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 2040$103,236
Monthly savings required$817

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 $412,942.35 for students enrolling in 2040 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $817.20 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 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 $817.20 $0.00 $0.00 $817.20
2 $817.20 $817.20 $0.00 $4.62 $1,639.02
3 $1,639.02 $817.20 $0.00 $9.27 $2,465.49
4 $2,465.49 $817.20 $0.00 $13.94 $3,296.63
5 $3,296.63 $817.20 $0.00 $18.64 $4,132.47
6 $4,132.47 $817.20 $0.00 $23.37 $4,973.04
7 $4,973.04 $817.20 $0.00 $28.12 $5,818.36
8 $5,818.36 $817.20 $0.00 $32.90 $6,668.46
9 $6,668.46 $817.20 $0.00 $37.70 $7,523.36
10 $7,523.36 $817.20 $0.00 $42.54 $8,383.10
11 $8,383.10 $817.20 $0.00 $47.40 $9,247.70
12 $9,247.70 $817.20 $0.00 $52.29 $10,117.19
13 $10,117.19 $817.20 $0.00 $57.20 $10,991.59
14 $10,991.59 $817.20 $0.00 $62.15 $11,870.94
15 $11,870.94 $817.20 $0.00 $67.12 $12,755.26
16 $12,755.26 $817.20 $0.00 $72.12 $13,644.58
17 $13,644.58 $817.20 $0.00 $77.15 $14,538.93
18 $14,538.93 $817.20 $0.00 $82.21 $15,438.34
19 $15,438.34 $817.20 $0.00 $87.29 $16,342.83
20 $16,342.83 $817.20 $0.00 $92.40 $17,252.43
21 $17,252.43 $817.20 $0.00 $97.55 $18,167.18
22 $18,167.18 $817.20 $0.00 $102.72 $19,087.10
23 $19,087.10 $817.20 $0.00 $107.92 $20,012.22
24 $20,012.22 $817.20 $0.00 $113.15 $20,942.57
25 $20,942.57 $817.20 $0.00 $118.41 $21,878.18
26 $21,878.18 $817.20 $0.00 $123.70 $22,819.08
27 $22,819.08 $817.20 $0.00 $129.02 $23,765.30
28 $23,765.30 $817.20 $0.00 $134.37 $24,716.87
29 $24,716.87 $817.20 $0.00 $139.75 $25,673.82
30 $25,673.82 $817.20 $0.00 $145.16 $26,636.18
31 $26,636.18 $817.20 $0.00 $150.60 $27,603.98
32 $27,603.98 $817.20 $0.00 $156.08 $28,577.26
33 $28,577.26 $817.20 $0.00 $161.58 $29,556.04
34 $29,556.04 $817.20 $0.00 $167.11 $30,540.35
35 $30,540.35 $817.20 $0.00 $172.68 $31,530.23
36 $31,530.23 $817.20 $0.00 $178.28 $32,525.71
37 $32,525.71 $817.20 $0.00 $183.91 $33,526.82
38 $33,526.82 $817.20 $0.00 $189.57 $34,533.59
39 $34,533.59 $817.20 $0.00 $195.26 $35,546.05
40 $35,546.05 $817.20 $0.00 $200.98 $36,564.23
41 $36,564.23 $817.20 $0.00 $206.74 $37,588.17
42 $37,588.17 $817.20 $0.00 $212.53 $38,617.90
43 $38,617.90 $817.20 $0.00 $218.35 $39,653.45
44 $39,653.45 $817.20 $0.00 $224.21 $40,694.86
45 $40,694.86 $817.20 $0.00 $230.09 $41,742.15
46 $41,742.15 $817.20 $0.00 $236.02 $42,795.37
47 $42,795.37 $817.20 $0.00 $241.97 $43,854.54
48 $43,854.54 $817.20 $0.00 $247.96 $44,919.70
49 $44,919.70 $817.20 $0.00 $253.98 $45,990.88
