Savings Plan and Future Cost Estimation for McNally Smith College of Music

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2042$149,354
Monthly savings required$1,180

How much will it cost to send your child to McNally Smith College of Music in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $597,416.99 for students enrolling in 2042 if tuition increases average 7% per year until then.   Assuming you have no current college savings, monthly deposits of $1,180.38 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$39,810.00
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 $1,180.38 $0.00 $0.00 $1,180.38
2 $1,180.38 $1,180.38 $0.00 $6.67 $2,367.43
3 $2,367.43 $1,180.38 $0.00 $13.39 $3,561.20
4 $3,561.20 $1,180.38 $0.00 $20.14 $4,761.72
5 $4,761.72 $1,180.38 $0.00 $26.92 $5,969.02
6 $5,969.02 $1,180.38 $0.00 $33.75 $7,183.15
7 $7,183.15 $1,180.38 $0.00 $40.61 $8,404.14
8 $8,404.14 $1,180.38 $0.00 $47.52 $9,632.04
9 $9,632.04 $1,180.38 $0.00 $54.46 $10,866.88
10 $10,866.88 $1,180.38 $0.00 $61.44 $12,108.70
11 $12,108.70 $1,180.38 $0.00 $68.46 $13,357.54
12 $13,357.54 $1,180.38 $0.00 $75.53 $14,613.45
13 $14,613.45 $1,180.38 $0.00 $82.63 $15,876.46
14 $15,876.46 $1,180.38 $0.00 $89.77 $17,146.61
15 $17,146.61 $1,180.38 $0.00 $96.95 $18,423.94
16 $18,423.94 $1,180.38 $0.00 $104.17 $19,708.49
17 $19,708.49 $1,180.38 $0.00 $111.43 $21,000.30
18 $21,000.30 $1,180.38 $0.00 $118.74 $22,299.42
19 $22,299.42 $1,180.38 $0.00 $126.08 $23,605.88
20 $23,605.88 $1,180.38 $0.00 $133.47 $24,919.73
21 $24,919.73 $1,180.38 $0.00 $140.90 $26,241.01
22 $26,241.01 $1,180.38 $0.00 $148.37 $27,569.76
23 $27,569.76 $1,180.38 $0.00 $155.88 $28,906.02
24 $28,906.02 $1,180.38 $0.00 $163.44 $30,249.84
25 $30,249.84 $1,180.38 $0.00 $171.04 $31,601.26
26 $31,601.26 $1,180.38 $0.00 $178.68 $32,960.32
27 $32,960.32 $1,180.38 $0.00 $186.36 $34,327.06
28 $34,327.06 $1,180.38 $0.00 $194.09 $35,701.53
29 $35,701.53 $1,180.38 $0.00 $201.86 $37,083.77
30 $37,083.77 $1,180.38 $0.00 $209.68 $38,473.83
31 $38,473.83 $1,180.38 $0.00 $217.54 $39,871.75
32 $39,871.75 $1,180.38 $0.00 $225.44 $41,277.57
33 $41,277.57 $1,180.38 $0.00 $233.39 $42,691.34
34 $42,691.34 $1,180.38 $0.00 $241.38 $44,113.10
35 $44,113.10 $1,180.38 $0.00 $249.42 $45,542.90
36 $45,542.90 $1,180.38 $0.00 $257.51 $46,980.79
37 $46,980.79 $1,180.38 $0.00 $265.64 $48,426.81
38 $48,426.81 $1,180.38 $0.00 $273.81 $49,881.00
39 $49,881.00 $1,180.38 $0.00 $282.03 $51,343.41
40 $51,343.41 $1,180.38 $0.00 $290.30 $52,814.09
41 $52,814.09 $1,180.38 $0.00 $298.62 $54,293.09
42 $54,293.09 $1,180.38 $0.00 $306.98 $55,780.45
43 $55,780.45 $1,180.38 $0.00 $315.39 $57,276.22
44 $57,276.22 $1,180.38 $0.00 $323.85 $58,780.45
45 $58,780.45 $1,180.38 $0.00 $332.35 $60,293.18
