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 2039$153,601
Monthly savings required$1,216

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 $614,403.45 for students enrolling in 2039 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $1,215.88 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$59,232.00
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 $1,215.88 $0.00 $0.00 $1,215.88
2 $1,215.88 $1,215.88 $0.00 $6.87 $2,438.63
3 $2,438.63 $1,215.88 $0.00 $13.79 $3,668.30
4 $3,668.30 $1,215.88 $0.00 $20.74 $4,904.92
5 $4,904.92 $1,215.88 $0.00 $27.73 $6,148.53
6 $6,148.53 $1,215.88 $0.00 $34.76 $7,399.17
7 $7,399.17 $1,215.88 $0.00 $41.84 $8,656.89
8 $8,656.89 $1,215.88 $0.00 $48.95 $9,921.72
9 $9,921.72 $1,215.88 $0.00 $56.10 $11,193.70
10 $11,193.70 $1,215.88 $0.00 $63.29 $12,472.87
11 $12,472.87 $1,215.88 $0.00 $70.52 $13,759.27
12 $13,759.27 $1,215.88 $0.00 $77.80 $15,052.95
13 $15,052.95 $1,215.88 $0.00 $85.11 $16,353.94
14 $16,353.94 $1,215.88 $0.00 $92.47 $17,662.29
15 $17,662.29 $1,215.88 $0.00 $99.87 $18,978.04
16 $18,978.04 $1,215.88 $0.00 $107.30 $20,301.22
17 $20,301.22 $1,215.88 $0.00 $114.79 $21,631.89
18 $21,631.89 $1,215.88 $0.00 $122.31 $22,970.08
19 $22,970.08 $1,215.88 $0.00 $129.88 $24,315.84
20 $24,315.84 $1,215.88 $0.00 $137.49 $25,669.21
21 $25,669.21 $1,215.88 $0.00 $145.14 $27,030.23
22 $27,030.23 $1,215.88 $0.00 $152.83 $28,398.94
23 $28,398.94 $1,215.88 $0.00 $160.57 $29,775.39
24 $29,775.39 $1,215.88 $0.00 $168.35 $31,159.62
25 $31,159.62 $1,215.88 $0.00 $176.18 $32,551.68
26 $32,551.68 $1,215.88 $0.00 $184.05 $33,951.61
27 $33,951.61 $1,215.88 $0.00 $191.97 $35,359.46
28 $35,359.46 $1,215.88 $0.00 $199.93 $36,775.27
29 $36,775.27 $1,215.88 $0.00 $207.93 $38,199.08
30 $38,199.08 $1,215.88 $0.00 $215.98 $39,630.94
31 $39,630.94 $1,215.88 $0.00 $224.08 $41,070.90
32 $41,070.90 $1,215.88 $0.00 $232.22 $42,519.00
33 $42,519.00 $1,215.88 $0.00 $240.41 $43,975.29
34 $43,975.29 $1,215.88 $0.00 $248.64 $45,439.81
35 $45,439.81 $1,215.88 $0.00 $256.92 $46,912.61
36 $46,912.61 $1,215.88 $0.00 $265.25 $48,393.74
37 $48,393.74 $1,215.88 $0.00 $273.63 $49,883.25
38 $49,883.25 $1,215.88 $0.00 $282.05 $51,381.18
39 $51,381.18 $1,215.88 $0.00 $290.52 $52,887.58
40 $52,887.58 $1,215.88 $0.00 $299.03 $54,402.49
41 $54,402.49 $1,215.88 $0.00 $307.60 $55,925.97
42 $55,925.97 $1,215.88 $0.00 $316.21 $57,458.06
43 $57,458.06 $1,215.88 $0.00 $324.88 $58,998.82
44 $58,998.82 $1,215.88 $0.00 $333.59 $60,548.29
45 $60,548.29 $1,215.88 $0.00 $342.35 $62,106.52
46 $62,106.52 $1,215.88 $0.00 $351.16 $63,673.56
47 $63,673.56 $1,215.88 $0.00 $360.02 $65,249.46
48 $65,249.46 $1,215.88 $0.00 $368.93 $66,834.27
49 $66,834.27 $1,215.88 $0.00 $377.89 $68,428.04
