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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2037$130,827
Monthly savings required$1,036

How much will it cost to send your child to Hanover College in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $523,309.26 for students enrolling in 2037 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $1,035.61 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$50,450.00
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 $1,035.61 $0.00 $0.00 $1,035.61
2 $1,035.61 $1,035.61 $0.00 $5.86 $2,077.08
3 $2,077.08 $1,035.61 $0.00 $11.74 $3,124.43
4 $3,124.43 $1,035.61 $0.00 $17.67 $4,177.71
5 $4,177.71 $1,035.61 $0.00 $23.62 $5,236.94
6 $5,236.94 $1,035.61 $0.00 $29.61 $6,302.16
7 $6,302.16 $1,035.61 $0.00 $35.63 $7,373.40
8 $7,373.40 $1,035.61 $0.00 $41.69 $8,450.70
9 $8,450.70 $1,035.61 $0.00 $47.78 $9,534.09
10 $9,534.09 $1,035.61 $0.00 $53.91 $10,623.61
11 $10,623.61 $1,035.61 $0.00 $60.07 $11,719.29
12 $11,719.29 $1,035.61 $0.00 $66.26 $12,821.16
13 $12,821.16 $1,035.61 $0.00 $72.49 $13,929.26
14 $13,929.26 $1,035.61 $0.00 $78.76 $15,043.63
15 $15,043.63 $1,035.61 $0.00 $85.06 $16,164.30
16 $16,164.30 $1,035.61 $0.00 $91.40 $17,291.31
17 $17,291.31 $1,035.61 $0.00 $97.77 $18,424.69
18 $18,424.69 $1,035.61 $0.00 $104.18 $19,564.48
19 $19,564.48 $1,035.61 $0.00 $110.62 $20,710.71
20 $20,710.71 $1,035.61 $0.00 $117.10 $21,863.42
21 $21,863.42 $1,035.61 $0.00 $123.62 $23,022.65
22 $23,022.65 $1,035.61 $0.00 $130.17 $24,188.43
23 $24,188.43 $1,035.61 $0.00 $136.76 $25,360.80
24 $25,360.80 $1,035.61 $0.00 $143.39 $26,539.80
25 $26,539.80 $1,035.61 $0.00 $150.06 $27,725.47
26 $27,725.47 $1,035.61 $0.00 $156.76 $28,917.84
27 $28,917.84 $1,035.61 $0.00 $163.51 $30,116.96
28 $30,116.96 $1,035.61 $0.00 $170.29 $31,322.86
29 $31,322.86 $1,035.61 $0.00 $177.10 $32,535.57
30 $32,535.57 $1,035.61 $0.00 $183.96 $33,755.14
31 $33,755.14 $1,035.61 $0.00 $190.86 $34,981.61
32 $34,981.61 $1,035.61 $0.00 $197.79 $36,215.01
33 $36,215.01 $1,035.61 $0.00 $204.76 $37,455.38
34 $37,455.38 $1,035.61 $0.00 $211.78 $38,702.77
35 $38,702.77 $1,035.61 $0.00 $218.83 $39,957.21
36 $39,957.21 $1,035.61 $0.00 $225.92 $41,218.74
37 $41,218.74 $1,035.61 $0.00 $233.06 $42,487.41
38 $42,487.41 $1,035.61 $0.00 $240.23 $43,763.25
39 $43,763.25 $1,035.61 $0.00 $247.44 $45,046.30
40 $45,046.30 $1,035.61 $0.00 $254.70 $46,336.61
41 $46,336.61 $1,035.61 $0.00 $261.99 $47,634.21
42 $47,634.21 $1,035.61 $0.00 $269.33 $48,939.15
43 $48,939.15 $1,035.61 $0.00 $276.71 $50,251.47
44 $50,251.47 $1,035.61 $0.00 $284.13 $51,571.21
45 $51,571.21 $1,035.61 $0.00 $291.59 $52,898.41
46 $52,898.41 $1,035.61 $0.00 $299.10 $54,233.12