46 $60,293.18 $1,180.38 $0.00 $340.91 $61,814.47
47 $61,814.47 $1,180.38 $0.00 $349.51 $63,344.36
48 $63,344.36 $1,180.38 $0.00 $358.16 $64,882.90
49 $64,882.90 $1,180.38 $0.00 $366.86 $66,430.14
50 $66,430.14 $1,180.38 $0.00 $375.61 $67,986.13
51 $67,986.13 $1,180.38 $0.00 $384.40 $69,550.91
52 $69,550.91 $1,180.38 $0.00 $393.25 $71,124.54
53 $71,124.54 $1,180.38 $0.00 $402.15 $72,707.07
54 $72,707.07 $1,180.38 $0.00 $411.10 $74,298.55
55 $74,298.55 $1,180.38 $0.00 $420.09 $75,899.02
56 $75,899.02 $1,180.38 $0.00 $429.14 $77,508.54
57 $77,508.54 $1,180.38 $0.00 $438.24 $79,127.16
58 $79,127.16 $1,180.38 $0.00 $447.40 $80,754.94
59 $80,754.94 $1,180.38 $0.00 $456.60 $82,391.92
60 $82,391.92 $1,180.38 $0.00 $465.86 $84,038.16
61 $84,038.16 $1,180.38 $0.00 $475.16 $85,693.70
62 $85,693.70 $1,180.38 $0.00 $484.52 $87,358.60
63 $87,358.60 $1,180.38 $0.00 $493.94 $89,032.92
64 $89,032.92 $1,180.38 $0.00 $503.41 $90,716.71
65 $90,716.71 $1,180.38 $0.00 $512.93 $92,410.02
66 $92,410.02 $1,180.38 $0.00 $522.50 $94,112.90
67 $94,112.90 $1,180.38 $0.00 $532.13 $95,825.41
68 $95,825.41 $1,180.38 $0.00 $541.81 $97,547.60
69 $97,547.60 $1,180.38 $0.00 $551.55 $99,279.53
70 $99,279.53 $1,180.38 $0.00 $561.34 $101,021.25
71 $101,021.25 $1,180.38 $0.00 $571.19 $102,772.82
72 $102,772.82 $1,180.38 $0.00 $581.09 $104,534.29
73 $104,534.29 $1,180.38 $0.00 $591.05 $106,305.72
74 $106,305.72 $1,180.38 $0.00 $601.07 $108,087.17
75 $108,087.17 $1,180.38 $0.00 $611.14 $109,878.69
76 $109,878.69 $1,180.38 $0.00 $621.27 $111,680.34
77 $111,680.34 $1,180.38 $0.00 $631.46 $113,492.18
78 $113,492.18 $1,180.38 $0.00 $641.70 $115,314.26
79 $115,314.26 $1,180.38 $0.00 $652.00 $117,146.64
80 $117,146.64 $1,180.38 $0.00 $662.36 $118,989.38
81 $118,989.38 $1,180.38 $0.00 $672.78 $120,842.54
82 $120,842.54 $1,180.38 $0.00 $683.26 $122,706.18
83 $122,706.18 $1,180.38 $0.00 $693.80 $124,580.36
84 $124,580.36 $1,180.38 $0.00 $704.40 $126,465.14
85 $126,465.14 $1,180.38 $0.00 $715.05 $128,360.57
86 $128,360.57 $1,180.38 $0.00 $725.77 $130,266.72
87 $130,266.72 $1,180.38 $0.00 $736.55 $132,183.65
88 $132,183.65 $1,180.38 $0.00 $747.39 $134,111.42
89 $134,111.42 $1,180.38 $0.00 $758.29 $136,050.09
90 $136,050.09 $1,180.38 $0.00 $769.25 $137,999.72
91 $137,999.72 $1,180.38 $0.00 $780.27 $139,960.37
92 $139,960.37 $1,180.38 $0.00 $791.36 $141,932.11
93 $141,932.11 $1,180.38 $0.00 $802.50 $143,914.99
94 $143,914.99 $1,180.38 $0.00 $813.72 $145,909.09
95 $145,909.09 $1,180.38 $0.00 $824.99 $147,914.46
96 $147,914.46 $1,180.38 $0.00 $836.33 $149,931.17
97 $149,931.17 $1,180.38 $0.00 $847.73 $151,959.28
98 $151,959.28 $1,180.38 $0.00 $859.20 $153,998.86
99 $153,998.86 $1,180.38 $0.00 $870.73 $156,049.97
100 $156,049.97 $1,180.38 $0.00 $882.33 $158,112.68