50 $45,990.88 $817.20 $0.00 $260.04 $47,068.12
51 $47,068.12 $817.20 $0.00 $266.13 $48,151.45
52 $48,151.45 $817.20 $0.00 $272.26 $49,240.91
53 $49,240.91 $817.20 $0.00 $278.42 $50,336.53
54 $50,336.53 $817.20 $0.00 $284.61 $51,438.34
55 $51,438.34 $817.20 $0.00 $290.84 $52,546.38
56 $52,546.38 $817.20 $0.00 $297.10 $53,660.68
57 $53,660.68 $817.20 $0.00 $303.41 $54,781.29
58 $54,781.29 $817.20 $0.00 $309.74 $55,908.23
59 $55,908.23 $817.20 $0.00 $316.11 $57,041.54
60 $57,041.54 $817.20 $0.00 $322.52 $58,181.26
61 $58,181.26 $817.20 $0.00 $328.97 $59,327.43
62 $59,327.43 $817.20 $0.00 $335.45 $60,480.08
63 $60,480.08 $817.20 $0.00 $341.96 $61,639.24
64 $61,639.24 $817.20 $0.00 $348.52 $62,804.96
65 $62,804.96 $817.20 $0.00 $355.11 $63,977.27
66 $63,977.27 $817.20 $0.00 $361.74 $65,156.21
67 $65,156.21 $817.20 $0.00 $368.40 $66,341.81
68 $66,341.81 $817.20 $0.00 $375.11 $67,534.12
69 $67,534.12 $817.20 $0.00 $381.85 $68,733.17
70 $68,733.17 $817.20 $0.00 $388.63 $69,939.00
71 $69,939.00 $817.20 $0.00 $395.45 $71,151.65
72 $71,151.65 $817.20 $0.00 $402.30 $72,371.15
73 $72,371.15 $817.20 $0.00 $409.20 $73,597.55
74 $73,597.55 $817.20 $0.00 $416.13 $74,830.88
75 $74,830.88 $817.20 $0.00 $423.10 $76,071.18
76 $76,071.18 $817.20 $0.00 $430.12 $77,318.50
77 $77,318.50 $817.20 $0.00 $437.17 $78,572.87
78 $78,572.87 $817.20 $0.00 $444.26 $79,834.33
79 $79,834.33 $817.20 $0.00 $451.39 $81,102.92
80 $81,102.92 $817.20 $0.00 $458.57 $82,378.69
81 $82,378.69 $817.20 $0.00 $465.78 $83,661.67
82 $83,661.67 $817.20 $0.00 $473.04 $84,951.91
83 $84,951.91 $817.20 $0.00 $480.33 $86,249.44
84 $86,249.44 $817.20 $0.00 $487.67 $87,554.31
85 $87,554.31 $817.20 $0.00 $495.04 $88,866.55
86 $88,866.55 $817.20 $0.00 $502.46 $90,186.21
87 $90,186.21 $817.20 $0.00 $509.93 $91,513.34
88 $91,513.34 $817.20 $0.00 $517.43 $92,847.97
89 $92,847.97 $817.20 $0.00 $524.98 $94,190.15
90 $94,190.15 $817.20 $0.00 $532.56 $95,539.91
91 $95,539.91 $817.20 $0.00 $540.20 $96,897.31
92 $96,897.31 $817.20 $0.00 $547.87 $98,262.38
93 $98,262.38 $817.20 $0.00 $555.59 $99,635.17
94 $99,635.17 $817.20 $0.00 $563.35 $101,015.72
95 $101,015.72 $817.20 $0.00 $571.16 $102,404.08
96 $102,404.08 $817.20 $0.00 $579.01 $103,800.29
97 $103,800.29 $817.20 $0.00 $586.90 $105,204.39
98 $105,204.39 $817.20 $0.00 $594.84 $106,616.43
99 $106,616.43 $817.20 $0.00 $602.82 $108,036.45
100 $108,036.45 $817.20 $0.00 $610.85 $109,464.50
101 $109,464.50 $817.20 $0.00 $618.93 $110,900.63
102 $110,900.63 $817.20 $0.00 $627.05 $112,344.88
103 $112,344.88 $817.20 $0.00 $635.21 $113,797.29
