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 2040$151,744
Monthly savings required$1,201

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 $606,976.50 for students enrolling in 2040 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $1,201.18 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$58,516.00
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 $1,201.18 $0.00 $0.00 $1,201.18
2 $1,201.18 $1,201.18 $0.00 $6.79 $2,409.15
3 $2,409.15 $1,201.18 $0.00 $13.62 $3,623.95
4 $3,623.95 $1,201.18 $0.00 $20.49 $4,845.62
5 $4,845.62 $1,201.18 $0.00 $27.40 $6,074.20
6 $6,074.20 $1,201.18 $0.00 $34.34 $7,309.72
7 $7,309.72 $1,201.18 $0.00 $41.33 $8,552.23
8 $8,552.23 $1,201.18 $0.00 $48.36 $9,801.77
9 $9,801.77 $1,201.18 $0.00 $55.42 $11,058.37
10 $11,058.37 $1,201.18 $0.00 $62.53 $12,322.08
11 $12,322.08 $1,201.18 $0.00 $69.67 $13,592.93
12 $13,592.93 $1,201.18 $0.00 $76.86 $14,870.97
13 $14,870.97 $1,201.18 $0.00 $84.08 $16,156.23
14 $16,156.23 $1,201.18 $0.00 $91.35 $17,448.76
15 $17,448.76 $1,201.18 $0.00 $98.66 $18,748.60
16 $18,748.60 $1,201.18 $0.00 $106.01 $20,055.79
17 $20,055.79 $1,201.18 $0.00 $113.40 $21,370.37
18 $21,370.37 $1,201.18 $0.00 $120.83 $22,692.38
19 $22,692.38 $1,201.18 $0.00 $128.31 $24,021.87
20 $24,021.87 $1,201.18 $0.00 $135.82 $25,358.87
21 $25,358.87 $1,201.18 $0.00 $143.38 $26,703.43
22 $26,703.43 $1,201.18 $0.00 $150.99 $28,055.60
23 $28,055.60 $1,201.18 $0.00 $158.63 $29,415.41
24 $29,415.41 $1,201.18 $0.00 $166.32 $30,782.91
25 $30,782.91 $1,201.18 $0.00 $174.05 $32,158.14
26 $32,158.14 $1,201.18 $0.00 $181.83 $33,541.15
27 $33,541.15 $1,201.18 $0.00 $189.65 $34,931.98
28 $34,931.98 $1,201.18 $0.00 $197.51 $36,330.67
29 $36,330.67 $1,201.18 $0.00 $205.42 $37,737.27
30 $37,737.27 $1,201.18 $0.00 $213.37 $39,151.82
31 $39,151.82 $1,201.18 $0.00 $221.37 $40,574.37
32 $40,574.37 $1,201.18 $0.00 $229.41 $42,004.96
33 $42,004.96 $1,201.18 $0.00 $237.50 $43,443.64
34 $43,443.64 $1,201.18 $0.00 $245.64 $44,890.46
35 $44,890.46 $1,201.18 $0.00 $253.82 $46,345.46
36 $46,345.46 $1,201.18 $0.00 $262.04 $47,808.68
37 $47,808.68 $1,201.18 $0.00 $270.32 $49,280.18
38 $49,280.18 $1,201.18 $0.00 $278.64 $50,760.00
39 $50,760.00 $1,201.18 $0.00 $287.00 $52,248.18
40 $52,248.18 $1,201.18 $0.00 $295.42 $53,744.78
41 $53,744.78 $1,201.18 $0.00 $303.88 $55,249.84
42 $55,249.84 $1,201.18 $0.00 $312.39 $56,763.41
43 $56,763.41 $1,201.18 $0.00 $320.95 $58,285.54
44 $58,285.54 $1,201.18 $0.00 $329.55 $59,816.27
45 $59,816.27 $1,201.18 $0.00 $338.21 $61,355.66
46 $61,355.66 $1,201.18 $0.00 $346.91 $62,903.75
47 $62,903.75 $1,201.18 $0.00 $355.67 $64,460.60
48 $64,460.60 $1,201.18 $0.00 $364.47 $66,026.25
49 $66,026.25 $1,201.18 $0.00 $373.32 $67,600.75