50 $68,428.04 $1,215.88 $0.00 $386.90 $70,030.82
51 $70,030.82 $1,215.88 $0.00 $395.96 $71,642.66
52 $71,642.66 $1,215.88 $0.00 $405.08 $73,263.62
53 $73,263.62 $1,215.88 $0.00 $414.24 $74,893.74
54 $74,893.74 $1,215.88 $0.00 $423.46 $76,533.08
55 $76,533.08 $1,215.88 $0.00 $432.73 $78,181.69
56 $78,181.69 $1,215.88 $0.00 $442.05 $79,839.62
57 $79,839.62 $1,215.88 $0.00 $451.42 $81,506.92
58 $81,506.92 $1,215.88 $0.00 $460.85 $83,183.65
59 $83,183.65 $1,215.88 $0.00 $470.33 $84,869.86
60 $84,869.86 $1,215.88 $0.00 $479.87 $86,565.61
61 $86,565.61 $1,215.88 $0.00 $489.45 $88,270.94
62 $88,270.94 $1,215.88 $0.00 $499.10 $89,985.92
63 $89,985.92 $1,215.88 $0.00 $508.79 $91,710.59
64 $91,710.59 $1,215.88 $0.00 $518.55 $93,445.02
65 $93,445.02 $1,215.88 $0.00 $528.35 $95,189.25
66 $95,189.25 $1,215.88 $0.00 $538.21 $96,943.34
67 $96,943.34 $1,215.88 $0.00 $548.13 $98,707.35
68 $98,707.35 $1,215.88 $0.00 $558.11 $100,481.34
69 $100,481.34 $1,215.88 $0.00 $568.14 $102,265.36
70 $102,265.36 $1,215.88 $0.00 $578.22 $104,059.46
71 $104,059.46 $1,215.88 $0.00 $588.37 $105,863.71
72 $105,863.71 $1,215.88 $0.00 $598.57 $107,678.16
73 $107,678.16 $1,215.88 $0.00 $608.83 $109,502.87
74 $109,502.87 $1,215.88 $0.00 $619.15 $111,337.90
75 $111,337.90 $1,215.88 $0.00 $629.52 $113,183.30
76 $113,183.30 $1,215.88 $0.00 $639.95 $115,039.13
77 $115,039.13 $1,215.88 $0.00 $650.45 $116,905.46
78 $116,905.46 $1,215.88 $0.00 $661.00 $118,782.34
79 $118,782.34 $1,215.88 $0.00 $671.61 $120,669.83
80 $120,669.83 $1,215.88 $0.00 $682.28 $122,567.99
81 $122,567.99 $1,215.88 $0.00 $693.02 $124,476.89
82 $124,476.89 $1,215.88 $0.00 $703.81 $126,396.58
83 $126,396.58 $1,215.88 $0.00 $714.66 $128,327.12
84 $128,327.12 $1,215.88 $0.00 $725.58 $130,268.58
85 $130,268.58 $1,215.88 $0.00 $736.56 $132,221.02
86 $132,221.02 $1,215.88 $0.00 $747.60 $134,184.50
87 $134,184.50 $1,215.88 $0.00 $758.70 $136,159.08
88 $136,159.08 $1,215.88 $0.00 $769.86 $138,144.82
89 $138,144.82 $1,215.88 $0.00 $781.09 $140,141.79
90 $140,141.79 $1,215.88 $0.00 $792.38 $142,150.05
91 $142,150.05 $1,215.88 $0.00 $803.74 $144,169.67
92 $144,169.67 $1,215.88 $0.00 $815.16 $146,200.71
93 $146,200.71 $1,215.88 $0.00 $826.64 $148,243.23
94 $148,243.23 $1,215.88 $0.00 $838.19 $150,297.30
95 $150,297.30 $1,215.88 $0.00 $849.80 $152,362.98
96 $152,362.98 $1,215.88 $0.00 $861.48 $154,440.34
97 $154,440.34 $1,215.88 $0.00 $873.23 $156,529.45
98 $156,529.45 $1,215.88 $0.00 $885.04 $158,630.37
99 $158,630.37 $1,215.88 $0.00 $896.92 $160,743.17
100 $160,743.17 $1,215.88 $0.00 $908.87 $162,867.92
101 $162,867.92 $1,215.88 $0.00 $920.88 $165,004.68
102 $165,004.68 $1,215.88 $0.00 $932.96 $167,153.52