47 $54,233.12 $1,035.61 $0.00 $306.64 $55,575.37
48 $55,575.37 $1,035.61 $0.00 $314.23 $56,925.21
49 $56,925.21 $1,035.61 $0.00 $321.86 $58,282.68
50 $58,282.68 $1,035.61 $0.00 $329.54 $59,647.83
51 $59,647.83 $1,035.61 $0.00 $337.26 $61,020.70
52 $61,020.70 $1,035.61 $0.00 $345.02 $62,401.33
53 $62,401.33 $1,035.61 $0.00 $352.83 $63,789.77
54 $63,789.77 $1,035.61 $0.00 $360.68 $65,186.06
55 $65,186.06 $1,035.61 $0.00 $368.57 $66,590.24
56 $66,590.24 $1,035.61 $0.00 $376.51 $68,002.36
57 $68,002.36 $1,035.61 $0.00 $384.50 $69,422.47
58 $69,422.47 $1,035.61 $0.00 $392.52 $70,850.60
59 $70,850.60 $1,035.61 $0.00 $400.60 $72,286.81
60 $72,286.81 $1,035.61 $0.00 $408.72 $73,731.14
61 $73,731.14 $1,035.61 $0.00 $416.89 $75,183.64
62 $75,183.64 $1,035.61 $0.00 $425.10 $76,644.35
63 $76,644.35 $1,035.61 $0.00 $433.36 $78,113.32
64 $78,113.32 $1,035.61 $0.00 $441.66 $79,590.59
65 $79,590.59 $1,035.61 $0.00 $450.02 $81,076.22
66 $81,076.22 $1,035.61 $0.00 $458.42 $82,570.25
67 $82,570.25 $1,035.61 $0.00 $466.86 $84,072.72
68 $84,072.72 $1,035.61 $0.00 $475.36 $85,583.69
69 $85,583.69 $1,035.61 $0.00 $483.90 $87,103.20
70 $87,103.20 $1,035.61 $0.00 $492.49 $88,631.30
71 $88,631.30 $1,035.61 $0.00 $501.13 $90,168.04
72 $90,168.04 $1,035.61 $0.00 $509.82 $91,713.47
73 $91,713.47 $1,035.61 $0.00 $518.56 $93,267.64
74 $93,267.64 $1,035.61 $0.00 $527.35 $94,830.60
75 $94,830.60 $1,035.61 $0.00 $536.19 $96,402.40
76 $96,402.40 $1,035.61 $0.00 $545.07 $97,983.08
77 $97,983.08 $1,035.61 $0.00 $554.01 $99,572.70
78 $99,572.70 $1,035.61 $0.00 $563.00 $101,171.31
79 $101,171.31 $1,035.61 $0.00 $572.04 $102,778.96
80 $102,778.96 $1,035.61 $0.00 $581.13 $104,395.70
81 $104,395.70 $1,035.61 $0.00 $590.27 $106,021.58
82 $106,021.58 $1,035.61 $0.00 $599.46 $107,656.65
83 $107,656.65 $1,035.61 $0.00 $608.71 $109,300.97
84 $109,300.97 $1,035.61 $0.00 $618.00 $110,954.58
85 $110,954.58 $1,035.61 $0.00 $627.35 $112,617.54
86 $112,617.54 $1,035.61 $0.00 $636.76 $114,289.91
87 $114,289.91 $1,035.61 $0.00 $646.21 $115,971.73
88 $115,971.73 $1,035.61 $0.00 $655.72 $117,663.06
89 $117,663.06 $1,035.61 $0.00 $665.28 $119,363.95
90 $119,363.95 $1,035.61 $0.00 $674.90 $121,074.46
91 $121,074.46 $1,035.61 $0.00 $684.57 $122,794.64
92 $122,794.64 $1,035.61 $0.00 $694.30 $124,524.55
93 $124,524.55 $1,035.61 $0.00 $704.08 $126,264.24
94 $126,264.24 $1,035.61 $0.00 $713.92 $128,013.77
95 $128,013.77 $1,035.61 $0.00 $723.81 $129,773.19
96 $129,773.19 $1,035.61 $0.00 $733.76 $131,542.56
97 $131,542.56 $1,035.61 $0.00 $743.76 $133,321.93
98 $133,321.93 $1,035.61 $0.00 $753.82 $135,111.36
99 $135,111.36 $1,035.61 $0.00 $763.94 $136,910.91
100 $136,910.91 $1,035.61 $0.00 $774.11 $138,720.63
101 $138,720.63 $1,035.61 $0.00 $784.35 $140,540.59
