Savings Plan and Future Cost Estimation for Somerset Christian College

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2042$155,950
Monthly savings required$1,233

How much will it cost to send your child to Somerset Christian College in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $623,798.78 for students enrolling in 2042 if tuition increases average 7% per year until then.   Assuming you have no current college savings, monthly deposits of $1,232.51 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$41,568.00
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 $1,232.51 $0.00 $0.00 $1,232.51
2 $1,232.51 $1,232.51 $0.00 $6.97 $2,471.99
3 $2,471.99 $1,232.51 $0.00 $13.98 $3,718.48
4 $3,718.48 $1,232.51 $0.00 $21.02 $4,972.01
5 $4,972.01 $1,232.51 $0.00 $28.11 $6,232.63
6 $6,232.63 $1,232.51 $0.00 $35.24 $7,500.38
7 $7,500.38 $1,232.51 $0.00 $42.41 $8,775.30
8 $8,775.30 $1,232.51 $0.00 $49.62 $10,057.43
9 $10,057.43 $1,232.51 $0.00 $56.87 $11,346.81
10 $11,346.81 $1,232.51 $0.00 $64.16 $12,643.48
11 $12,643.48 $1,232.51 $0.00 $71.49 $13,947.48
12 $13,947.48 $1,232.51 $0.00 $78.86 $15,258.85
13 $15,258.85 $1,232.51 $0.00 $86.28 $16,577.64
14 $16,577.64 $1,232.51 $0.00 $93.73 $17,903.88
15 $17,903.88 $1,232.51 $0.00 $101.23 $19,237.62
16 $19,237.62 $1,232.51 $0.00 $108.77 $20,578.90
17 $20,578.90 $1,232.51 $0.00 $116.36 $21,927.77
18 $21,927.77 $1,232.51 $0.00 $123.98 $23,284.26
19 $23,284.26 $1,232.51 $0.00 $131.65 $24,648.42
20 $24,648.42 $1,232.51 $0.00 $139.37 $26,020.30
21 $26,020.30 $1,232.51 $0.00 $147.12 $27,399.93
22 $27,399.93 $1,232.51 $0.00 $154.92 $28,787.36
23 $28,787.36 $1,232.51 $0.00 $162.77 $30,182.64
24 $30,182.64 $1,232.51 $0.00 $170.66 $31,585.81
25 $31,585.81 $1,232.51 $0.00 $178.59 $32,996.91
26 $32,996.91 $1,232.51 $0.00 $186.57 $34,415.99
27 $34,415.99 $1,232.51 $0.00 $194.59 $35,843.09
28 $35,843.09 $1,232.51 $0.00 $202.66 $37,278.26
29 $37,278.26 $1,232.51 $0.00 $210.78 $38,721.55
30 $38,721.55 $1,232.51 $0.00 $218.94 $40,173.00
31 $40,173.00 $1,232.51 $0.00 $227.14 $41,632.65
32 $41,632.65 $1,232.51 $0.00 $235.40 $43,100.56
33 $43,100.56 $1,232.51 $0.00 $243.70 $44,576.77
34 $44,576.77 $1,232.51 $0.00 $252.04 $46,061.32
35 $46,061.32 $1,232.51 $0.00 $260.44 $47,554.27
36 $47,554.27 $1,232.51 $0.00 $268.88 $49,055.66
37 $49,055.66 $1,232.51 $0.00 $277.37 $50,565.54
38 $50,565.54 $1,232.51 $0.00 $285.90 $52,083.95
39 $52,083.95 $1,232.51 $0.00 $294.49 $53,610.95
40 $53,610.95 $1,232.51 $0.00 $303.12 $55,146.58
41 $55,146.58 $1,232.51 $0.00 $311.81 $56,690.90
42 $56,690.90 $1,232.51 $0.00 $320.54 $58,243.95
43 $58,243.95 $1,232.51 $0.00 $329.32 $59,805.78
44 $59,805.78 $1,232.51 $0.00 $338.15 $61,376.44
45 $61,376.44 $1,232.51 $0.00 $347.03 $62,955.98
