Savings Plan and Future Cost Estimation for Westminster College

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2042$189,550
Monthly savings required$1,498

How much will it cost to send your child to Westminster College in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $758,198.85 for students enrolling in 2042 if tuition increases average 7% per year until then.   Assuming you have no current college savings, monthly deposits of $1,498.05 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$50,524.00
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 $1,498.05 $0.00 $0.00 $1,498.05
2 $1,498.05 $1,498.05 $0.00 $8.47 $3,004.57
3 $3,004.57 $1,498.05 $0.00 $16.99 $4,519.61
4 $4,519.61 $1,498.05 $0.00 $25.55 $6,043.21
5 $6,043.21 $1,498.05 $0.00 $34.17 $7,575.43
6 $7,575.43 $1,498.05 $0.00 $42.83 $9,116.31
7 $9,116.31 $1,498.05 $0.00 $51.54 $10,665.90
8 $10,665.90 $1,498.05 $0.00 $60.31 $12,224.26
9 $12,224.26 $1,498.05 $0.00 $69.12 $13,791.43
10 $13,791.43 $1,498.05 $0.00 $77.98 $15,367.46
11 $15,367.46 $1,498.05 $0.00 $86.89 $16,952.40
12 $16,952.40 $1,498.05 $0.00 $95.85 $18,546.30
13 $18,546.30 $1,498.05 $0.00 $104.86 $20,149.21
14 $20,149.21 $1,498.05 $0.00 $113.93 $21,761.19
15 $21,761.19 $1,498.05 $0.00 $123.04 $23,382.28
16 $23,382.28 $1,498.05 $0.00 $132.21 $25,012.54
17 $25,012.54 $1,498.05 $0.00 $141.42 $26,652.01
18 $26,652.01 $1,498.05 $0.00 $150.69 $28,300.75
19 $28,300.75 $1,498.05 $0.00 $160.02 $29,958.82
20 $29,958.82 $1,498.05 $0.00 $169.39 $31,626.26
21 $31,626.26 $1,498.05 $0.00 $178.82 $33,303.13
22 $33,303.13 $1,498.05 $0.00 $188.30 $34,989.48
23 $34,989.48 $1,498.05 $0.00 $197.84 $36,685.37
24 $36,685.37 $1,498.05 $0.00 $207.42 $38,390.84
25 $38,390.84 $1,498.05 $0.00 $217.07 $40,105.96
26 $40,105.96 $1,498.05 $0.00 $226.76 $41,830.77
27 $41,830.77 $1,498.05 $0.00 $236.52 $43,565.34
28 $43,565.34 $1,498.05 $0.00 $246.32 $45,309.71
29 $45,309.71 $1,498.05 $0.00 $256.19 $47,063.95
30 $47,063.95 $1,498.05 $0.00 $266.11 $48,828.11
31 $48,828.11 $1,498.05 $0.00 $276.08 $50,602.24
32 $50,602.24 $1,498.05 $0.00 $286.11 $52,386.40
33 $52,386.40 $1,498.05 $0.00 $296.20 $54,180.65
34 $54,180.65 $1,498.05 $0.00 $306.35 $55,985.05
35 $55,985.05 $1,498.05 $0.00 $316.55 $57,799.65
36 $57,799.65 $1,498.05 $0.00 $326.81 $59,624.51
37 $59,624.51 $1,498.05 $0.00 $337.13 $61,459.69
38 $61,459.69 $1,498.05 $0.00 $347.50 $63,305.24
39 $63,305.24 $1,498.05 $0.00 $357.94 $65,161.23
40 $65,161.23 $1,498.05 $0.00 $368.43 $67,027.71
41 $67,027.71 $1,498.05 $0.00 $378.98 $68,904.74
42 $68,904.74 $1,498.05 $0.00 $389.60 $70,792.39
43 $70,792.39 $1,498.05 $0.00 $400.27 $72,690.71
44 $72,690.71 $1,498.05 $0.00 $411.00 $74,599.76
45 $74,599.76 $1,498.05 $0.00 $421.80 $76,519.61
46 $76,519.61 $1,498.05 $0.00 $432.65 $78,450.31