104 $113,797.29 $817.20 $0.00 $643.43 $115,257.92
105 $115,257.92 $817.20 $0.00 $651.69 $116,726.81
106 $116,726.81 $817.20 $0.00 $659.99 $118,204.00
107 $118,204.00 $817.20 $0.00 $668.34 $119,689.54
108 $119,689.54 $817.20 $0.00 $676.74 $121,183.48
109 $121,183.48 $817.20 $0.00 $685.19 $122,685.87
110 $122,685.87 $817.20 $0.00 $693.68 $124,196.75
111 $124,196.75 $817.20 $0.00 $702.23 $125,716.18
112 $125,716.18 $817.20 $0.00 $710.82 $127,244.20
113 $127,244.20 $817.20 $0.00 $719.46 $128,780.86
114 $128,780.86 $817.20 $0.00 $728.15 $130,326.21
115 $130,326.21 $817.20 $0.00 $736.88 $131,880.29
116 $131,880.29 $817.20 $0.00 $745.67 $133,443.16
117 $133,443.16 $817.20 $0.00 $754.51 $135,014.87
118 $135,014.87 $817.20 $0.00 $763.39 $136,595.46
119 $136,595.46 $817.20 $0.00 $772.33 $138,184.99
120 $138,184.99 $817.20 $0.00 $781.32 $139,783.51
121 $139,783.51 $817.20 $0.00 $790.36 $141,391.07
122 $141,391.07 $817.20 $0.00 $799.45 $143,007.72
123 $143,007.72 $817.20 $0.00 $808.59 $144,633.51
124 $144,633.51 $817.20 $0.00 $817.78 $146,268.49
125 $146,268.49 $817.20 $0.00 $827.02 $147,912.71
126 $147,912.71 $817.20 $0.00 $836.32 $149,566.23
127 $149,566.23 $817.20 $0.00 $845.67 $151,229.10
128 $151,229.10 $817.20 $0.00 $855.07 $152,901.37
129 $152,901.37 $817.20 $0.00 $864.53 $154,583.10
130 $154,583.10 $817.20 $0.00 $874.04 $156,274.34
131 $156,274.34 $817.20 $0.00 $883.60 $157,975.14
132 $157,975.14 $817.20 $0.00 $893.21 $159,685.55
133 $159,685.55 $817.20 $0.00 $902.89 $161,405.64
134 $161,405.64 $817.20 $0.00 $912.61 $163,135.45
135 $163,135.45 $817.20 $0.00 $922.39 $164,875.04
136 $164,875.04 $817.20 $0.00 $932.23 $166,624.47
137 $166,624.47 $817.20 $0.00 $942.12 $168,383.79
138 $168,383.79 $817.20 $0.00 $952.07 $170,153.06
139 $170,153.06 $817.20 $0.00 $962.07 $171,932.33
140 $171,932.33 $817.20 $0.00 $972.13 $173,721.66
141 $173,721.66 $817.20 $0.00 $982.25 $175,521.11
142 $175,521.11 $817.20 $0.00 $992.42 $177,330.73
143 $177,330.73 $817.20 $0.00 $1,002.65 $179,150.58
144 $179,150.58 $817.20 $0.00 $1,012.94 $180,980.72
145 $180,980.72 $817.20 $0.00 $1,023.29 $182,821.21
146 $182,821.21 $817.20 $0.00 $1,033.70 $184,672.11
147 $184,672.11 $817.20 $0.00 $1,044.16 $186,533.47
148 $186,533.47 $817.20 $0.00 $1,054.69 $188,405.36
149 $188,405.36 $817.20 $0.00 $1,065.27 $190,287.83
150 $190,287.83 $817.20 $0.00 $1,075.92 $192,180.95
151 $192,180.95 $817.20 $0.00 $1,086.62 $194,084.77
152 $194,084.77 $817.20 $0.00 $1,097.38 $195,999.35
153 $195,999.35 $817.20 $0.00 $1,108.21 $197,924.76
154 $197,924.76 $817.20 $0.00 $1,119.10 $199,861.06