101 $158,112.68 $1,180.38 $0.00 $893.99 $160,187.05
102 $160,187.05 $1,180.38 $0.00 $905.72 $162,273.15
103 $162,273.15 $1,180.38 $0.00 $917.52 $164,371.05
104 $164,371.05 $1,180.38 $0.00 $929.38 $166,480.81
105 $166,480.81 $1,180.38 $0.00 $941.31 $168,602.50
106 $168,602.50 $1,180.38 $0.00 $953.30 $170,736.18
107 $170,736.18 $1,180.38 $0.00 $965.37 $172,881.93
108 $172,881.93 $1,180.38 $0.00 $977.50 $175,039.81
109 $175,039.81 $1,180.38 $0.00 $989.70 $177,209.89
110 $177,209.89 $1,180.38 $0.00 $1,001.97 $179,392.24
111 $179,392.24 $1,180.38 $0.00 $1,014.31 $181,586.93
112 $181,586.93 $1,180.38 $0.00 $1,026.72 $183,794.03
113 $183,794.03 $1,180.38 $0.00 $1,039.20 $186,013.61
114 $186,013.61 $1,180.38 $0.00 $1,051.75 $188,245.74
115 $188,245.74 $1,180.38 $0.00 $1,064.37 $190,490.49
116 $190,490.49 $1,180.38 $0.00 $1,077.06 $192,747.93
117 $192,747.93 $1,180.38 $0.00 $1,089.82 $195,018.13
118 $195,018.13 $1,180.38 $0.00 $1,102.66 $197,301.17
119 $197,301.17 $1,180.38 $0.00 $1,115.57 $199,597.12
120 $199,597.12 $1,180.38 $0.00 $1,128.55 $201,906.05
121 $201,906.05 $1,180.38 $0.00 $1,141.61 $204,228.04
122 $204,228.04 $1,180.38 $0.00 $1,154.74 $206,563.16
123 $206,563.16 $1,180.38 $0.00 $1,167.94 $208,911.48
124 $208,911.48 $1,180.38 $0.00 $1,181.22 $211,273.08
125 $211,273.08 $1,180.38 $0.00 $1,194.57 $213,648.03
126 $213,648.03 $1,180.38 $0.00 $1,208.00 $216,036.41
127 $216,036.41 $1,180.38 $0.00 $1,221.50 $218,438.29
128 $218,438.29 $1,180.38 $0.00 $1,235.08 $220,853.75
129 $220,853.75 $1,180.38 $0.00 $1,248.74 $223,282.87
130 $223,282.87 $1,180.38 $0.00 $1,262.47 $225,725.72
131 $225,725.72 $1,180.38 $0.00 $1,276.29 $228,182.39
132 $228,182.39 $1,180.38 $0.00 $1,290.18 $230,652.95
133 $230,652.95 $1,180.38 $0.00 $1,304.15 $233,137.48
134 $233,137.48 $1,180.38 $0.00 $1,318.19 $235,636.05
135 $235,636.05 $1,180.38 $0.00 $1,332.32 $238,148.75
136 $238,148.75 $1,180.38 $0.00 $1,346.53 $240,675.66
137 $240,675.66 $1,180.38 $0.00 $1,360.82 $243,216.86
138 $243,216.86 $1,180.38 $0.00 $1,375.18 $245,772.42
139 $245,772.42 $1,180.38 $0.00 $1,389.63 $248,342.43
140 $248,342.43 $1,180.38 $0.00 $1,404.16 $250,926.97
141 $250,926.97 $1,180.38 $0.00 $1,418.78 $253,526.13
142 $253,526.13 $1,180.38 $0.00 $1,433.47 $256,139.98
143 $256,139.98 $1,180.38 $0.00 $1,448.25 $258,768.61
144 $258,768.61 $1,180.38 $0.00 $1,463.12 $261,412.11
145 $261,412.11 $1,180.38 $0.00 $1,478.06 $264,070.55
146 $264,070.55 $1,180.38 $0.00 $1,493.09 $266,744.02
147 $266,744.02 $1,180.38 $0.00 $1,508.21 $269,432.61
148 $269,432.61 $1,180.38 $0.00 $1,523.41 $272,136.40
149 $272,136.40 $1,180.38 $0.00 $1,538.70 $274,855.48
150 $274,855.48 $1,180.38 $0.00 $1,554.07 $277,589.93
151 $277,589.93 $1,180.38 $0.00 $1,569.53 $280,339.84