50 $67,600.75 $1,201.18 $0.00 $382.22 $69,184.15
51 $69,184.15 $1,201.18 $0.00 $391.18 $70,776.51
52 $70,776.51 $1,201.18 $0.00 $400.18 $72,377.87
53 $72,377.87 $1,201.18 $0.00 $409.23 $73,988.28
54 $73,988.28 $1,201.18 $0.00 $418.34 $75,607.80
55 $75,607.80 $1,201.18 $0.00 $427.50 $77,236.48
56 $77,236.48 $1,201.18 $0.00 $436.71 $78,874.37
57 $78,874.37 $1,201.18 $0.00 $445.97 $80,521.52
58 $80,521.52 $1,201.18 $0.00 $455.28 $82,177.98
59 $82,177.98 $1,201.18 $0.00 $464.65 $83,843.81
60 $83,843.81 $1,201.18 $0.00 $474.07 $85,519.06
61 $85,519.06 $1,201.18 $0.00 $483.54 $87,203.78
62 $87,203.78 $1,201.18 $0.00 $493.06 $88,898.02
63 $88,898.02 $1,201.18 $0.00 $502.64 $90,601.84
64 $90,601.84 $1,201.18 $0.00 $512.28 $92,315.30
65 $92,315.30 $1,201.18 $0.00 $521.96 $94,038.44
66 $94,038.44 $1,201.18 $0.00 $531.71 $95,771.33
67 $95,771.33 $1,201.18 $0.00 $541.51 $97,514.02
68 $97,514.02 $1,201.18 $0.00 $551.36 $99,266.56
69 $99,266.56 $1,201.18 $0.00 $561.27 $101,029.01
70 $101,029.01 $1,201.18 $0.00 $571.23 $102,801.42
71 $102,801.42 $1,201.18 $0.00 $581.25 $104,583.85
72 $104,583.85 $1,201.18 $0.00 $591.33 $106,376.36
73 $106,376.36 $1,201.18 $0.00 $601.47 $108,179.01
74 $108,179.01 $1,201.18 $0.00 $611.66 $109,991.85
75 $109,991.85 $1,201.18 $0.00 $621.91 $111,814.94
76 $111,814.94 $1,201.18 $0.00 $632.22 $113,648.34
77 $113,648.34 $1,201.18 $0.00 $642.58 $115,492.10
78 $115,492.10 $1,201.18 $0.00 $653.01 $117,346.29
79 $117,346.29 $1,201.18 $0.00 $663.49 $119,210.96
80 $119,210.96 $1,201.18 $0.00 $674.04 $121,086.18
81 $121,086.18 $1,201.18 $0.00 $684.64 $122,972.00
82 $122,972.00 $1,201.18 $0.00 $695.30 $124,868.48
83 $124,868.48 $1,201.18 $0.00 $706.02 $126,775.68
84 $126,775.68 $1,201.18 $0.00 $716.81 $128,693.67
85 $128,693.67 $1,201.18 $0.00 $727.65 $130,622.50
86 $130,622.50 $1,201.18 $0.00 $738.56 $132,562.24
87 $132,562.24 $1,201.18 $0.00 $749.53 $134,512.95
88 $134,512.95 $1,201.18 $0.00 $760.56 $136,474.69
89 $136,474.69 $1,201.18 $0.00 $771.65 $138,447.52
90 $138,447.52 $1,201.18 $0.00 $782.80 $140,431.50
91 $140,431.50 $1,201.18 $0.00 $794.02 $142,426.70
92 $142,426.70 $1,201.18 $0.00 $805.30 $144,433.18
93 $144,433.18 $1,201.18 $0.00 $816.65 $146,451.01
94 $146,451.01 $1,201.18 $0.00 $828.06 $148,480.25
95 $148,480.25 $1,201.18 $0.00 $839.53 $150,520.96
96 $150,520.96 $1,201.18 $0.00 $851.07 $152,573.21
97 $152,573.21 $1,201.18 $0.00 $862.67 $154,637.06
98 $154,637.06 $1,201.18 $0.00 $874.34 $156,712.58
99 $156,712.58 $1,201.18 $0.00 $886.08 $158,799.84
100 $158,799.84 $1,201.18 $0.00 $897.88 $160,898.90
101 $160,898.90 $1,201.18 $0.00 $909.75 $163,009.83
102 $163,009.83 $1,201.18 $0.00 $921.68 $165,132.69