47 $78,450.31 $1,498.05 $0.00 $443.57 $80,391.93
48 $80,391.93 $1,498.05 $0.00 $454.55 $82,344.53
49 $82,344.53 $1,498.05 $0.00 $465.59 $84,308.17
50 $84,308.17 $1,498.05 $0.00 $476.69 $86,282.91
51 $86,282.91 $1,498.05 $0.00 $487.86 $88,268.82
52 $88,268.82 $1,498.05 $0.00 $499.08 $90,265.95
53 $90,265.95 $1,498.05 $0.00 $510.38 $92,274.38
54 $92,274.38 $1,498.05 $0.00 $521.73 $94,294.16
55 $94,294.16 $1,498.05 $0.00 $533.15 $96,325.36
56 $96,325.36 $1,498.05 $0.00 $544.64 $98,368.05
57 $98,368.05 $1,498.05 $0.00 $556.19 $100,422.29
58 $100,422.29 $1,498.05 $0.00 $567.80 $102,488.14
59 $102,488.14 $1,498.05 $0.00 $579.48 $104,565.67
60 $104,565.67 $1,498.05 $0.00 $591.23 $106,654.95
61 $106,654.95 $1,498.05 $0.00 $603.04 $108,756.04
62 $108,756.04 $1,498.05 $0.00 $614.92 $110,869.01
63 $110,869.01 $1,498.05 $0.00 $626.87 $112,993.93
64 $112,993.93 $1,498.05 $0.00 $638.88 $115,130.86
65 $115,130.86 $1,498.05 $0.00 $650.97 $117,279.88
66 $117,279.88 $1,498.05 $0.00 $663.12 $119,441.05
67 $119,441.05 $1,498.05 $0.00 $675.34 $121,614.44
68 $121,614.44 $1,498.05 $0.00 $687.63 $123,800.12
69 $123,800.12 $1,498.05 $0.00 $699.98 $125,998.15
70 $125,998.15 $1,498.05 $0.00 $712.41 $128,208.61
71 $128,208.61 $1,498.05 $0.00 $724.91 $130,431.57
72 $130,431.57 $1,498.05 $0.00 $737.48 $132,667.10
73 $132,667.10 $1,498.05 $0.00 $750.12 $134,915.27
74 $134,915.27 $1,498.05 $0.00 $762.83 $137,176.15
75 $137,176.15 $1,498.05 $0.00 $775.61 $139,449.81
76 $139,449.81 $1,498.05 $0.00 $788.47 $141,736.33
77 $141,736.33 $1,498.05 $0.00 $801.40 $144,035.78
78 $144,035.78 $1,498.05 $0.00 $814.40 $146,348.23
79 $146,348.23 $1,498.05 $0.00 $827.47 $148,673.75
80 $148,673.75 $1,498.05 $0.00 $840.62 $151,012.42
81 $151,012.42 $1,498.05 $0.00 $853.85 $153,364.32
82 $153,364.32 $1,498.05 $0.00 $867.14 $155,729.51
83 $155,729.51 $1,498.05 $0.00 $880.52 $158,108.08
84 $158,108.08 $1,498.05 $0.00 $893.97 $160,500.10
85 $160,500.10 $1,498.05 $0.00 $907.49 $162,905.64
86 $162,905.64 $1,498.05 $0.00 $921.09 $165,324.78
87 $165,324.78 $1,498.05 $0.00 $934.77 $167,757.60
88 $167,757.60 $1,498.05 $0.00 $948.53 $170,204.18
89 $170,204.18 $1,498.05 $0.00 $962.36 $172,664.59
90 $172,664.59 $1,498.05 $0.00 $976.27 $175,138.91
91 $175,138.91 $1,498.05 $0.00 $990.26 $177,627.22
92 $177,627.22 $1,498.05 $0.00 $1,004.33 $180,129.60
93 $180,129.60 $1,498.05 $0.00 $1,018.48 $182,646.13
94 $182,646.13 $1,498.05 $0.00 $1,032.71 $185,176.89
95 $185,176.89 $1,498.05 $0.00 $1,047.02 $187,721.96
96 $187,721.96 $1,498.05 $0.00 $1,061.41 $190,281.42
97 $190,281.42 $1,498.05 $0.00 $1,075.88 $192,855.35
98 $192,855.35 $1,498.05 $0.00 $1,090.43 $195,443.83
99 $195,443.83 $1,498.05 $0.00 $1,105.07 $198,046.95
100 $198,046.95 $1,498.05 $0.00 $1,119.79 $200,664.79