155 $199,861.06 $817.20 $0.00 $1,130.04 $201,808.30
156 $201,808.30 $817.20 $0.00 $1,141.05 $203,766.55
157 $203,766.55 $817.20 $0.00 $1,152.13 $205,735.88
158 $205,735.88 $817.20 $0.00 $1,163.26 $207,716.34
159 $207,716.34 $817.20 $0.00 $1,174.46 $209,708.00
160 $209,708.00 $817.20 $0.00 $1,185.72 $211,710.92
161 $211,710.92 $817.20 $0.00 $1,197.04 $213,725.16
162 $213,725.16 $817.20 $0.00 $1,208.43 $215,750.79
163 $215,750.79 $817.20 $0.00 $1,219.89 $217,787.88
164 $217,787.88 $817.20 $0.00 $1,231.40 $219,836.48
165 $219,836.48 $817.20 $0.00 $1,242.99 $221,896.67
166 $221,896.67 $817.20 $0.00 $1,254.64 $223,968.51
167 $223,968.51 $817.20 $0.00 $1,266.35 $226,052.06
168 $226,052.06 $817.20 $0.00 $1,278.13 $228,147.39
169 $228,147.39 $817.20 $0.00 $1,289.98 $230,254.57
170 $230,254.57 $817.20 $0.00 $1,301.89 $232,373.66
171 $232,373.66 $817.20 $0.00 $1,313.87 $234,504.73
172 $234,504.73 $817.20 $0.00 $1,325.92 $236,647.85
173 $236,647.85 $817.20 $0.00 $1,338.04 $238,803.09
174 $238,803.09 $817.20 $0.00 $1,350.23 $240,970.52
175 $240,970.52 $817.20 $0.00 $1,362.48 $243,150.20
176 $243,150.20 $817.20 $0.00 $1,374.81 $245,342.21
177 $245,342.21 $817.20 $0.00 $1,387.20 $247,546.61
178 $247,546.61 $817.20 $0.00 $1,399.66 $249,763.47
179 $249,763.47 $817.20 $0.00 $1,412.20 $251,992.87
180 $251,992.87 $817.20 $0.00 $1,424.80 $254,234.87
181 $254,234.87 $817.20 $0.00 $1,437.48 $256,489.55
182 $256,489.55 $817.20 $0.00 $1,450.23 $258,756.98
183 $258,756.98 $817.20 $0.00 $1,463.05 $261,037.23
184 $261,037.23 $817.20 $0.00 $1,475.94 $263,330.37
185 $263,330.37 $817.20 $0.00 $1,488.91 $265,636.48
186 $265,636.48 $817.20 $0.00 $1,501.95 $267,955.63
187 $267,955.63 $817.20 $0.00 $1,515.06 $270,287.89
188 $270,287.89 $817.20 $0.00 $1,528.25 $272,633.34
189 $272,633.34 $817.20 $0.00 $1,541.51 $274,992.05
190 $274,992.05 $817.20 $0.00 $1,554.85 $277,364.10
191 $277,364.10 $817.20 $0.00 $1,568.26 $279,749.56
192 $279,749.56 $817.20 $0.00 $1,581.74 $282,148.50
193 $282,148.50 $817.20 $0.00 $1,595.31 $284,561.01
194 $284,561.01 $817.20 $0.00 $1,608.95 $286,987.16
195 $286,987.16 $817.20 $0.00 $1,622.67 $289,427.03
196 $289,427.03 $817.20 $0.00 $1,636.46 $291,880.69
197 $291,880.69 $817.20 $0.00 $1,650.34 $294,348.23
198 $294,348.23 $817.20 $0.00 $1,664.29 $296,829.72
199 $296,829.72 $817.20 $0.00 $1,678.32 $299,325.24
200 $299,325.24 $817.20 $0.00 $1,692.43 $301,834.87
201 $301,834.87 $817.20 $0.00 $1,706.62 $304,358.69
202 $304,358.69 $817.20 $0.00 $1,720.89 $306,896.78
203 $306,896.78 $817.20 $0.00 $1,735.24 $309,449.22