103 $165,132.69 $1,201.18 $0.00 $933.68 $167,267.55
104 $167,267.55 $1,201.18 $0.00 $945.76 $169,414.49
105 $169,414.49 $1,201.18 $0.00 $957.89 $171,573.56
106 $171,573.56 $1,201.18 $0.00 $970.10 $173,744.84
107 $173,744.84 $1,201.18 $0.00 $982.38 $175,928.40
108 $175,928.40 $1,201.18 $0.00 $994.72 $178,124.30
109 $178,124.30 $1,201.18 $0.00 $1,007.14 $180,332.62
110 $180,332.62 $1,201.18 $0.00 $1,019.63 $182,553.43
111 $182,553.43 $1,201.18 $0.00 $1,032.18 $184,786.79
112 $184,786.79 $1,201.18 $0.00 $1,044.81 $187,032.78
113 $187,032.78 $1,201.18 $0.00 $1,057.51 $189,291.47
114 $189,291.47 $1,201.18 $0.00 $1,070.28 $191,562.93
115 $191,562.93 $1,201.18 $0.00 $1,083.12 $193,847.23
116 $193,847.23 $1,201.18 $0.00 $1,096.04 $196,144.45
117 $196,144.45 $1,201.18 $0.00 $1,109.03 $198,454.66
118 $198,454.66 $1,201.18 $0.00 $1,122.09 $200,777.93
119 $200,777.93 $1,201.18 $0.00 $1,135.23 $203,114.34
120 $203,114.34 $1,201.18 $0.00 $1,148.44 $205,463.96
121 $205,463.96 $1,201.18 $0.00 $1,161.72 $207,826.86
122 $207,826.86 $1,201.18 $0.00 $1,175.08 $210,203.12
123 $210,203.12 $1,201.18 $0.00 $1,188.52 $212,592.82
124 $212,592.82 $1,201.18 $0.00 $1,202.03 $214,996.03
125 $214,996.03 $1,201.18 $0.00 $1,215.62 $217,412.83
126 $217,412.83 $1,201.18 $0.00 $1,229.28 $219,843.29
127 $219,843.29 $1,201.18 $0.00 $1,243.03 $222,287.50
128 $222,287.50 $1,201.18 $0.00 $1,256.85 $224,745.53
129 $224,745.53 $1,201.18 $0.00 $1,270.74 $227,217.45
130 $227,217.45 $1,201.18 $0.00 $1,284.72 $229,703.35
131 $229,703.35 $1,201.18 $0.00 $1,298.78 $232,203.31
132 $232,203.31 $1,201.18 $0.00 $1,312.91 $234,717.40
133 $234,717.40 $1,201.18 $0.00 $1,327.13 $237,245.71
134 $237,245.71 $1,201.18 $0.00 $1,341.42 $239,788.31
135 $239,788.31 $1,201.18 $0.00 $1,355.80 $242,345.29
136 $242,345.29 $1,201.18 $0.00 $1,370.26 $244,916.73
137 $244,916.73 $1,201.18 $0.00 $1,384.79 $247,502.70
138 $247,502.70 $1,201.18 $0.00 $1,399.42 $250,103.30
139 $250,103.30 $1,201.18 $0.00 $1,414.12 $252,718.60
140 $252,718.60 $1,201.18 $0.00 $1,428.91 $255,348.69
141 $255,348.69 $1,201.18 $0.00 $1,443.78 $257,993.65
142 $257,993.65 $1,201.18 $0.00 $1,458.73 $260,653.56
143 $260,653.56 $1,201.18 $0.00 $1,473.77 $263,328.51
144 $263,328.51 $1,201.18 $0.00 $1,488.90 $266,018.59
145 $266,018.59 $1,201.18 $0.00 $1,504.11 $268,723.88
146 $268,723.88 $1,201.18 $0.00 $1,519.40 $271,444.46
147 $271,444.46 $1,201.18 $0.00 $1,534.79 $274,180.43
148 $274,180.43 $1,201.18 $0.00 $1,550.26 $276,931.87
149 $276,931.87 $1,201.18 $0.00 $1,565.81 $279,698.86
150 $279,698.86 $1,201.18 $0.00 $1,581.46 $282,481.50
151 $282,481.50 $1,201.18 $0.00 $1,597.19 $285,279.87
152 $285,279.87 $1,201.18 $0.00 $1,613.01 $288,094.06
153 $288,094.06 $1,201.18 $0.00 $1,628.93 $290,924.17