152 $280,339.84 $1,180.38 $0.00 $1,585.08 $283,105.30
153 $283,105.30 $1,180.38 $0.00 $1,600.72 $285,886.40
154 $285,886.40 $1,180.38 $0.00 $1,616.44 $288,683.22
155 $288,683.22 $1,180.38 $0.00 $1,632.26 $291,495.86
156 $291,495.86 $1,180.38 $0.00 $1,648.16 $294,324.40
157 $294,324.40 $1,180.38 $0.00 $1,664.15 $297,168.93
158 $297,168.93 $1,180.38 $0.00 $1,680.24 $300,029.55
159 $300,029.55 $1,180.38 $0.00 $1,696.41 $302,906.34
160 $302,906.34 $1,180.38 $0.00 $1,712.68 $305,799.40
161 $305,799.40 $1,180.38 $0.00 $1,729.03 $308,708.81
162 $308,708.81 $1,180.38 $0.00 $1,745.48 $311,634.67
163 $311,634.67 $1,180.38 $0.00 $1,762.03 $314,577.08
164 $314,577.08 $1,180.38 $0.00 $1,778.66 $317,536.12
165 $317,536.12 $1,180.38 $0.00 $1,795.40 $320,511.90
166 $320,511.90 $1,180.38 $0.00 $1,812.22 $323,504.50
167 $323,504.50 $1,180.38 $0.00 $1,829.14 $326,514.02
168 $326,514.02 $1,180.38 $0.00 $1,846.16 $329,540.56
169 $329,540.56 $1,180.38 $0.00 $1,863.27 $332,584.21
170 $332,584.21 $1,180.38 $0.00 $1,880.48 $335,645.07
171 $335,645.07 $1,180.38 $0.00 $1,897.79 $338,723.24
172 $338,723.24 $1,180.38 $0.00 $1,915.19 $341,818.81
173 $341,818.81 $1,180.38 $0.00 $1,932.69 $344,931.88
174 $344,931.88 $1,180.38 $0.00 $1,950.29 $348,062.55
175 $348,062.55 $1,180.38 $0.00 $1,968.00 $351,210.93
176 $351,210.93 $1,180.38 $0.00 $1,985.80 $354,377.11
177 $354,377.11 $1,180.38 $0.00 $2,003.70 $357,561.19
178 $357,561.19 $1,180.38 $0.00 $2,021.70 $360,763.27
179 $360,763.27 $1,180.38 $0.00 $2,039.81 $363,983.46
180 $363,983.46 $1,180.38 $0.00 $2,058.02 $367,221.86
181 $367,221.86 $1,180.38 $0.00 $2,076.33 $370,478.57
182 $370,478.57 $1,180.38 $0.00 $2,094.74 $373,753.69
183 $373,753.69 $1,180.38 $0.00 $2,113.26 $377,047.33
184 $377,047.33 $1,180.38 $0.00 $2,131.88 $380,359.59
185 $380,359.59 $1,180.38 $0.00 $2,150.61 $383,690.58
186 $383,690.58 $1,180.38 $0.00 $2,169.44 $387,040.40
187 $387,040.40 $1,180.38 $0.00 $2,188.38 $390,409.16
188 $390,409.16 $1,180.38 $0.00 $2,207.43 $393,796.97
189 $393,796.97 $1,180.38 $0.00 $2,226.59 $397,203.94
190 $397,203.94 $1,180.38 $0.00 $2,245.85 $400,630.17
191 $400,630.17 $1,180.38 $0.00 $2,265.22 $404,075.77
192 $404,075.77 $1,180.38 $0.00 $2,284.70 $407,540.85
193 $407,540.85 $1,180.38 $0.00 $2,304.30 $411,025.53
194 $411,025.53 $1,180.38 $0.00 $2,324.00 $414,529.91
195 $414,529.91 $1,180.38 $0.00 $2,343.81 $418,054.10
196 $418,054.10 $1,180.38 $0.00 $2,363.74 $421,598.22
197 $421,598.22 $1,180.38 $0.00 $2,383.78 $425,162.38
198 $425,162.38 $1,180.38 $0.00 $2,403.93 $428,746.69
199 $428,746.69 $1,180.38 $0.00 $2,424.20 $432,351.27
200 $432,351.27 $1,180.38 $0.00 $2,444.58 $435,976.23
201 $435,976.23 $1,180.38 $0.00 $2,465.07 $439,621.68
202 $439,621.68 $1,180.38 $0.00 $2,485.68 $443,287.74