101 $200,664.79 $1,498.05 $0.00 $1,134.59 $203,297.43
102 $203,297.43 $1,498.05 $0.00 $1,149.47 $205,944.95
103 $205,944.95 $1,498.05 $0.00 $1,164.44 $208,607.44
104 $208,607.44 $1,498.05 $0.00 $1,179.50 $211,284.99
105 $211,284.99 $1,498.05 $0.00 $1,194.64 $213,977.68
106 $213,977.68 $1,498.05 $0.00 $1,209.86 $216,685.59
107 $216,685.59 $1,498.05 $0.00 $1,225.17 $219,408.81
108 $219,408.81 $1,498.05 $0.00 $1,240.57 $222,147.43
109 $222,147.43 $1,498.05 $0.00 $1,256.05 $224,901.53
110 $224,901.53 $1,498.05 $0.00 $1,271.63 $227,671.21
111 $227,671.21 $1,498.05 $0.00 $1,287.29 $230,456.55
112 $230,456.55 $1,498.05 $0.00 $1,303.03 $233,257.63
113 $233,257.63 $1,498.05 $0.00 $1,318.87 $236,074.55
114 $236,074.55 $1,498.05 $0.00 $1,334.80 $238,907.40
115 $238,907.40 $1,498.05 $0.00 $1,350.82 $241,756.27
116 $241,756.27 $1,498.05 $0.00 $1,366.93 $244,621.25
117 $244,621.25 $1,498.05 $0.00 $1,383.12 $247,502.42
118 $247,502.42 $1,498.05 $0.00 $1,399.41 $250,399.88
119 $250,399.88 $1,498.05 $0.00 $1,415.80 $253,313.73
120 $253,313.73 $1,498.05 $0.00 $1,432.27 $256,244.05
121 $256,244.05 $1,498.05 $0.00 $1,448.84 $259,190.94
122 $259,190.94 $1,498.05 $0.00 $1,465.50 $262,154.49
123 $262,154.49 $1,498.05 $0.00 $1,482.26 $265,134.80
124 $265,134.80 $1,498.05 $0.00 $1,499.11 $268,131.96
125 $268,131.96 $1,498.05 $0.00 $1,516.06 $271,146.07
126 $271,146.07 $1,498.05 $0.00 $1,533.10 $274,177.22
127 $274,177.22 $1,498.05 $0.00 $1,550.24 $277,225.51
128 $277,225.51 $1,498.05 $0.00 $1,567.47 $280,291.03
129 $280,291.03 $1,498.05 $0.00 $1,584.81 $283,373.89
130 $283,373.89 $1,498.05 $0.00 $1,602.24 $286,474.18
131 $286,474.18 $1,498.05 $0.00 $1,619.77 $289,592.00
132 $289,592.00 $1,498.05 $0.00 $1,637.40 $292,727.45
133 $292,727.45 $1,498.05 $0.00 $1,655.12 $295,880.62
134 $295,880.62 $1,498.05 $0.00 $1,672.95 $299,051.62
135 $299,051.62 $1,498.05 $0.00 $1,690.88 $302,240.55
136 $302,240.55 $1,498.05 $0.00 $1,708.91 $305,447.51
137 $305,447.51 $1,498.05 $0.00 $1,727.04 $308,672.60
138 $308,672.60 $1,498.05 $0.00 $1,745.28 $311,915.93
139 $311,915.93 $1,498.05 $0.00 $1,763.62 $315,177.60
140 $315,177.60 $1,498.05 $0.00 $1,782.06 $318,457.71
141 $318,457.71 $1,498.05 $0.00 $1,800.61 $321,756.37
142 $321,756.37 $1,498.05 $0.00 $1,819.26 $325,073.68
143 $325,073.68 $1,498.05 $0.00 $1,838.01 $328,409.74
144 $328,409.74 $1,498.05 $0.00 $1,856.88 $331,764.67
145 $331,764.67 $1,498.05 $0.00 $1,875.85 $335,138.57
146 $335,138.57 $1,498.05 $0.00 $1,894.92 $338,531.54
147 $338,531.54 $1,498.05 $0.00 $1,914.11 $341,943.70
148 $341,943.70 $1,498.05 $0.00 $1,933.40 $345,375.15
149 $345,375.15 $1,498.05 $0.00 $1,952.80 $348,826.00
150 $348,826.00 $1,498.05 $0.00 $1,972.31 $352,296.36
151 $352,296.36 $1,498.05 $0.00 $1,991.93 $355,786.34
