Savings Plan and Future Cost Estimation for Millsaps College

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2042$228,946
Monthly savings required$1,809

How much will it cost to send your child to Millsaps College in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $915,784.27 for students enrolling in 2042 if tuition increases average 7% per year until then.   Assuming you have no current college savings, monthly deposits of $1,809.41 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$61,025.00
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 $1,809.41 $0.00 $0.00 $1,809.41
2 $1,809.41 $1,809.41 $0.00 $10.23 $3,629.05
3 $3,629.05 $1,809.41 $0.00 $20.52 $5,458.98
4 $5,458.98 $1,809.41 $0.00 $30.87 $7,299.26
5 $7,299.26 $1,809.41 $0.00 $41.27 $9,149.94
6 $9,149.94 $1,809.41 $0.00 $51.74 $11,011.09
7 $11,011.09 $1,809.41 $0.00 $62.26 $12,882.76
8 $12,882.76 $1,809.41 $0.00 $72.84 $14,765.01
9 $14,765.01 $1,809.41 $0.00 $83.48 $16,657.90
10 $16,657.90 $1,809.41 $0.00 $94.19 $18,561.50
11 $18,561.50 $1,809.41 $0.00 $104.95 $20,475.86
12 $20,475.86 $1,809.41 $0.00 $115.77 $22,401.04
13 $22,401.04 $1,809.41 $0.00 $126.66 $24,337.11
14 $24,337.11 $1,809.41 $0.00 $137.61 $26,284.13
15 $26,284.13 $1,809.41 $0.00 $148.61 $28,242.15
16 $28,242.15 $1,809.41 $0.00 $159.69 $30,211.25
17 $30,211.25 $1,809.41 $0.00 $170.82 $32,191.48
18 $32,191.48 $1,809.41 $0.00 $182.02 $34,182.91
19 $34,182.91 $1,809.41 $0.00 $193.28 $36,185.60
20 $36,185.60 $1,809.41 $0.00 $204.60 $38,199.61
21 $38,199.61 $1,809.41 $0.00 $215.99 $40,225.01
22 $40,225.01 $1,809.41 $0.00 $227.44 $42,261.86
23 $42,261.86 $1,809.41 $0.00 $238.95 $44,310.22
24 $44,310.22 $1,809.41 $0.00 $250.54 $46,370.17
25 $46,370.17 $1,809.41 $0.00 $262.18 $48,441.76
26 $48,441.76 $1,809.41 $0.00 $273.90 $50,525.07
27 $50,525.07 $1,809.41 $0.00 $285.68 $52,620.16
28 $52,620.16 $1,809.41 $0.00 $297.52 $54,727.09
29 $54,727.09 $1,809.41 $0.00 $309.43 $56,845.93
30 $56,845.93 $1,809.41 $0.00 $321.42 $58,976.76
31 $58,976.76 $1,809.41 $0.00 $333.46 $61,119.63
32 $61,119.63 $1,809.41 $0.00 $345.58 $63,274.62
33 $63,274.62 $1,809.41 $0.00 $357.76 $65,441.79
34 $65,441.79 $1,809.41 $0.00 $370.02 $67,621.22
35 $67,621.22 $1,809.41 $0.00 $382.34 $69,812.97
36 $69,812.97 $1,809.41 $0.00 $394.73 $72,017.11
37 $72,017.11 $1,809.41 $0.00 $407.20 $74,233.72
38 $74,233.72 $1,809.41 $0.00 $419.73 $76,462.86
39 $76,462.86 $1,809.41 $0.00 $432.33 $78,704.60
40 $78,704.60 $1,809.41 $0.00 $445.01 $80,959.02
41 $80,959.02 $1,809.41 $0.00 $457.75 $83,226.18
42 $83,226.18 $1,809.41 $0.00 $470.57 $85,506.16
43 $85,506.16 $1,809.41 $0.00 $483.46 $87,799.03
44 $87,799.03 $1,809.41 $0.00 $496.43 $90,104.87
45 $90,104.87 $1,809.41 $0.00 $509.47 $92,423.75
46 $92,423.75 $1,809.41 $0.00 $522.58 $94,755.74