203 $443,287.74 $1,180.38 $0.00 $2,506.41 $446,974.53
204 $446,974.53 $1,180.38 $0.00 $2,527.26 $450,682.17
205 $450,682.17 $1,180.38 $0.00 $2,548.22 $454,410.77
206 $454,410.77 $1,180.38 $0.00 $2,569.30 $458,160.45
207 $458,160.45 $1,180.38 $0.00 $2,590.51 $461,931.34
208 $461,931.34 $1,180.38 $0.00 $2,611.83 $465,723.55
209 $465,723.55 $1,180.38 $0.00 $2,633.27 $469,537.20
210 $469,537.20 $1,180.38 $0.00 $2,654.83 $473,372.41
211 $473,372.41 $1,180.38 $0.00 $2,676.52 $477,229.31
212 $477,229.31 $1,180.38 $0.00 $2,698.32 $481,108.01
213 $481,108.01 $1,180.38 $0.00 $2,720.25 $485,008.64
214 $485,008.64 $1,180.38 $0.00 $2,742.31 $488,931.33
215 $488,931.33 $1,180.38 $0.00 $2,764.49 $492,876.20
216 $492,876.20 $1,180.38 $0.00 $2,786.79 $496,843.37
217 $496,843.37 $1,180.38 $134,555.10 $2,809.22 $366,277.87
218 $366,277.87 $1,180.38 $0.00 $2,070.99 $369,529.24
219 $369,529.24 $1,180.38 $0.00 $2,089.37 $372,798.99
220 $372,798.99 $1,180.38 $0.00 $2,107.86 $376,087.23
221 $376,087.23 $1,180.38 $0.00 $2,126.45 $379,394.06
222 $379,394.06 $1,180.38 $0.00 $2,145.15 $382,719.59
223 $382,719.59 $1,180.38 $0.00 $2,163.95 $386,063.92
224 $386,063.92 $1,180.38 $0.00 $2,182.86 $389,427.16
225 $389,427.16 $1,180.38 $0.00 $2,201.88 $392,809.42
226 $392,809.42 $1,180.38 $0.00 $2,221.00 $396,210.80
227 $396,210.80 $1,180.38 $0.00 $2,240.23 $399,631.41
228 $399,631.41 $1,180.38 $0.00 $2,259.57 $403,071.36
229 $403,071.36 $1,180.38 $143,973.96 $2,279.02 $262,556.80
230 $262,556.80 $1,180.38 $0.00 $1,484.53 $265,221.71
231 $265,221.71 $1,180.38 $0.00 $1,499.60 $267,901.69
232 $267,901.69 $1,180.38 $0.00 $1,514.76 $270,596.83
233 $270,596.83 $1,180.38 $0.00 $1,529.99 $273,307.20
234 $273,307.20 $1,180.38 $0.00 $1,545.32 $276,032.90
235 $276,032.90 $1,180.38 $0.00 $1,560.73 $278,774.01
236 $278,774.01 $1,180.38 $0.00 $1,576.23 $281,530.62
237 $281,530.62 $1,180.38 $0.00 $1,591.82 $284,302.82
238 $284,302.82 $1,180.38 $0.00 $1,607.49 $287,090.69
239 $287,090.69 $1,180.38 $0.00 $1,623.25 $289,894.32
240 $289,894.32 $1,180.38 $0.00 $1,639.10 $292,713.80
241 $292,713.80 $1,180.38 $154,052.14 $1,655.05 $141,497.09
242 $141,497.09 $1,180.38 $0.00 $800.05 $143,477.52
243 $143,477.52 $1,180.38 $0.00 $811.24 $145,469.14
244 $145,469.14 $1,180.38 $0.00 $822.50 $147,472.02
245 $147,472.02 $1,180.38 $0.00 $833.83 $149,486.23
246 $149,486.23 $1,180.38 $0.00 $845.22 $151,511.83
247 $151,511.83 $1,180.38 $0.00 $856.67 $153,548.88
248 $153,548.88 $1,180.38 $0.00 $868.19 $155,597.45
249 $155,597.45 $1,180.38 $0.00 $879.77 $157,657.60
250 $157,657.60 $1,180.38 $0.00 $891.42 $159,729.40
251 $159,729.40 $1,180.38 $0.00 $903.13 $161,812.91
252 $161,812.91 $1,180.38 $0.00 $914.91 $163,908.20
253 $163,908.20 $0.00 $164,835.79 $926.76 -$0.83