,253.04 $0.00 $1,399.34 $250,140.93
135 $250,140.93 $1,253.04 $0.00 $1,414.33 $252,808.30
136 $252,808.30 $1,253.04 $0.00 $1,429.41 $255,490.75
137 $255,490.75 $1,253.04 $0.00 $1,444.58 $258,188.37
138 $258,188.37 $1,253.04 $0.00 $1,459.83 $260,901.24
139 $260,901.24 $1,253.04 $0.00 $1,475.17 $263,629.45
140 $263,629.45 $1,253.04 $0.00 $1,490.60 $266,373.09
141 $266,373.09 $1,253.04 $0.00 $1,506.11 $269,132.24
142 $269,132.24 $1,253.04 $0.00 $1,521.71 $271,906.99
143 $271,906.99 $1,253.04 $0.00 $1,537.40 $274,697.43
144 $274,697.43 $1,253.04 $0.00 $1,553.18 $277,503.65
145 $277,503.65 $1,253.04 $0.00 $1,569.05 $280,325.74
146 $280,325.74 $1,253.04 $0.00 $1,585.00 $283,163.78
147 $283,163.78 $1,253.04 $0.00 $1,601.05 $286,017.87
148 $286,017.87 $1,253.04 $0.00 $1,617.19 $288,888.10
149 $288,888.10 $1,253.04 $0.00 $1,633.42 $291,774.56
150 $291,774.56 $1,253.04 $0.00 $1,649.74 $294,677.34
151 $294,677.34 $1,253.04 $0.00 $1,666.15 $297,596.53
152 $297,596.53 $1,253.04 $0.00 $1,682.65 $300,532.22
153 $300,532.22 $1,253.04 $0.00 $1,699.25 $303,484.51
154 $303,484.51 $1,253.04 $0.00 $1,715.95 $306,453.50
155 $306,453.50 $1,253.04 $0.00 $1,732.73 $309,439.27
156 $309,439.27 $1,253.04 $0.00 $1,749.61 $312,441.92
157 $312,441.92 $1,253.04 $0.00 $1,766.59 $315,461.55
158 $315,461.55 $1,253.04 $0.00 $1,783.67 $318,498.26
159 $318,498.26 $1,253.04 $0.00 $1,800.84 $321,552.14
160 $321,552.14 $1,253.04 $0.00 $1,818.10 $324,623.28
161 $324,623.28 $1,253.04 $0.00 $1,835.47 $327,711.79
162 $327,711.79 $1,253.04 $0.00 $1,852.93 $330,817.76
163 $330,817.76 $1,253.04 $0.00 $1,870.49 $333,941.29
164 $333,941.29 $1,253.04 $0.00 $1,888.15 $337,082.48
165 $337,082.48 $1,253.04 $0.00 $1,905.91 $340,241.43
166 $340,241.43 $1,253.04 $0.00 $1,923.77 $343,418.24
167 $343,418.24 $1,253.04 $0.00 $1,941.74 $346,613.02
168 $346,613.02 $1,253.04 $0.00 $1,959.80 $349,825.86
169 $349,825.86 $1,253.04 $0.00 $1,977.97 $353,056.87
170 $353,056.87 $1,253.04 $0.00 $1,996.23 $356,306.14
171 $356,306.14 $1,253.04 $0.00 $2,014.61 $359,573.79
172 $359,573.79 $1,253.04 $0.00 $2,033.08 $362,859.91
173 $362,859.91 $1,253.04 $0.00 $2,051.66 $366,164.61
174 $366,164.61 $1,253.04 $0.00 $2,070.35 $369,488.00
175 $369,488.00 $1,253.04 $0.00 $2,089.14 $372,830.18
176 $372,830.18 $1,253.04 $0.00 $2,108.04 $376,191.26
177 $376,191.26 $1,253.04 $0.00 $2,127.04 $379,571.34
178 $379,571.34 $1,253.04 $0.00 $2,146.15 $382,970.53
179 $382,970.53 $1,253.04 $0.00 $2,165.37 $386,388.94
180 $386,388.94 $1,253.04 $0.00 $2,184.70 $389,826.68
181 $389,826.68 $1,253.04 $0.00 $2,204.14 $393,283.86
182 $393,283.86 $1,253.04 $0.00 $2,223.68 $396,760.58
183 $396,760.58 $1,253.04 $0.00 $2,243.34 $400,256.96
184 $400,256.96 $1,253.04 $0.00 $2,263.11 $403,773.11
185 $403,773.11 $1,253.04 $0.00 $2,282.99 $407,309.14
186 $407,309.14 $1,253.04 $0.00 $2,302.99 $410,865.17
187 $410,865.17 $1,253.04 $0.00 $2,323.09 $414,441.30
188 $414,441.30 $1,253.04 $0.00 $2,343.31 $418,037.65
189 $418,037.65 $1,253.04 $0.00 $2,363.65 $421,654.34
190 $421,654.34 $1,253.04 $0.00 $2,384.09 $425,291.47
191 $425,291.47 $1,253.04 $0.00 $2,404.66 $428,949.17
192 $428,949.17 $1,253.04 $0.00 $2,425.34 $432,627.55
193 $432,627.55 $1,253.04 $0.00 $2,446.14 $436,326.73