47 $94,755.74 $1,809.41 $0.00 $535.76 $97,100.91
48 $97,100.91 $1,809.41 $0.00 $549.02 $99,459.34
49 $99,459.34 $1,809.41 $0.00 $562.36 $101,831.11
50 $101,831.11 $1,809.41 $0.00 $575.77 $104,216.29
51 $104,216.29 $1,809.41 $0.00 $589.25 $106,614.95
52 $106,614.95 $1,809.41 $0.00 $602.82 $109,027.18
53 $109,027.18 $1,809.41 $0.00 $616.46 $111,453.05
54 $111,453.05 $1,809.41 $0.00 $630.17 $113,892.63
55 $113,892.63 $1,809.41 $0.00 $643.97 $116,346.01
56 $116,346.01 $1,809.41 $0.00 $657.84 $118,813.26
57 $118,813.26 $1,809.41 $0.00 $671.79 $121,294.46
58 $121,294.46 $1,809.41 $0.00 $685.82 $123,789.69
59 $123,789.69 $1,809.41 $0.00 $699.92 $126,299.02
60 $126,299.02 $1,809.41 $0.00 $714.11 $128,822.54
61 $128,822.54 $1,809.41 $0.00 $728.38 $131,360.33
62 $131,360.33 $1,809.41 $0.00 $742.73 $133,912.47
63 $133,912.47 $1,809.41 $0.00 $757.16 $136,479.04
64 $136,479.04 $1,809.41 $0.00 $771.67 $139,060.12
65 $139,060.12 $1,809.41 $0.00 $786.27 $141,655.80
66 $141,655.80 $1,809.41 $0.00 $800.94 $144,266.15
67 $144,266.15 $1,809.41 $0.00 $815.70 $146,891.26
68 $146,891.26 $1,809.41 $0.00 $830.54 $149,531.21
69 $149,531.21 $1,809.41 $0.00 $845.47 $152,186.09
70 $152,186.09 $1,809.41 $0.00 $860.48 $154,855.98
71 $154,855.98 $1,809.41 $0.00 $875.58 $157,540.97
72 $157,540.97 $1,809.41 $0.00 $890.76 $160,241.14
73 $160,241.14 $1,809.41 $0.00 $906.03 $162,956.58
74 $162,956.58 $1,809.41 $0.00 $921.38 $165,687.37
75 $165,687.37 $1,809.41 $0.00 $936.82 $168,433.60
76 $168,433.60 $1,809.41 $0.00 $952.35 $171,195.36
77 $171,195.36 $1,809.41 $0.00 $967.96 $173,972.73
78 $173,972.73 $1,809.41 $0.00 $983.67 $176,765.81
79 $176,765.81 $1,809.41 $0.00 $999.46 $179,574.68
80 $179,574.68 $1,809.41 $0.00 $1,015.34 $182,399.43
81 $182,399.43 $1,809.41 $0.00 $1,031.31 $185,240.15
82 $185,240.15 $1,809.41 $0.00 $1,047.37 $188,096.93
83 $188,096.93 $1,809.41 $0.00 $1,063.53 $190,969.87
84 $190,969.87 $1,809.41 $0.00 $1,079.77 $193,859.05
85 $193,859.05 $1,809.41 $0.00 $1,096.11 $196,764.57
86 $196,764.57 $1,809.41 $0.00 $1,112.54 $199,686.52
87 $199,686.52 $1,809.41 $0.00 $1,129.06 $202,624.99
88 $202,624.99 $1,809.41 $0.00 $1,145.67 $205,580.07
89 $205,580.07 $1,809.41 $0.00 $1,162.38 $208,551.86
90 $208,551.86 $1,809.41 $0.00 $1,179.18 $211,540.45
91 $211,540.45 $1,809.41 $0.00 $1,196.08 $214,545.94
92 $214,545.94 $1,809.41 $0.00 $1,213.07 $217,568.42
93 $217,568.42 $1,809.41 $0.00 $1,230.16 $220,607.99
94 $220,607.99 $1,809.41 $0.00 $1,247.35 $223,664.75
95 $223,664.75 $1,809.41 $0.00 $1,264.63 $226,738.79
96 $226,738.79 $1,809.41 $0.00 $1,282.01 $229,830.21
97 $229,830.21 $1,809.41 $0.00 $1,299.49 $232,939.11
98 $232,939.11 $1,809.41 $0.00 $1,317.07 $236,065.59
99 $236,065.59 $1,809.41 $0.00 $1,334.75 $239,209.75