204 $309,449.22 $817.20 $0.00 $1,749.67 $312,016.09
205 $312,016.09 $817.20 $0.00 $1,764.18 $314,597.47
206 $314,597.47 $817.20 $0.00 $1,778.78 $317,193.45
207 $317,193.45 $817.20 $0.00 $1,793.46 $319,804.11
208 $319,804.11 $817.20 $0.00 $1,808.22 $322,429.53
209 $322,429.53 $817.20 $0.00 $1,823.06 $325,069.79
210 $325,069.79 $817.20 $0.00 $1,837.99 $327,724.98
211 $327,724.98 $817.20 $0.00 $1,853.00 $330,395.18
212 $330,395.18 $817.20 $0.00 $1,868.10 $333,080.48
213 $333,080.48 $817.20 $0.00 $1,883.29 $335,780.97
214 $335,780.97 $817.20 $0.00 $1,898.55 $338,496.72
215 $338,496.72 $817.20 $0.00 $1,913.91 $341,227.83
216 $341,227.83 $817.20 $0.00 $1,929.35 $343,974.38
217 $343,974.38 $817.20 $95,807.51 $1,944.88 $250,928.95
218 $250,928.95 $817.20 $0.00 $1,418.79 $253,164.94
219 $253,164.94 $817.20 $0.00 $1,431.43 $255,413.57
220 $255,413.57 $817.20 $0.00 $1,444.15 $257,674.92
221 $257,674.92 $817.20 $0.00 $1,456.93 $259,949.05
222 $259,949.05 $817.20 $0.00 $1,469.79 $262,236.04
223 $262,236.04 $817.20 $0.00 $1,482.72 $264,535.96
224 $264,535.96 $817.20 $0.00 $1,495.72 $266,848.88
225 $266,848.88 $817.20 $0.00 $1,508.80 $269,174.88
226 $269,174.88 $817.20 $0.00 $1,521.95 $271,514.03
227 $271,514.03 $817.20 $0.00 $1,535.18 $273,866.41
228 $273,866.41 $817.20 $0.00 $1,548.48 $276,232.09
229 $276,232.09 $817.20 $100,597.89 $1,561.86 $178,013.26
230 $178,013.26 $817.20 $0.00 $1,006.51 $179,836.97
231 $179,836.97 $817.20 $0.00 $1,016.82 $181,670.99
232 $181,670.99 $817.20 $0.00 $1,027.19 $183,515.38
233 $183,515.38 $817.20 $0.00 $1,037.62 $185,370.20
234 $185,370.20 $817.20 $0.00 $1,048.11 $187,235.51
235 $187,235.51 $817.20 $0.00 $1,058.66 $189,111.37
236 $189,111.37 $817.20 $0.00 $1,069.26 $190,997.83
237 $190,997.83 $817.20 $0.00 $1,079.93 $192,894.96
238 $192,894.96 $817.20 $0.00 $1,090.66 $194,802.82
239 $194,802.82 $817.20 $0.00 $1,101.44 $196,721.46
240 $196,721.46 $817.20 $0.00 $1,112.29 $198,650.95
241 $198,650.95 $817.20 $105,627.78 $1,123.20 $94,963.57
242 $94,963.57 $817.20 $0.00 $536.94 $96,317.71
243 $96,317.71 $817.20 $0.00 $544.59 $97,679.50
244 $97,679.50 $817.20 $0.00 $552.29 $99,048.99
245 $99,048.99 $817.20 $0.00 $560.04 $100,426.23
246 $100,426.23 $817.20 $0.00 $567.82 $101,811.25
247 $101,811.25 $817.20 $0.00 $575.66 $103,204.11
248 $103,204.11 $817.20 $0.00 $583.53 $104,604.84
249 $104,604.84 $817.20 $0.00 $591.45 $106,013.49
250 $106,013.49 $817.20 $0.00 $599.42 $107,430.11
251 $107,430.11 $817.20 $0.00 $607.43 $108,854.74
252 $108,854.74 $817.20 $0.00 $615.48 $110,287.42
253 $110,287.42 $0.00 $110,909.17 $623.58 $1.83