46 $62,955.98 $1,232.51 $0.00 $355.96 $64,544.45
47 $64,544.45 $1,232.51 $0.00 $364.94 $66,141.90
48 $66,141.90 $1,232.51 $0.00 $373.98 $67,748.39
49 $67,748.39 $1,232.51 $0.00 $383.06 $69,363.96
50 $69,363.96 $1,232.51 $0.00 $392.19 $70,988.66
51 $70,988.66 $1,232.51 $0.00 $401.38 $72,622.55
52 $72,622.55 $1,232.51 $0.00 $410.62 $74,265.68
53 $74,265.68 $1,232.51 $0.00 $419.91 $75,918.10
54 $75,918.10 $1,232.51 $0.00 $429.25 $77,579.86
55 $77,579.86 $1,232.51 $0.00 $438.65 $79,251.02
56 $79,251.02 $1,232.51 $0.00 $448.10 $80,931.63
57 $80,931.63 $1,232.51 $0.00 $457.60 $82,621.74
58 $82,621.74 $1,232.51 $0.00 $467.16 $84,321.41
59 $84,321.41 $1,232.51 $0.00 $476.77 $86,030.69
60 $86,030.69 $1,232.51 $0.00 $486.43 $87,749.63
61 $87,749.63 $1,232.51 $0.00 $496.15 $89,478.29
62 $89,478.29 $1,232.51 $0.00 $505.92 $91,216.72
63 $91,216.72 $1,232.51 $0.00 $515.75 $92,964.98
64 $92,964.98 $1,232.51 $0.00 $525.64 $94,723.13
65 $94,723.13 $1,232.51 $0.00 $535.58 $96,491.22
66 $96,491.22 $1,232.51 $0.00 $545.58 $98,269.31
67 $98,269.31 $1,232.51 $0.00 $555.63 $100,057.45
68 $100,057.45 $1,232.51 $0.00 $565.74 $101,855.70
69 $101,855.70 $1,232.51 $0.00 $575.91 $103,664.12
70 $103,664.12 $1,232.51 $0.00 $586.13 $105,482.76
71 $105,482.76 $1,232.51 $0.00 $596.41 $107,311.68
72 $107,311.68 $1,232.51 $0.00 $606.76 $109,150.95
73 $109,150.95 $1,232.51 $0.00 $617.16 $111,000.62
74 $111,000.62 $1,232.51 $0.00 $627.61 $112,860.74
75 $112,860.74 $1,232.51 $0.00 $638.13 $114,731.38
76 $114,731.38 $1,232.51 $0.00 $648.71 $116,612.60
77 $116,612.60 $1,232.51 $0.00 $659.34 $118,504.45
78 $118,504.45 $1,232.51 $0.00 $670.04 $120,407.00
79 $120,407.00 $1,232.51 $0.00 $680.80 $122,320.31
80 $122,320.31 $1,232.51 $0.00 $691.62 $124,244.44
81 $124,244.44 $1,232.51 $0.00 $702.50 $126,179.45
82 $126,179.45 $1,232.51 $0.00 $713.44 $128,125.40
83 $128,125.40 $1,232.51 $0.00 $724.44 $130,082.35
84 $130,082.35 $1,232.51 $0.00 $735.50 $132,050.36
85 $132,050.36 $1,232.51 $0.00 $746.63 $134,029.50
86 $134,029.50 $1,232.51 $0.00 $757.82 $136,019.83
87 $136,019.83 $1,232.51 $0.00 $769.08 $138,021.42
88 $138,021.42 $1,232.51 $0.00 $780.39 $140,034.32
89 $140,034.32 $1,232.51 $0.00 $791.77 $142,058.60
90 $142,058.60 $1,232.51 $0.00 $803.22 $144,094.33
91 $144,094.33 $1,232.51 $0.00 $814.73 $146,141.57
92 $146,141.57 $1,232.51 $0.00 $826.31 $148,200.39
93 $148,200.39 $1,232.51 $0.00 $837.95 $150,270.85
94 $150,270.85 $1,232.51 $0.00 $849.65 $152,353.01
95 $152,353.01 $1,232.51 $0.00 $861.43 $154,446.95
96 $154,446.95 $1,232.51 $0.00 $873.27 $156,552.73
97 $156,552.73 $1,232.51 $0.00 $885.17 $158,670.41
98 $158,670.41 $1,232.51 $0.00 $897.15 $160,800.07
99 $160,800.07 $1,232.51 $0.00 $909.19 $162,941.77
100 $162,941.77 $1,232.51 $0.00 $921.30 $165,095.58