100 $239,209.75 $1,809.41 $0.00 $1,352.53 $242,371.69
101 $242,371.69 $1,809.41 $0.00 $1,370.40 $245,551.50
102 $245,551.50 $1,809.41 $0.00 $1,388.38 $248,749.29
103 $248,749.29 $1,809.41 $0.00 $1,406.46 $251,965.16
104 $251,965.16 $1,809.41 $0.00 $1,424.65 $255,199.22
105 $255,199.22 $1,809.41 $0.00 $1,442.93 $258,451.56
106 $258,451.56 $1,809.41 $0.00 $1,461.32 $261,722.29
107 $261,722.29 $1,809.41 $0.00 $1,479.82 $265,011.52
108 $265,011.52 $1,809.41 $0.00 $1,498.41 $268,319.34
109 $268,319.34 $1,809.41 $0.00 $1,517.12 $271,645.87
110 $271,645.87 $1,809.41 $0.00 $1,535.93 $274,991.21
111 $274,991.21 $1,809.41 $0.00 $1,554.84 $278,355.46
112 $278,355.46 $1,809.41 $0.00 $1,573.86 $281,738.73
113 $281,738.73 $1,809.41 $0.00 $1,592.99 $285,141.13
114 $285,141.13 $1,809.41 $0.00 $1,612.23 $288,562.77
115 $288,562.77 $1,809.41 $0.00 $1,631.58 $292,003.76
116 $292,003.76 $1,809.41 $0.00 $1,651.03 $295,464.20
117 $295,464.20 $1,809.41 $0.00 $1,670.60 $298,944.21
118 $298,944.21 $1,809.41 $0.00 $1,690.27 $302,443.89
119 $302,443.89 $1,809.41 $0.00 $1,710.06 $305,963.36
120 $305,963.36 $1,809.41 $0.00 $1,729.96 $309,502.73
121 $309,502.73 $1,809.41 $0.00 $1,749.97 $313,062.11
122 $313,062.11 $1,809.41 $0.00 $1,770.10 $316,641.62
123 $316,641.62 $1,809.41 $0.00 $1,790.34 $320,241.37
124 $320,241.37 $1,809.41 $0.00 $1,810.69 $323,861.47
125 $323,861.47 $1,809.41 $0.00 $1,831.16 $327,502.04
126 $327,502.04 $1,809.41 $0.00 $1,851.74 $331,163.19
127 $331,163.19 $1,809.41 $0.00 $1,872.44 $334,845.04
128 $334,845.04 $1,809.41 $0.00 $1,893.26 $338,547.71
129 $338,547.71 $1,809.41 $0.00 $1,914.20 $342,271.32
130 $342,271.32 $1,809.41 $0.00 $1,935.25 $346,015.98
131 $346,015.98 $1,809.41 $0.00 $1,956.42 $349,781.81
132 $349,781.81 $1,809.41 $0.00 $1,977.72 $353,568.94
133 $353,568.94 $1,809.41 $0.00 $1,999.13 $357,377.48
134 $357,377.48 $1,809.41 $0.00 $2,020.66 $361,207.55
135 $361,207.55 $1,809.41 $0.00 $2,042.32 $365,059.28
136 $365,059.28 $1,809.41 $0.00 $2,064.10 $368,932.79
137 $368,932.79 $1,809.41 $0.00 $2,086.00 $372,828.20
138 $372,828.20 $1,809.41 $0.00 $2,108.02 $376,745.63
139 $376,745.63 $1,809.41 $0.00 $2,130.17 $380,685.21
140 $380,685.21 $1,809.41 $0.00 $2,152.45 $384,647.07
141 $384,647.07 $1,809.41 $0.00 $2,174.85 $388,631.33
142 $388,631.33 $1,809.41 $0.00 $2,197.38 $392,638.12
143 $392,638.12 $1,809.41 $0.00 $2,220.03 $396,667.56
144 $396,667.56 $1,809.41 $0.00 $2,242.82 $400,719.79
145 $400,719.79 $1,809.41 $0.00 $2,265.73 $404,794.93
146 $404,794.93 $1,809.41 $0.00 $2,288.77 $408,893.11
147 $408,893.11 $1,809.41 $0.00 $2,311.94 $413,014.46
148 $413,014.46 $1,809.41 $0.00 $2,335.24 $417,159.11
149 $417,159.11 $1,809.41 $0.00 $2,358.68 $421,327.20
150 $421,327.20 $1,809.41 $0.00 $2,382.25 $425,518.86
151 $425,518.86 $1,809.41 $0.00 $2,405.95 $429,734.22