154 $290,924.17 $1,201.18 $0.00 $1,644.93 $293,770.28
155 $293,770.28 $1,201.18 $0.00 $1,661.02 $296,632.48
156 $296,632.48 $1,201.18 $0.00 $1,677.20 $299,510.86
157 $299,510.86 $1,201.18 $0.00 $1,693.48 $302,405.52
158 $302,405.52 $1,201.18 $0.00 $1,709.84 $305,316.54
159 $305,316.54 $1,201.18 $0.00 $1,726.30 $308,244.02
160 $308,244.02 $1,201.18 $0.00 $1,742.86 $311,188.06
161 $311,188.06 $1,201.18 $0.00 $1,759.50 $314,148.74
162 $314,148.74 $1,201.18 $0.00 $1,776.24 $317,126.16
163 $317,126.16 $1,201.18 $0.00 $1,793.08 $320,120.42
164 $320,120.42 $1,201.18 $0.00 $1,810.01 $323,131.61
165 $323,131.61 $1,201.18 $0.00 $1,827.03 $326,159.82
166 $326,159.82 $1,201.18 $0.00 $1,844.16 $329,205.16
167 $329,205.16 $1,201.18 $0.00 $1,861.37 $332,267.71
168 $332,267.71 $1,201.18 $0.00 $1,878.69 $335,347.58
169 $335,347.58 $1,201.18 $0.00 $1,896.10 $338,444.86
170 $338,444.86 $1,201.18 $0.00 $1,913.62 $341,559.66
171 $341,559.66 $1,201.18 $0.00 $1,931.23 $344,692.07
172 $344,692.07 $1,201.18 $0.00 $1,948.94 $347,842.19
173 $347,842.19 $1,201.18 $0.00 $1,966.75 $351,010.12
174 $351,010.12 $1,201.18 $0.00 $1,984.66 $354,195.96
175 $354,195.96 $1,201.18 $0.00 $2,002.68 $357,399.82
176 $357,399.82 $1,201.18 $0.00 $2,020.79 $360,621.79
177 $360,621.79 $1,201.18 $0.00 $2,039.01 $363,861.98
178 $363,861.98 $1,201.18 $0.00 $2,057.33 $367,120.49
179 $367,120.49 $1,201.18 $0.00 $2,075.75 $370,397.42
180 $370,397.42 $1,201.18 $0.00 $2,094.28 $373,692.88
181 $373,692.88 $1,201.18 $0.00 $2,112.91 $377,006.97
182 $377,006.97 $1,201.18 $0.00 $2,131.65 $380,339.80
183 $380,339.80 $1,201.18 $0.00 $2,150.50 $383,691.48
184 $383,691.48 $1,201.18 $0.00 $2,169.45 $387,062.11
185 $387,062.11 $1,201.18 $0.00 $2,188.51 $390,451.80
186 $390,451.80 $1,201.18 $0.00 $2,207.67 $393,860.65
187 $393,860.65 $1,201.18 $0.00 $2,226.95 $397,288.78
188 $397,288.78 $1,201.18 $0.00 $2,246.33 $400,736.29
189 $400,736.29 $1,201.18 $0.00 $2,265.82 $404,203.29
190 $404,203.29 $1,201.18 $0.00 $2,285.42 $407,689.89
191 $407,689.89 $1,201.18 $0.00 $2,305.14 $411,196.21
192 $411,196.21 $1,201.18 $0.00 $2,324.96 $414,722.35
193 $414,722.35 $1,201.18 $0.00 $2,344.90 $418,268.43
194 $418,268.43 $1,201.18 $0.00 $2,364.95 $421,834.56
195 $421,834.56 $1,201.18 $0.00 $2,385.11 $425,420.85
196 $425,420.85 $1,201.18 $0.00 $2,405.39 $429,027.42
197 $429,027.42 $1,201.18 $0.00 $2,425.78 $432,654.38
198 $432,654.38 $1,201.18 $0.00 $2,446.29 $436,301.85
199 $436,301.85 $1,201.18 $0.00 $2,466.91 $439,969.94
200 $439,969.94 $1,201.18 $0.00 $2,487.65 $443,658.77
201 $443,658.77 $1,201.18 $0.00 $2,508.51 $447,368.46
202 $447,368.46 $1,201.18 $0.00 $2,529.49 $451,099.13
203 $451,099.13 $1,201.18 $0.00 $2,550.58 $454,850.89