101 $165,095.58 $1,232.51 $0.00 $933.47 $167,261.56
102 $167,261.56 $1,232.51 $0.00 $945.72 $169,439.79
103 $169,439.79 $1,232.51 $0.00 $958.04 $171,630.34
104 $171,630.34 $1,232.51 $0.00 $970.42 $173,833.27
105 $173,833.27 $1,232.51 $0.00 $982.88 $176,048.66
106 $176,048.66 $1,232.51 $0.00 $995.40 $178,276.57
107 $178,276.57 $1,232.51 $0.00 $1,008.00 $180,517.08
108 $180,517.08 $1,232.51 $0.00 $1,020.67 $182,770.26
109 $182,770.26 $1,232.51 $0.00 $1,033.41 $185,036.18
110 $185,036.18 $1,232.51 $0.00 $1,046.22 $187,314.91
111 $187,314.91 $1,232.51 $0.00 $1,059.11 $189,606.53
112 $189,606.53 $1,232.51 $0.00 $1,072.06 $191,911.10
113 $191,911.10 $1,232.51 $0.00 $1,085.09 $194,228.70
114 $194,228.70 $1,232.51 $0.00 $1,098.20 $196,559.41
115 $196,559.41 $1,232.51 $0.00 $1,111.38 $198,903.30
116 $198,903.30 $1,232.51 $0.00 $1,124.63 $201,260.44
117 $201,260.44 $1,232.51 $0.00 $1,137.96 $203,630.91
118 $203,630.91 $1,232.51 $0.00 $1,151.36 $206,014.78
119 $206,014.78 $1,232.51 $0.00 $1,164.84 $208,412.13
120 $208,412.13 $1,232.51 $0.00 $1,178.39 $210,823.03
121 $210,823.03 $1,232.51 $0.00 $1,192.02 $213,247.56
122 $213,247.56 $1,232.51 $0.00 $1,205.73 $215,685.80
123 $215,685.80 $1,232.51 $0.00 $1,219.52 $218,137.83
124 $218,137.83 $1,232.51 $0.00 $1,233.38 $220,603.72
125 $220,603.72 $1,232.51 $0.00 $1,247.33 $223,083.56
126 $223,083.56 $1,232.51 $0.00 $1,261.35 $225,577.42
127 $225,577.42 $1,232.51 $0.00 $1,275.45 $228,085.38
128 $228,085.38 $1,232.51 $0.00 $1,289.63 $230,607.52
129 $230,607.52 $1,232.51 $0.00 $1,303.89 $233,143.92
130 $233,143.92 $1,232.51 $0.00 $1,318.23 $235,694.66
131 $235,694.66 $1,232.51 $0.00 $1,332.65 $238,259.82
132 $238,259.82 $1,232.51 $0.00 $1,347.16 $240,839.49
133 $240,839.49 $1,232.51 $0.00 $1,361.74 $243,433.74
134 $243,433.74 $1,232.51 $0.00 $1,376.41 $246,042.66
135 $246,042.66 $1,232.51 $0.00 $1,391.16 $248,666.33
136 $248,666.33 $1,232.51 $0.00 $1,406.00 $251,304.84
137 $251,304.84 $1,232.51 $0.00 $1,420.91 $253,958.26
138 $253,958.26 $1,232.51 $0.00 $1,435.92 $256,626.69
139 $256,626.69 $1,232.51 $0.00 $1,451.00 $259,310.20
140 $259,310.20 $1,232.51 $0.00 $1,466.18 $262,008.89
141 $262,008.89 $1,232.51 $0.00 $1,481.44 $264,722.84
142 $264,722.84 $1,232.51 $0.00 $1,496.78 $267,452.13
143 $267,452.13 $1,232.51 $0.00 $1,512.21 $270,196.85
144 $270,196.85 $1,232.51 $0.00 $1,527.73 $272,957.09
145 $272,957.09 $1,232.51 $0.00 $1,543.34 $275,732.94
146 $275,732.94 $1,232.51 $0.00 $1,559.03 $278,524.48
147 $278,524.48 $1,232.51 $0.00 $1,574.82 $281,331.81
148 $281,331.81 $1,232.51 $0.00 $1,590.69 $284,155.01
149 $284,155.01 $1,232.51 $0.00 $1,606.65 $286,994.17
150 $286,994.17 $1,232.51 $0.00 $1,622.71 $289,849.39
151 $289,849.39 $1,232.51 $0.00 $1,638.85 $292,720.75