103 $167,153.52 $1,215.88 $0.00 $945.11 $169,314.51
104 $169,314.51 $1,215.88 $0.00 $957.33 $171,487.72
105 $171,487.72 $1,215.88 $0.00 $969.62 $173,673.22
106 $173,673.22 $1,215.88 $0.00 $981.97 $175,871.07
107 $175,871.07 $1,215.88 $0.00 $994.40 $178,081.35
108 $178,081.35 $1,215.88 $0.00 $1,006.90 $180,304.13
109 $180,304.13 $1,215.88 $0.00 $1,019.47 $182,539.48
110 $182,539.48 $1,215.88 $0.00 $1,032.10 $184,787.46
111 $184,787.46 $1,215.88 $0.00 $1,044.82 $187,048.16
112 $187,048.16 $1,215.88 $0.00 $1,057.60 $189,321.64
113 $189,321.64 $1,215.88 $0.00 $1,070.45 $191,607.97
114 $191,607.97 $1,215.88 $0.00 $1,083.38 $193,907.23
115 $193,907.23 $1,215.88 $0.00 $1,096.38 $196,219.49
116 $196,219.49 $1,215.88 $0.00 $1,109.45 $198,544.82
117 $198,544.82 $1,215.88 $0.00 $1,122.60 $200,883.30
118 $200,883.30 $1,215.88 $0.00 $1,135.82 $203,235.00
119 $203,235.00 $1,215.88 $0.00 $1,149.12 $205,600.00
120 $205,600.00 $1,215.88 $0.00 $1,162.49 $207,978.37
121 $207,978.37 $1,215.88 $0.00 $1,175.94 $210,370.19
122 $210,370.19 $1,215.88 $0.00 $1,189.46 $212,775.53
123 $212,775.53 $1,215.88 $0.00 $1,203.06 $215,194.47
124 $215,194.47 $1,215.88 $0.00 $1,216.74 $217,627.09
125 $217,627.09 $1,215.88 $0.00 $1,230.50 $220,073.47
126 $220,073.47 $1,215.88 $0.00 $1,244.33 $222,533.68
127 $222,533.68 $1,215.88 $0.00 $1,258.24 $225,007.80
128 $225,007.80 $1,215.88 $0.00 $1,272.23 $227,495.91
129 $227,495.91 $1,215.88 $0.00 $1,286.29 $229,998.08
130 $229,998.08 $1,215.88 $0.00 $1,300.44 $232,514.40
131 $232,514.40 $1,215.88 $0.00 $1,314.67 $235,044.95
132 $235,044.95 $1,215.88 $0.00 $1,328.98 $237,589.81
133 $237,589.81 $1,215.88 $0.00 $1,343.37 $240,149.06
134 $240,149.06 $1,215.88 $0.00 $1,357.84 $242,722.78
135 $242,722.78 $1,215.88 $0.00 $1,372.39 $245,311.05
136 $245,311.05 $1,215.88 $0.00 $1,387.02 $247,913.95
137 $247,913.95 $1,215.88 $0.00 $1,401.74 $250,531.57
138 $250,531.57 $1,215.88 $0.00 $1,416.54 $253,163.99
139 $253,163.99 $1,215.88 $0.00 $1,431.43 $255,811.30
140 $255,811.30 $1,215.88 $0.00 $1,446.39 $258,473.57
141 $258,473.57 $1,215.88 $0.00 $1,461.45 $261,150.90
142 $261,150.90 $1,215.88 $0.00 $1,476.59 $263,843.37
143 $263,843.37 $1,215.88 $0.00 $1,491.81 $266,551.06
144 $266,551.06 $1,215.88 $0.00 $1,507.12 $269,274.06
145 $269,274.06 $1,215.88 $0.00 $1,522.51 $272,012.45
146 $272,012.45 $1,215.88 $0.00 $1,538.00 $274,766.33
147 $274,766.33 $1,215.88 $0.00 $1,553.57 $277,535.78
148 $277,535.78 $1,215.88 $0.00 $1,569.23 $280,320.89
149 $280,320.89 $1,215.88 $0.00 $1,584.98 $283,121.75
150 $283,121.75 $1,215.88 $0.00 $1,600.81 $285,938.44
151 $285,938.44 $1,215.88 $0.00 $1,616.74 $288,771.06
152 $288,771.06 $1,215.88 $0.00 $1,632.75 $291,619.69
153 $291,619.69 $1,215.88 $0.00 $1,648.86 $294,484.43