194 $436,326.73 $1,253.04 $0.00 $2,467.05 $440,046.82
195 $440,046.82 $1,253.04 $0.00 $2,488.09 $443,787.95
196 $443,787.95 $1,253.04 $0.00 $2,509.24 $447,550.23
197 $447,550.23 $1,253.04 $0.00 $2,530.51 $451,333.78
198 $451,333.78 $1,253.04 $0.00 $2,551.91 $455,138.73
199 $455,138.73 $1,253.04 $0.00 $2,573.42 $458,965.19
200 $458,965.19 $1,253.04 $0.00 $2,595.06 $462,813.29
201 $462,813.29 $1,253.04 $0.00 $2,616.81 $466,683.14
202 $466,683.14 $1,253.04 $0.00 $2,638.69 $470,574.87
203 $470,574.87 $1,253.04 $0.00 $2,660.70 $474,488.61
204 $474,488.61 $1,253.04 $0.00 $2,682.83 $478,424.48
205 $478,424.48 $1,253.04 $0.00 $2,705.08 $482,382.60
206 $482,382.60 $1,253.04 $0.00 $2,727.46 $486,363.10
207 $486,363.10 $1,253.04 $0.00 $2,749.97 $490,366.11
208 $490,366.11 $1,253.04 $0.00 $2,772.60 $494,391.75
209 $494,391.75 $1,253.04 $0.00 $2,795.36 $498,440.15
210 $498,440.15 $1,253.04 $0.00 $2,818.25 $502,511.44
211 $502,511.44 $1,253.04 $0.00 $2,841.27 $506,605.75
212 $506,605.75 $1,253.04 $0.00 $2,864.42 $510,723.21
213 $510,723.21 $1,253.04 $0.00 $2,887.70 $514,863.95
214 $514,863.95 $1,253.04 $0.00 $2,911.12 $519,028.11
215 $519,028.11 $1,253.04 $0.00 $2,934.66 $523,215.81
216 $523,215.81 $1,253.04 $0.00 $2,958.34 $527,427.19
217 $527,427.19 $1,253.04 $146,904.85 $2,982.15 $384,757.53
218 $384,757.53 $1,253.04 $0.00 $2,175.48 $388,186.05
219 $388,186.05 $1,253.04 $0.00 $2,194.86 $391,633.95
220 $391,633.95 $1,253.04 $0.00 $2,214.36 $395,101.35
221 $395,101.35 $1,253.04 $0.00 $2,233.96 $398,588.35
222 $398,588.35 $1,253.04 $0.00 $2,253.68 $402,095.07
223 $402,095.07 $1,253.04 $0.00 $2,273.50 $405,621.61
224 $405,621.61 $1,253.04 $0.00 $2,293.44 $409,168.09
225 $409,168.09 $1,253.04 $0.00 $2,313.50 $412,734.63
226 $412,734.63 $1,253.04 $0.00 $2,333.66 $416,321.33
227 $416,321.33 $1,253.04 $0.00 $2,353.94 $419,928.31
228 $419,928.31 $1,253.04 $0.00 $2,374.34 $423,555.69
229 $423,555.69 $1,253.04 $154,250.09 $2,394.85 $272,953.49
230 $272,953.49 $1,253.04 $0.00 $1,543.32 $275,749.85
231 $275,749.85 $1,253.04 $0.00 $1,559.13 $278,562.02
232 $278,562.02 $1,253.04 $0.00 $1,575.03 $281,390.09
233 $281,390.09 $1,253.04 $0.00 $1,591.02 $284,234.15
234 $284,234.15 $1,253.04 $0.00 $1,607.10 $287,094.29
235 $287,094.29 $1,253.04 $0.00 $1,623.27 $289,970.60
236 $289,970.60 $1,253.04 $0.00 $1,639.54 $292,863.18
237 $292,863.18 $1,253.04 $0.00 $1,655.89 $295,772.11
238 $295,772.11 $1,253.04 $0.00 $1,672.34 $298,697.49
239 $298,697.49 $1,253.04 $0.00 $1,688.88 $301,639.41
240 $301,639.41 $1,253.04 $0.00 $1,705.51 $304,597.96
241 $304,597.96 $1,253.04 $161,962.60 $1,722.24 $145,610.64
242 $145,610.64 $1,253.04 $0.00 $823.30 $147,686.98
243 $147,686.98 $1,253.04 $0.00 $835.04 $149,775.06
244 $149,775.06 $1,253.04 $0.00 $846.85 $151,874.95
245 $151,874.95 $1,253.04 $0.00 $858.72 $153,986.71
246 $153,986.71 $1,253.04 $0.00 $870.66 $156,110.41
247 $156,110.41 $1,253.04 $0.00 $882.67 $158,246.12
248 $158,246.12 $1,253.04 $0.00 $894.75 $160,393.91
249 $160,393.91 $1,253.04 $0.00 $906.89 $162,553.84
250 $162,553.84 $1,253.04 $0.00 $919.10 $164,725.98
251 $164,725.98 $1,253.04 $0.00 $931.38 $166,910.40
252 $166,910.40 $1,253.04 $0.00 $943.74 $169,107.18
253 $169,107.18 $0.00 $170,060.73 $956.16 $2.61