152 $292,720.75 $1,232.51 $0.00 $1,655.09 $295,608.35
153 $295,608.35 $1,232.51 $0.00 $1,671.41 $298,512.27
154 $298,512.27 $1,232.51 $0.00 $1,687.83 $301,432.61
155 $301,432.61 $1,232.51 $0.00 $1,704.34 $304,369.46
156 $304,369.46 $1,232.51 $0.00 $1,720.95 $307,322.92
157 $307,322.92 $1,232.51 $0.00 $1,737.65 $310,293.08
158 $310,293.08 $1,232.51 $0.00 $1,754.44 $313,280.03
159 $313,280.03 $1,232.51 $0.00 $1,771.33 $316,283.87
160 $316,283.87 $1,232.51 $0.00 $1,788.31 $319,304.69
161 $319,304.69 $1,232.51 $0.00 $1,805.40 $322,342.60
162 $322,342.60 $1,232.51 $0.00 $1,822.57 $325,397.68
163 $325,397.68 $1,232.51 $0.00 $1,839.85 $328,470.04
164 $328,470.04 $1,232.51 $0.00 $1,857.22 $331,559.77
165 $331,559.77 $1,232.51 $0.00 $1,874.69 $334,666.97
166 $334,666.97 $1,232.51 $0.00 $1,892.26 $337,791.74
167 $337,791.74 $1,232.51 $0.00 $1,909.92 $340,934.17
168 $340,934.17 $1,232.51 $0.00 $1,927.69 $344,094.37
169 $344,094.37 $1,232.51 $0.00 $1,945.56 $347,272.44
170 $347,272.44 $1,232.51 $0.00 $1,963.53 $350,468.48
171 $350,468.48 $1,232.51 $0.00 $1,981.60 $353,682.59
172 $353,682.59 $1,232.51 $0.00 $1,999.77 $356,914.87
173 $356,914.87 $1,232.51 $0.00 $2,018.05 $360,165.43
174 $360,165.43 $1,232.51 $0.00 $2,036.43 $363,434.37
175 $363,434.37 $1,232.51 $0.00 $2,054.91 $366,721.79
176 $366,721.79 $1,232.51 $0.00 $2,073.50 $370,027.80
177 $370,027.80 $1,232.51 $0.00 $2,092.19 $373,352.50
178 $373,352.50 $1,232.51 $0.00 $2,110.99 $376,696.00
179 $376,696.00 $1,232.51 $0.00 $2,129.89 $380,058.40
180 $380,058.40 $1,232.51 $0.00 $2,148.91 $383,439.82
181 $383,439.82 $1,232.51 $0.00 $2,168.02 $386,840.35
182 $386,840.35 $1,232.51 $0.00 $2,187.25 $390,260.11
183 $390,260.11 $1,232.51 $0.00 $2,206.59 $393,699.21
184 $393,699.21 $1,232.51 $0.00 $2,226.03 $397,157.75
185 $397,157.75 $1,232.51 $0.00 $2,245.59 $400,635.85
186 $400,635.85 $1,232.51 $0.00 $2,265.25 $404,133.61
187 $404,133.61 $1,232.51 $0.00 $2,285.03 $407,651.15
188 $407,651.15 $1,232.51 $0.00 $2,304.92 $411,188.58
189 $411,188.58 $1,232.51 $0.00 $2,324.92 $414,746.01
190 $414,746.01 $1,232.51 $0.00 $2,345.03 $418,323.55
191 $418,323.55 $1,232.51 $0.00 $2,365.26 $421,921.32
192 $421,921.32 $1,232.51 $0.00 $2,385.60 $425,539.43
193 $425,539.43 $1,232.51 $0.00 $2,406.06 $429,178.00
194 $429,178.00 $1,232.51 $0.00 $2,426.63 $432,837.14
195 $432,837.14 $1,232.51 $0.00 $2,447.32 $436,516.97
196 $436,516.97 $1,232.51 $0.00 $2,468.13 $440,217.61
197 $440,217.61 $1,232.51 $0.00 $2,489.05 $443,939.17
198 $443,939.17 $1,232.51 $0.00 $2,510.10 $447,681.78
199 $447,681.78 $1,232.51 $0.00 $2,531.26 $451,445.55
200 $451,445.55 $1,232.51 $0.00 $2,552.54 $455,230.60
201 $455,230.60 $1,232.51 $0.00 $2,573.94 $459,037.05
202 $459,037.05 $1,232.51 $0.00 $2,595.46 $462,865.02