154 $294,484.43 $1,215.88 $0.00 $1,665.06 $297,365.37
155 $297,365.37 $1,215.88 $0.00 $1,681.35 $300,262.60
156 $300,262.60 $1,215.88 $0.00 $1,697.73 $303,176.21
157 $303,176.21 $1,215.88 $0.00 $1,714.20 $306,106.29
158 $306,106.29 $1,215.88 $0.00 $1,730.77 $309,052.94
159 $309,052.94 $1,215.88 $0.00 $1,747.43 $312,016.25
160 $312,016.25 $1,215.88 $0.00 $1,764.19 $314,996.32
161 $314,996.32 $1,215.88 $0.00 $1,781.03 $317,993.23
162 $317,993.23 $1,215.88 $0.00 $1,797.98 $321,007.09
163 $321,007.09 $1,215.88 $0.00 $1,815.02 $324,037.99
164 $324,037.99 $1,215.88 $0.00 $1,832.16 $327,086.03
165 $327,086.03 $1,215.88 $0.00 $1,849.39 $330,151.30
166 $330,151.30 $1,215.88 $0.00 $1,866.72 $333,233.90
167 $333,233.90 $1,215.88 $0.00 $1,884.15 $336,333.93
168 $336,333.93 $1,215.88 $0.00 $1,901.68 $339,451.49
169 $339,451.49 $1,215.88 $0.00 $1,919.31 $342,586.68
170 $342,586.68 $1,215.88 $0.00 $1,937.03 $345,739.59
171 $345,739.59 $1,215.88 $0.00 $1,954.86 $348,910.33
172 $348,910.33 $1,215.88 $0.00 $1,972.79 $352,099.00
173 $352,099.00 $1,215.88 $0.00 $1,990.82 $355,305.70
174 $355,305.70 $1,215.88 $0.00 $2,008.95 $358,530.53
175 $358,530.53 $1,215.88 $0.00 $2,027.18 $361,773.59
176 $361,773.59 $1,215.88 $0.00 $2,045.52 $365,034.99
177 $365,034.99 $1,215.88 $0.00 $2,063.96 $368,314.83
178 $368,314.83 $1,215.88 $0.00 $2,082.51 $371,613.22
179 $371,613.22 $1,215.88 $0.00 $2,101.16 $374,930.26
180 $374,930.26 $1,215.88 $0.00 $2,119.91 $378,266.05
181 $378,266.05 $1,215.88 $0.00 $2,138.77 $381,620.70
182 $381,620.70 $1,215.88 $0.00 $2,157.74 $384,994.32
183 $384,994.32 $1,215.88 $0.00 $2,176.81 $388,387.01
184 $388,387.01 $1,215.88 $0.00 $2,196.00 $391,798.89
185 $391,798.89 $1,215.88 $0.00 $2,215.29 $395,230.06
186 $395,230.06 $1,215.88 $0.00 $2,234.69 $398,680.63
187 $398,680.63 $1,215.88 $0.00 $2,254.20 $402,150.71
188 $402,150.71 $1,215.88 $0.00 $2,273.82 $405,640.41
189 $405,640.41 $1,215.88 $0.00 $2,293.55 $409,149.84
190 $409,149.84 $1,215.88 $0.00 $2,313.39 $412,679.11
191 $412,679.11 $1,215.88 $0.00 $2,333.35 $416,228.34
192 $416,228.34 $1,215.88 $0.00 $2,353.42 $419,797.64
193 $419,797.64 $1,215.88 $0.00 $2,373.60 $423,387.12
194 $423,387.12 $1,215.88 $0.00 $2,393.89 $426,996.89
195 $426,996.89 $1,215.88 $0.00 $2,414.30 $430,627.07
196 $430,627.07 $1,215.88 $0.00 $2,434.83 $434,277.78
197 $434,277.78 $1,215.88 $0.00 $2,455.47 $437,949.13
198 $437,949.13 $1,215.88 $0.00 $2,476.23 $441,641.24
199 $441,641.24 $1,215.88 $0.00 $2,497.10 $445,354.22
200 $445,354.22 $1,215.88 $0.00 $2,518.10 $449,088.20
201 $449,088.20 $1,215.88 $0.00 $2,539.21 $452,843.29
202 $452,843.29 $1,215.88 $0.00 $2,560.44 $456,619.61
203 $456,619.61 $1,215.88 $0.00 $2,581.79 $460,417.28