152 $429,734.22 $1,809.41 $0.00 $2,429.78 $433,973.41
153 $433,973.41 $1,809.41 $0.00 $2,453.75 $438,236.57
154 $438,236.57 $1,809.41 $0.00 $2,477.85 $442,523.83
155 $442,523.83 $1,809.41 $0.00 $2,502.09 $446,835.33
156 $446,835.33 $1,809.41 $0.00 $2,526.47 $451,171.21
157 $451,171.21 $1,809.41 $0.00 $2,550.99 $455,531.61
158 $455,531.61 $1,809.41 $0.00 $2,575.64 $459,916.66
159 $459,916.66 $1,809.41 $0.00 $2,600.44 $464,326.51
160 $464,326.51 $1,809.41 $0.00 $2,625.37 $468,761.29
161 $468,761.29 $1,809.41 $0.00 $2,650.44 $473,221.14
162 $473,221.14 $1,809.41 $0.00 $2,675.66 $477,706.21
163 $477,706.21 $1,809.41 $0.00 $2,701.02 $482,216.64
164 $482,216.64 $1,809.41 $0.00 $2,726.52 $486,752.57
165 $486,752.57 $1,809.41 $0.00 $2,752.17 $491,314.15
166 $491,314.15 $1,809.41 $0.00 $2,777.96 $495,901.52
167 $495,901.52 $1,809.41 $0.00 $2,803.90 $500,514.83
168 $500,514.83 $1,809.41 $0.00 $2,829.98 $505,154.22
169 $505,154.22 $1,809.41 $0.00 $2,856.22 $509,819.85
170 $509,819.85 $1,809.41 $0.00 $2,882.60 $514,511.86
171 $514,511.86 $1,809.41 $0.00 $2,909.12 $519,230.39
172 $519,230.39 $1,809.41 $0.00 $2,935.80 $523,975.60
173 $523,975.60 $1,809.41 $0.00 $2,962.63 $528,747.64
174 $528,747.64 $1,809.41 $0.00 $2,989.62 $533,546.67
175 $533,546.67 $1,809.41 $0.00 $3,016.75 $538,372.83
176 $538,372.83 $1,809.41 $0.00 $3,044.04 $543,226.28
177 $543,226.28 $1,809.41 $0.00 $3,071.48 $548,107.17
178 $548,107.17 $1,809.41 $0.00 $3,099.08 $553,015.66
179 $553,015.66 $1,809.41 $0.00 $3,126.83 $557,951.90
180 $557,951.90 $1,809.41 $0.00 $3,154.74 $562,916.05
181 $562,916.05 $1,809.41 $0.00 $3,182.81 $567,908.27
182 $567,908.27 $1,809.41 $0.00 $3,211.04 $572,928.72
183 $572,928.72 $1,809.41 $0.00 $3,239.42 $577,977.55
184 $577,977.55 $1,809.41 $0.00 $3,267.97 $583,054.93
185 $583,054.93 $1,809.41 $0.00 $3,296.68 $588,161.02
186 $588,161.02 $1,809.41 $0.00 $3,325.55 $593,295.98
187 $593,295.98 $1,809.41 $0.00 $3,354.58 $598,459.97
188 $598,459.97 $1,809.41 $0.00 $3,383.78 $603,653.16
189 $603,653.16 $1,809.41 $0.00 $3,413.14 $608,875.71
190 $608,875.71 $1,809.41 $0.00 $3,442.67 $614,127.79
191 $614,127.79 $1,809.41 $0.00 $3,472.37 $619,409.57
192 $619,409.57 $1,809.41 $0.00 $3,502.23 $624,721.21
193 $624,721.21 $1,809.41 $0.00 $3,532.26 $630,062.88
194 $630,062.88 $1,809.41 $0.00 $3,562.47 $635,434.76
195 $635,434.76 $1,809.41 $0.00 $3,592.84 $640,837.01
196 $640,837.01 $1,809.41 $0.00 $3,623.39 $646,269.81
197 $646,269.81 $1,809.41 $0.00 $3,654.10 $651,733.32
198 $651,733.32 $1,809.41 $0.00 $3,684.99 $657,227.72
199 $657,227.72 $1,809.41 $0.00 $3,716.06 $662,753.19
200 $662,753.19 $1,809.41 $0.00 $3,747.30 $668,309.90
201 $668,309.90 $1,809.41 $0.00 $3,778.72 $673,898.03
202 $673,898.03 $1,809.41 $0.00 $3,810.32 $679,517.76