203 $462,865.02 $1,232.51 $0.00 $2,617.11 $466,714.64
204 $466,714.64 $1,232.51 $0.00 $2,638.87 $470,586.02
205 $470,586.02 $1,232.51 $0.00 $2,660.76 $474,479.29
206 $474,479.29 $1,232.51 $0.00 $2,682.77 $478,394.57
207 $478,394.57 $1,232.51 $0.00 $2,704.91 $482,331.99
208 $482,331.99 $1,232.51 $0.00 $2,727.18 $486,291.68
209 $486,291.68 $1,232.51 $0.00 $2,749.56 $490,273.75
210 $490,273.75 $1,232.51 $0.00 $2,772.08 $494,278.34
211 $494,278.34 $1,232.51 $0.00 $2,794.72 $498,305.57
212 $498,305.57 $1,232.51 $0.00 $2,817.49 $502,355.57
213 $502,355.57 $1,232.51 $0.00 $2,840.39 $506,428.47
214 $506,428.47 $1,232.51 $0.00 $2,863.42 $510,524.40
215 $510,524.40 $1,232.51 $0.00 $2,886.58 $514,643.49
216 $514,643.49 $1,232.51 $0.00 $2,909.87 $518,785.87
217 $518,785.87 $1,232.51 $140,497.02 $2,933.29 $382,454.65
218 $382,454.65 $1,232.51 $0.00 $2,162.45 $385,849.61
219 $385,849.61 $1,232.51 $0.00 $2,181.65 $389,263.77
220 $389,263.77 $1,232.51 $0.00 $2,200.95 $392,697.23
221 $392,697.23 $1,232.51 $0.00 $2,220.37 $396,150.11
222 $396,150.11 $1,232.51 $0.00 $2,239.89 $399,622.51
223 $399,622.51 $1,232.51 $0.00 $2,259.52 $403,114.54
224 $403,114.54 $1,232.51 $0.00 $2,279.27 $406,626.32
225 $406,626.32 $1,232.51 $0.00 $2,299.12 $410,157.95
226 $410,157.95 $1,232.51 $0.00 $2,319.09 $413,709.55
227 $413,709.55 $1,232.51 $0.00 $2,339.17 $417,281.23
228 $417,281.23 $1,232.51 $0.00 $2,359.37 $420,873.11
229 $420,873.11 $1,232.51 $150,331.82 $2,379.68 $274,153.48
230 $274,153.48 $1,232.51 $0.00 $1,550.10 $276,936.09
231 $276,936.09 $1,232.51 $0.00 $1,565.84 $279,734.44
232 $279,734.44 $1,232.51 $0.00 $1,581.66 $282,548.61
233 $282,548.61 $1,232.51 $0.00 $1,597.57 $285,378.69
234 $285,378.69 $1,232.51 $0.00 $1,613.57 $288,224.77
235 $288,224.77 $1,232.51 $0.00 $1,629.66 $291,086.94
236 $291,086.94 $1,232.51 $0.00 $1,645.85 $293,965.30
237 $293,965.30 $1,232.51 $0.00 $1,662.12 $296,859.93
238 $296,859.93 $1,232.51 $0.00 $1,678.49 $299,770.93
239 $299,770.93 $1,232.51 $0.00 $1,694.95 $302,698.39
240 $302,698.39 $1,232.51 $0.00 $1,711.50 $305,642.40
241 $305,642.40 $1,232.51 $160,855.04 $1,728.15 $147,748.02
242 $147,748.02 $1,232.51 $0.00 $835.39 $149,815.92
243 $149,815.92 $1,232.51 $0.00 $847.08 $151,895.51
244 $151,895.51 $1,232.51 $0.00 $858.84 $153,986.86
245 $153,986.86 $1,232.51 $0.00 $870.66 $156,090.03
246 $156,090.03 $1,232.51 $0.00 $882.56 $158,205.10
247 $158,205.10 $1,232.51 $0.00 $894.51 $160,332.12
248 $160,332.12 $1,232.51 $0.00 $906.54 $162,471.17
249 $162,471.17 $1,232.51 $0.00 $918.64 $164,622.32
250 $164,622.32 $1,232.51 $0.00 $930.80 $166,785.63
251 $166,785.63 $1,232.51 $0.00 $943.03 $168,961.17
252 $168,961.17 $1,232.51 $0.00 $955.33 $171,149.01
253 $171,149.01 $0.00 $172,114.90 $967.70 $1.81