204 $460,417.28 $1,215.88 $0.00 $2,603.27 $464,236.43
205 $464,236.43 $1,215.88 $0.00 $2,624.86 $468,077.17
206 $468,077.17 $1,215.88 $0.00 $2,646.58 $471,939.63
207 $471,939.63 $1,215.88 $0.00 $2,668.42 $475,823.93
208 $475,823.93 $1,215.88 $0.00 $2,690.38 $479,730.19
209 $479,730.19 $1,215.88 $0.00 $2,712.46 $483,658.53
210 $483,658.53 $1,215.88 $0.00 $2,734.68 $487,609.09
211 $487,609.09 $1,215.88 $0.00 $2,757.01 $491,581.98
212 $491,581.98 $1,215.88 $0.00 $2,779.48 $495,577.34
213 $495,577.34 $1,215.88 $0.00 $2,802.07 $499,595.29
214 $499,595.29 $1,215.88 $0.00 $2,824.78 $503,635.95
215 $503,635.95 $1,215.88 $0.00 $2,847.63 $507,699.46
216 $507,699.46 $1,215.88 $0.00 $2,870.61 $511,785.95
217 $511,785.95 $1,215.88 $142,548.87 $2,893.71 $373,346.67
218 $373,346.67 $1,215.88 $0.00 $2,110.96 $376,673.51
219 $376,673.51 $1,215.88 $0.00 $2,129.77 $380,019.16
220 $380,019.16 $1,215.88 $0.00 $2,148.68 $383,383.72
221 $383,383.72 $1,215.88 $0.00 $2,167.71 $386,767.31
222 $386,767.31 $1,215.88 $0.00 $2,186.84 $390,170.03
223 $390,170.03 $1,215.88 $0.00 $2,206.08 $393,591.99
224 $393,591.99 $1,215.88 $0.00 $2,225.43 $397,033.30
225 $397,033.30 $1,215.88 $0.00 $2,244.88 $400,494.06
226 $400,494.06 $1,215.88 $0.00 $2,264.45 $403,974.39
227 $403,974.39 $1,215.88 $0.00 $2,284.13 $407,474.40
228 $407,474.40 $1,215.88 $0.00 $2,303.92 $410,994.20
229 $410,994.20 $1,215.88 $149,676.31 $2,323.82 $264,857.59
230 $264,857.59 $1,215.88 $0.00 $1,497.54 $267,571.01
231 $267,571.01 $1,215.88 $0.00 $1,512.89 $270,299.78
232 $270,299.78 $1,215.88 $0.00 $1,528.31 $273,043.97
233 $273,043.97 $1,215.88 $0.00 $1,543.83 $275,803.68
234 $275,803.68 $1,215.88 $0.00 $1,559.43 $278,578.99
235 $278,578.99 $1,215.88 $0.00 $1,575.13 $281,370.00
236 $281,370.00 $1,215.88 $0.00 $1,590.91 $284,176.79
237 $284,176.79 $1,215.88 $0.00 $1,606.78 $286,999.45
238 $286,999.45 $1,215.88 $0.00 $1,622.74 $289,838.07
239 $289,838.07 $1,215.88 $0.00 $1,638.79 $292,692.74
240 $292,692.74 $1,215.88 $0.00 $1,654.93 $295,563.55
241 $295,563.55 $1,215.88 $157,160.13 $1,671.16 $141,290.46
242 $141,290.46 $1,215.88 $0.00 $798.88 $143,305.22
243 $143,305.22 $1,215.88 $0.00 $810.27 $145,331.37
244 $145,331.37 $1,215.88 $0.00 $821.72 $147,368.97
245 $147,368.97 $1,215.88 $0.00 $833.25 $149,418.10
246 $149,418.10 $1,215.88 $0.00 $844.83 $151,478.81
247 $151,478.81 $1,215.88 $0.00 $856.48 $153,551.17
248 $153,551.17 $1,215.88 $0.00 $868.20 $155,635.25
249 $155,635.25 $1,215.88 $0.00 $879.98 $157,731.11
250 $157,731.11 $1,215.88 $0.00 $891.83 $159,838.82
251 $159,838.82 $1,215.88 $0.00 $903.75 $161,958.45
252 $161,958.45 $1,215.88 $0.00 $915.74 $164,090.07
253 $164,090.07 $0.00 $165,018.14 $927.79 ($0.28)