204 $454,850.89 $1,201.18 $0.00 $2,571.79 $458,623.86
205 $458,623.86 $1,201.18 $0.00 $2,593.13 $462,418.17
206 $462,418.17 $1,201.18 $0.00 $2,614.58 $466,233.93
207 $466,233.93 $1,201.18 $0.00 $2,636.15 $470,071.26
208 $470,071.26 $1,201.18 $0.00 $2,657.85 $473,930.29
209 $473,930.29 $1,201.18 $0.00 $2,679.67 $477,811.14
210 $477,811.14 $1,201.18 $0.00 $2,701.61 $481,713.93
211 $481,713.93 $1,201.18 $0.00 $2,723.68 $485,638.79
212 $485,638.79 $1,201.18 $0.00 $2,745.87 $489,585.84
213 $489,585.84 $1,201.18 $0.00 $2,768.19 $493,555.21
214 $493,555.21 $1,201.18 $0.00 $2,790.63 $497,547.02
215 $497,547.02 $1,201.18 $0.00 $2,813.20 $501,561.40
216 $501,561.40 $1,201.18 $0.00 $2,835.90 $505,598.48
217 $505,598.48 $1,201.18 $140,825.73 $2,858.73 $368,832.66
218 $368,832.66 $1,201.18 $0.00 $2,085.43 $372,119.27
219 $372,119.27 $1,201.18 $0.00 $2,104.02 $375,424.47
220 $375,424.47 $1,201.18 $0.00 $2,122.70 $378,748.35
221 $378,748.35 $1,201.18 $0.00 $2,141.50 $382,091.03
222 $382,091.03 $1,201.18 $0.00 $2,160.40 $385,452.61
223 $385,452.61 $1,201.18 $0.00 $2,179.41 $388,833.20
224 $388,833.20 $1,201.18 $0.00 $2,198.52 $392,232.90
225 $392,232.90 $1,201.18 $0.00 $2,217.74 $395,651.82
226 $395,651.82 $1,201.18 $0.00 $2,237.07 $399,090.07
227 $399,090.07 $1,201.18 $0.00 $2,256.51 $402,547.76
228 $402,547.76 $1,201.18 $0.00 $2,276.06 $406,025.00
229 $406,025.00 $1,201.18 $147,867.02 $2,295.72 $261,654.88
230 $261,654.88 $1,201.18 $0.00 $1,479.43 $264,335.49
231 $264,335.49 $1,201.18 $0.00 $1,494.59 $267,031.26
232 $267,031.26 $1,201.18 $0.00 $1,509.83 $269,742.27
233 $269,742.27 $1,201.18 $0.00 $1,525.16 $272,468.61
234 $272,468.61 $1,201.18 $0.00 $1,540.58 $275,210.37
235 $275,210.37 $1,201.18 $0.00 $1,556.08 $277,967.63
236 $277,967.63 $1,201.18 $0.00 $1,571.67 $280,740.48
237 $280,740.48 $1,201.18 $0.00 $1,587.35 $283,529.01
238 $283,529.01 $1,201.18 $0.00 $1,603.11 $286,333.30
239 $286,333.30 $1,201.18 $0.00 $1,618.97 $289,153.45
240 $289,153.45 $1,201.18 $0.00 $1,634.92 $291,989.55
241 $291,989.55 $1,201.18 $155,260.37 $1,650.95 $139,581.31
242 $139,581.31 $1,201.18 $0.00 $789.21 $141,571.70
243 $141,571.70 $1,201.18 $0.00 $800.47 $143,573.35
244 $143,573.35 $1,201.18 $0.00 $811.78 $145,586.31
245 $145,586.31 $1,201.18 $0.00 $823.17 $147,610.66
246 $147,610.66 $1,201.18 $0.00 $834.61 $149,646.45
247 $149,646.45 $1,201.18 $0.00 $846.12 $151,693.75
248 $151,693.75 $1,201.18 $0.00 $857.70 $153,752.63
249 $153,752.63 $1,201.18 $0.00 $869.34 $155,823.15
250 $155,823.15 $1,201.18 $0.00 $881.05 $157,905.38
251 $157,905.38 $1,201.18 $0.00 $892.82 $159,999.38
252 $159,999.38 $1,201.18 $0.00 $904.66 $162,105.22
253 $162,105.22 $0.00 $163,023.39 $916.57 ($1.60)