152 $355,786.34 $1,498.05 $0.00 $2,011.67 $359,296.06
153 $359,296.06 $1,498.05 $0.00 $2,031.51 $362,825.62
154 $362,825.62 $1,498.05 $0.00 $2,051.47 $366,375.14
155 $366,375.14 $1,498.05 $0.00 $2,071.54 $369,944.73
156 $369,944.73 $1,498.05 $0.00 $2,091.72 $373,534.50
157 $373,534.50 $1,498.05 $0.00 $2,112.02 $377,144.57
158 $377,144.57 $1,498.05 $0.00 $2,132.43 $380,775.05
159 $380,775.05 $1,498.05 $0.00 $2,152.96 $384,426.06
160 $384,426.06 $1,498.05 $0.00 $2,173.60 $388,097.71
161 $388,097.71 $1,498.05 $0.00 $2,194.36 $391,790.12
162 $391,790.12 $1,498.05 $0.00 $2,215.24 $395,503.41
163 $395,503.41 $1,498.05 $0.00 $2,236.23 $399,237.69
164 $399,237.69 $1,498.05 $0.00 $2,257.35 $402,993.09
165 $402,993.09 $1,498.05 $0.00 $2,278.58 $406,769.72
166 $406,769.72 $1,498.05 $0.00 $2,299.94 $410,567.71
167 $410,567.71 $1,498.05 $0.00 $2,321.41 $414,387.17
168 $414,387.17 $1,498.05 $0.00 $2,343.01 $418,228.23
169 $418,228.23 $1,498.05 $0.00 $2,364.72 $422,091.00
170 $422,091.00 $1,498.05 $0.00 $2,386.56 $425,975.61
171 $425,975.61 $1,498.05 $0.00 $2,408.53 $429,882.19
172 $429,882.19 $1,498.05 $0.00 $2,430.62 $433,810.86
173 $433,810.86 $1,498.05 $0.00 $2,452.83 $437,761.74
174 $437,761.74 $1,498.05 $0.00 $2,475.17 $441,734.96
175 $441,734.96 $1,498.05 $0.00 $2,497.63 $445,730.64
176 $445,730.64 $1,498.05 $0.00 $2,520.23 $449,748.92
177 $449,748.92 $1,498.05 $0.00 $2,542.95 $453,789.92
178 $453,789.92 $1,498.05 $0.00 $2,565.79 $457,853.76
179 $457,853.76 $1,498.05 $0.00 $2,588.77 $461,940.58
180 $461,940.58 $1,498.05 $0.00 $2,611.88 $466,050.51
181 $466,050.51 $1,498.05 $0.00 $2,635.12 $470,183.68
182 $470,183.68 $1,498.05 $0.00 $2,658.49 $474,340.22
183 $474,340.22 $1,498.05 $0.00 $2,681.99 $478,520.26
184 $478,520.26 $1,498.05 $0.00 $2,705.62 $482,723.93
185 $482,723.93 $1,498.05 $0.00 $2,729.39 $486,951.37
186 $486,951.37 $1,498.05 $0.00 $2,753.29 $491,202.71
187 $491,202.71 $1,498.05 $0.00 $2,777.33 $495,478.09
188 $495,478.09 $1,498.05 $0.00 $2,801.51 $499,777.65
189 $499,777.65 $1,498.05 $0.00 $2,825.82 $504,101.52
190 $504,101.52 $1,498.05 $0.00 $2,850.26 $508,449.83
191 $508,449.83 $1,498.05 $0.00 $2,874.85 $512,822.73
192 $512,822.73 $1,498.05 $0.00 $2,899.57 $517,220.35
193 $517,220.35 $1,498.05 $0.00 $2,924.44 $521,642.84
194 $521,642.84 $1,498.05 $0.00 $2,949.44 $526,090.33
195 $526,090.33 $1,498.05 $0.00 $2,974.59 $530,562.97
196 $530,562.97 $1,498.05 $0.00 $2,999.88 $535,060.90
197 $535,060.90 $1,498.05 $0.00 $3,025.31 $539,584.26
198 $539,584.26 $1,498.05 $0.00 $3,050.89 $544,133.20
199 $544,133.20 $1,498.05 $0.00 $3,076.61 $548,707.86
200 $548,707.86 $1,498.05 $0.00 $3,102.47 $553,308.38
201 $553,308.38 $1,498.05 $0.00 $3,128.49 $557,934.92
202 $557,934.92 $1,498.05 $0.00 $3,154.65 $562,587.62