102 $140,540.59 $1,035.61 $0.00 $794.64 $142,370.84
103 $142,370.84 $1,035.61 $0.00 $804.99 $144,211.44
104 $144,211.44 $1,035.61 $0.00 $815.39 $146,062.44
105 $146,062.44 $1,035.61 $0.00 $825.86 $147,923.91
106 $147,923.91 $1,035.61 $0.00 $836.38 $149,795.90
107 $149,795.90 $1,035.61 $0.00 $846.97 $151,678.48
108 $151,678.48 $1,035.61 $0.00 $857.61 $153,571.70
109 $153,571.70 $1,035.61 $0.00 $868.32 $155,475.63
110 $155,475.63 $1,035.61 $0.00 $879.08 $157,390.32
111 $157,390.32 $1,035.61 $0.00 $889.91 $159,315.84
112 $159,315.84 $1,035.61 $0.00 $900.79 $161,252.24
113 $161,252.24 $1,035.61 $0.00 $911.74 $163,199.59
114 $163,199.59 $1,035.61 $0.00 $922.75 $165,157.95
115 $165,157.95 $1,035.61 $0.00 $933.83 $167,127.39
116 $167,127.39 $1,035.61 $0.00 $944.96 $169,107.96
117 $169,107.96 $1,035.61 $0.00 $956.16 $171,099.73
118 $171,099.73 $1,035.61 $0.00 $967.42 $173,102.76
119 $173,102.76 $1,035.61 $0.00 $978.75 $175,117.12
120 $175,117.12 $1,035.61 $0.00 $990.14 $177,142.87
121 $177,142.87 $1,035.61 $0.00 $1,001.59 $179,180.07
122 $179,180.07 $1,035.61 $0.00 $1,013.11 $181,228.79
123 $181,228.79 $1,035.61 $0.00 $1,024.69 $183,289.09
124 $183,289.09 $1,035.61 $0.00 $1,036.34 $185,361.04
125 $185,361.04 $1,035.61 $0.00 $1,048.06 $187,444.71
126 $187,444.71 $1,035.61 $0.00 $1,059.84 $189,540.16
127 $189,540.16 $1,035.61 $0.00 $1,071.69 $191,647.46
128 $191,647.46 $1,035.61 $0.00 $1,083.60 $193,766.67
129 $193,766.67 $1,035.61 $0.00 $1,095.58 $195,897.86
130 $195,897.86 $1,035.61 $0.00 $1,107.63 $198,041.10
131 $198,041.10 $1,035.61 $0.00 $1,119.75 $200,196.46
132 $200,196.46 $1,035.61 $0.00 $1,131.94 $202,364.01
133 $202,364.01 $1,035.61 $0.00 $1,144.20 $204,543.82
134 $204,543.82 $1,035.61 $0.00 $1,156.52 $206,735.95
135 $206,735.95 $1,035.61 $0.00 $1,168.92 $208,940.48
136 $208,940.48 $1,035.61 $0.00 $1,181.38 $211,157.47
137 $211,157.47 $1,035.61 $0.00 $1,193.92 $213,387.00
138 $213,387.00 $1,035.61 $0.00 $1,206.52 $215,629.13
139 $215,629.13 $1,035.61 $0.00 $1,219.20 $217,883.94
140 $217,883.94 $1,035.61 $0.00 $1,231.95 $220,151.50
141 $220,151.50 $1,035.61 $0.00 $1,244.77 $222,431.88
142 $222,431.88 $1,035.61 $0.00 $1,257.66 $224,725.15
143 $224,725.15 $1,035.61 $0.00 $1,270.63 $227,031.39
144 $227,031.39 $1,035.61 $0.00 $1,283.67 $229,350.67
145 $229,350.67 $1,035.61 $0.00 $1,296.78 $231,683.06
146 $231,683.06 $1,035.61 $0.00 $1,309.97 $234,028.64
147 $234,028.64 $1,035.61 $0.00 $1,323.23 $236,387.48
148 $236,387.48 $1,035.61 $0.00 $1,336.57 $238,759.66
149 $238,759.66 $1,035.61 $0.00 $1,349.98 $241,145.25
150 $241,145.25 $1,035.61 $0.00 $1,363.47 $243,544.33
151 $243,544.33 $1,035.61 $0.00 $1,377.04 $245,956.98