203 $679,517.76 $1,809.41 $0.00 $3,842.09 $685,169.26
204 $685,169.26 $1,809.41 $0.00 $3,874.05 $690,852.72
205 $690,852.72 $1,809.41 $0.00 $3,906.18 $696,568.31
206 $696,568.31 $1,809.41 $0.00 $3,938.50 $702,316.22
207 $702,316.22 $1,809.41 $0.00 $3,971.00 $708,096.63
208 $708,096.63 $1,809.41 $0.00 $4,003.68 $713,909.72
209 $713,909.72 $1,809.41 $0.00 $4,036.55 $719,755.68
210 $719,755.68 $1,809.41 $0.00 $4,069.60 $725,634.69
211 $725,634.69 $1,809.41 $0.00 $4,102.84 $731,546.94
212 $731,546.94 $1,809.41 $0.00 $4,136.27 $737,492.62
213 $737,492.62 $1,809.41 $0.00 $4,169.89 $743,471.92
214 $743,471.92 $1,809.41 $0.00 $4,203.70 $749,485.03
215 $749,485.03 $1,809.41 $0.00 $4,237.70 $755,532.14
216 $755,532.14 $1,809.41 $0.00 $4,271.89 $761,613.44
217 $761,613.44 $1,809.41 $206,260.37 $4,306.27 $561,468.75
218 $561,468.75 $1,809.41 $0.00 $3,174.63 $566,452.79
219 $566,452.79 $1,809.41 $0.00 $3,202.81 $571,465.01
220 $571,465.01 $1,809.41 $0.00 $3,231.15 $576,505.57
221 $576,505.57 $1,809.41 $0.00 $3,259.65 $581,574.63
222 $581,574.63 $1,809.41 $0.00 $3,288.31 $586,672.35
223 $586,672.35 $1,809.41 $0.00 $3,317.13 $591,798.89
224 $591,798.89 $1,809.41 $0.00 $3,346.12 $596,954.42
225 $596,954.42 $1,809.41 $0.00 $3,375.27 $602,139.10
226 $602,139.10 $1,809.41 $0.00 $3,404.58 $607,353.09
227 $607,353.09 $1,809.41 $0.00 $3,434.06 $612,596.56
228 $612,596.56 $1,809.41 $0.00 $3,463.71 $617,869.68
229 $617,869.68 $1,809.41 $220,698.59 $3,493.53 $402,474.03
230 $402,474.03 $1,809.41 $0.00 $2,275.65 $406,559.09
231 $406,559.09 $1,809.41 $0.00 $2,298.74 $410,667.24
232 $410,667.24 $1,809.41 $0.00 $2,321.97 $414,798.62
233 $414,798.62 $1,809.41 $0.00 $2,345.33 $418,953.36
234 $418,953.36 $1,809.41 $0.00 $2,368.82 $423,131.59
235 $423,131.59 $1,809.41 $0.00 $2,392.45 $427,333.45
236 $427,333.45 $1,809.41 $0.00 $2,416.21 $431,559.07
237 $431,559.07 $1,809.41 $0.00 $2,440.10 $435,808.58
238 $435,808.58 $1,809.41 $0.00 $2,464.13 $440,082.12
239 $440,082.12 $1,809.41 $0.00 $2,488.29 $444,379.82
240 $444,379.82 $1,809.41 $0.00 $2,512.59 $448,701.82
241 $448,701.82 $1,809.41 $236,147.49 $2,537.03 $216,900.77
242 $216,900.77 $1,809.41 $0.00 $1,226.39 $219,936.57
243 $219,936.57 $1,809.41 $0.00 $1,243.55 $222,989.53
244 $222,989.53 $1,809.41 $0.00 $1,260.82 $226,059.76
245 $226,059.76 $1,809.41 $0.00 $1,278.17 $229,147.34
246 $229,147.34 $1,809.41 $0.00 $1,295.63 $232,252.38
247 $232,252.38 $1,809.41 $0.00 $1,313.19 $235,374.98
248 $235,374.98 $1,809.41 $0.00 $1,330.84 $238,515.23
249 $238,515.23 $1,809.41 $0.00 $1,348.60 $241,673.24
250 $241,673.24 $1,809.41 $0.00 $1,366.46 $244,849.11
251 $244,849.11 $1,809.41 $0.00 $1,384.41 $248,042.93
252 $248,042.93 $1,809.41 $0.00 $1,402.47 $251,254.81
253 $251,254.81 $0.00 $252,677.82 $1,420.63 -$2.38