203 $562,587.62 $1,498.05 $0.00 $3,180.95 $567,266.62
204 $567,266.62 $1,498.05 $0.00 $3,207.41 $571,972.08
205 $571,972.08 $1,498.05 $0.00 $3,234.01 $576,704.14
206 $576,704.14 $1,498.05 $0.00 $3,260.77 $581,462.96
207 $581,462.96 $1,498.05 $0.00 $3,287.68 $586,248.69
208 $586,248.69 $1,498.05 $0.00 $3,314.74 $591,061.48
209 $591,061.48 $1,498.05 $0.00 $3,341.95 $595,901.48
210 $595,901.48 $1,498.05 $0.00 $3,369.31 $600,768.84
211 $600,768.84 $1,498.05 $0.00 $3,396.83 $605,663.72
212 $605,663.72 $1,498.05 $0.00 $3,424.51 $610,586.28
213 $610,586.28 $1,498.05 $0.00 $3,452.34 $615,536.67
214 $615,536.67 $1,498.05 $0.00 $3,480.33 $620,515.05
215 $620,515.05 $1,498.05 $0.00 $3,508.48 $625,521.58
216 $625,521.58 $1,498.05 $0.00 $3,536.79 $630,556.42
217 $630,556.42 $1,498.05 $170,767.70 $3,565.26 $464,852.03
218 $464,852.03 $1,498.05 $0.00 $2,628.34 $468,978.42
219 $468,978.42 $1,498.05 $0.00 $2,651.67 $473,128.14
220 $473,128.14 $1,498.05 $0.00 $2,675.14 $477,301.33
221 $477,301.33 $1,498.05 $0.00 $2,698.73 $481,498.11
222 $481,498.11 $1,498.05 $0.00 $2,722.46 $485,718.62
223 $485,718.62 $1,498.05 $0.00 $2,746.32 $489,962.99
224 $489,962.99 $1,498.05 $0.00 $2,770.32 $494,231.36
225 $494,231.36 $1,498.05 $0.00 $2,794.46 $498,523.87
226 $498,523.87 $1,498.05 $0.00 $2,818.73 $502,840.65
227 $502,840.65 $1,498.05 $0.00 $2,843.13 $507,181.83
228 $507,181.83 $1,498.05 $0.00 $2,867.68 $511,547.56
229 $511,547.56 $1,498.05 $182,721.44 $2,892.36 $333,216.53
230 $333,216.53 $1,498.05 $0.00 $1,884.05 $336,598.63
231 $336,598.63 $1,498.05 $0.00 $1,903.18 $339,999.86
232 $339,999.86 $1,498.05 $0.00 $1,922.41 $343,420.32
233 $343,420.32 $1,498.05 $0.00 $1,941.75 $346,860.12
234 $346,860.12 $1,498.05 $0.00 $1,961.20 $350,319.37
235 $350,319.37 $1,498.05 $0.00 $1,980.76 $353,798.18
236 $353,798.18 $1,498.05 $0.00 $2,000.43 $357,296.66
237 $357,296.66 $1,498.05 $0.00 $2,020.21 $360,814.92
238 $360,814.92 $1,498.05 $0.00 $2,040.10 $364,353.07
239 $364,353.07 $1,498.05 $0.00 $2,060.11 $367,911.23
240 $367,911.23 $1,498.05 $0.00 $2,080.22 $371,489.50
241 $371,489.50 $1,498.05 $195,511.94 $2,100.46 $179,576.07
242 $179,576.07 $1,498.05 $0.00 $1,015.35 $182,089.47
243 $182,089.47 $1,498.05 $0.00 $1,029.56 $184,617.08
244 $184,617.08 $1,498.05 $0.00 $1,043.85 $187,158.98
245 $187,158.98 $1,498.05 $0.00 $1,058.22 $189,715.25
246 $189,715.25 $1,498.05 $0.00 $1,072.68 $192,285.98
247 $192,285.98 $1,498.05 $0.00 $1,087.21 $194,871.24
248 $194,871.24 $1,498.05 $0.00 $1,101.83 $197,471.12
249 $197,471.12 $1,498.05 $0.00 $1,116.53 $200,085.70
250 $200,085.70 $1,498.05 $0.00 $1,131.31 $202,715.06
251 $202,715.06 $1,498.05 $0.00 $1,146.18 $205,359.29
252 $205,359.29 $1,498.05 $0.00 $1,161.13 $208,018.47
253 $208,018.47 $0.00 $209,197.77 $1,176.17 -$3.13