152 $245,956.98 $1,035.61 $0.00 $1,390.68 $248,383.27
153 $248,383.27 $1,035.61 $0.00 $1,404.40 $250,823.28
154 $250,823.28 $1,035.61 $0.00 $1,418.19 $253,277.08
155 $253,277.08 $1,035.61 $0.00 $1,432.07 $255,744.76
156 $255,744.76 $1,035.61 $0.00 $1,446.02 $258,226.39
157 $258,226.39 $1,035.61 $0.00 $1,460.05 $260,722.05
158 $260,722.05 $1,035.61 $0.00 $1,474.16 $263,231.82
159 $263,231.82 $1,035.61 $0.00 $1,488.35 $265,755.78
160 $265,755.78 $1,035.61 $0.00 $1,502.62 $268,294.01
161 $268,294.01 $1,035.61 $0.00 $1,516.97 $270,846.59
162 $270,846.59 $1,035.61 $0.00 $1,531.41 $273,413.61
163 $273,413.61 $1,035.61 $0.00 $1,545.92 $275,995.14
164 $275,995.14 $1,035.61 $0.00 $1,560.52 $278,591.27
165 $278,591.27 $1,035.61 $0.00 $1,575.20 $281,202.08
166 $281,202.08 $1,035.61 $0.00 $1,589.96 $283,827.65
167 $283,827.65 $1,035.61 $0.00 $1,604.80 $286,468.06
168 $286,468.06 $1,035.61 $0.00 $1,619.73 $289,123.40
169 $289,123.40 $1,035.61 $0.00 $1,634.75 $291,793.76
170 $291,793.76 $1,035.61 $0.00 $1,649.84 $294,479.21
171 $294,479.21 $1,035.61 $0.00 $1,665.03 $297,179.85
172 $297,179.85 $1,035.61 $0.00 $1,680.30 $299,895.76
173 $299,895.76 $1,035.61 $0.00 $1,695.65 $302,627.02
174 $302,627.02 $1,035.61 $0.00 $1,711.10 $305,373.73
175 $305,373.73 $1,035.61 $0.00 $1,726.63 $308,135.97
176 $308,135.97 $1,035.61 $0.00 $1,742.25 $310,913.83
177 $310,913.83 $1,035.61 $0.00 $1,757.95 $313,707.39
178 $313,707.39 $1,035.61 $0.00 $1,773.75 $316,516.75
179 $316,516.75 $1,035.61 $0.00 $1,789.63 $319,341.99
180 $319,341.99 $1,035.61 $0.00 $1,805.61 $322,183.21
181 $322,183.21 $1,035.61 $0.00 $1,821.67 $325,040.49
182 $325,040.49 $1,035.61 $0.00 $1,837.83 $327,913.93
183 $327,913.93 $1,035.61 $0.00 $1,854.07 $330,803.61
184 $330,803.61 $1,035.61 $0.00 $1,870.41 $333,709.63
185 $333,709.63 $1,035.61 $0.00 $1,886.84 $336,632.08
186 $336,632.08 $1,035.61 $0.00 $1,903.37 $339,571.06
187 $339,571.06 $1,035.61 $0.00 $1,919.98 $342,526.65
188 $342,526.65 $1,035.61 $0.00 $1,936.70 $345,498.96
189 $345,498.96 $1,035.61 $0.00 $1,953.50 $348,488.07
190 $348,488.07 $1,035.61 $0.00 $1,970.40 $351,494.08
191 $351,494.08 $1,035.61 $0.00 $1,987.40 $354,517.09
192 $354,517.09 $1,035.61 $0.00 $2,004.49 $357,557.19
193 $357,557.19 $1,035.61 $0.00 $2,021.68 $360,614.48
194 $360,614.48 $1,035.61 $0.00 $2,038.97 $363,689.06
195 $363,689.06 $1,035.61 $0.00 $2,056.35 $366,781.02
196 $366,781.02 $1,035.61 $0.00 $2,073.83 $369,890.46
197 $369,890.46 $1,035.61 $0.00 $2,091.41 $373,017.48
198 $373,017.48 $1,035.61 $0.00 $2,109.10 $376,162.19
199 $376,162.19 $1,035.61 $0.00 $2,126.88 $379,324.68
200 $379,324.68 $1,035.61 $0.00 $2,144.76 $382,505.05
201 $382,505.05 $1,035.61 $0.00 $2,162.74 $385,703.40
202 $385,703.40 $1,035.61 $0.00 $2,180.82 $388,919.83
203 $388,919.83 $1,035.61 $0.00 $2,199.01 $392,154.45
204 $392,154.45 $1,035.61 $0.00 $2,217.30 $395,407.36
205 $395,407.36 $1,035.61 $0.00 $2,235.69 $398,678.66
206 $398,678.66 $1,035.61 $0.00 $2,254.19 $401,968.46
207 $401,968.46 $1,035.61 $0.00 $2,272.79 $405,276.86
208 $405,276.86 $1,035.61 $0.00 $2,291.49 $408,603.96
209 $408,603.96 $1,035.61 $0.00 $2,310.31 $411,949.88
210 $411,949.88 $1,035.61 $0.00 $2,329.22 $415,314.71
211 $415,314.71 $1,035.61 $0.00 $2,348.25 $418,698.57
212 $418,698.57 $1,035.61 $0.00 $2,367.38 $422,101.56
213 $422,101.56 $1,035.61 $0.00 $2,386.62 $425,523.79
214 $425,523.79 $1,035.61 $0.00 $2,405.97 $428,965.37
215 $428,965.37 $1,035.61 $0.00 $2,425.43 $432,426.41
216 $432,426.41 $1,035.61 $0.00 $2,445.00 $435,907.02
217 $435,907.02 $1,035.61 $121,413.94 $2,464.68 $317,993.37
218 $317,993.37 $1,035.61 $0.00 $1,797.98 $320,826.96
219 $320,826.96 $1,035.61 $0.00 $1,814.00 $323,676.57
220 $323,676.57 $1,035.61 $0.00 $1,830.11 $326,542.29
221 $326,542.29 $1,035.61 $0.00 $1,846.32 $329,424.22
222 $329,424.22 $1,035.61 $0.00 $1,862.61 $332,322.44
223 $332,322.44 $1,035.61 $0.00 $1,879.00 $335,237.05
224 $335,237.05 $1,035.61 $0.00 $1,895.48 $338,168.14
225 $338,168.14 $1,035.61 $0.00 $1,912.05 $341,115.80
226 $341,115.80 $1,035.61 $0.00 $1,928.72 $344,080.13
227 $344,080.13 $1,035.61 $0.00 $1,945.48 $347,061.22
228 $347,061.22 $1,035.61 $0.00 $1,962.33 $350,059.16
229 $350,059.16 $1,035.61 $127,484.64 $1,979.29 $225,589.42
230 $225,589.42 $1,035.61 $0.00 $1,275.52 $227,900.55
231 $227,900.55 $1,035.61 $0.00 $1,288.58 $230,224.74
232 $230,224.74 $1,035.61 $0.00 $1,301.72 $232,562.07
233 $232,562.07 $1,035.61 $0.00 $1,314.94 $234,912.62
234 $234,912.62 $1,035.61 $0.00 $1,328.23 $237,276.46
235 $237,276.46 $1,035.61 $0.00 $1,341.60 $239,653.67
236 $239,653.67 $1,035.61 $0.00 $1,355.04 $242,044.32
237 $242,044.32 $1,035.61 $0.00 $1,368.55 $244,448.48
238 $244,448.48 $1,035.61 $0.00 $1,382.15 $246,866.24
239 $246,866.24 $1,035.61 $0.00 $1,395.82 $249,297.67
240 $249,297.67 $1,035.61 $0.00 $1,409.57 $251,742.85
241 $251,742.85 $1,035.61 $133,858.87 $1,423.39 $120,342.98
242 $120,342.98 $1,035.61 $0.00 $680.44 $122,059.03
243 $122,059.03 $1,035.61 $0.00 $690.14 $123,784.78
244 $123,784.78 $1,035.61 $0.00 $699.90 $125,520.29
245 $125,520.29 $1,035.61 $0.00 $709.71 $127,265.61
246 $127,265.61 $1,035.61 $0.00 $719.58 $129,020.80
247 $129,020.80 $1,035.61 $0.00 $729.50 $130,785.91
248 $130,785.91 $1,035.61 $0.00 $739.48 $132,561.00
249 $132,561.00 $1,035.61 $0.00 $749.52 $134,346.13
250 $134,346.13 $1,035.61 $0.00 $759.61 $136,141.35
251 $136,141.35 $1,035.61 $0.00 $769.76 $137,946.72
252 $137,946.72 $1,035.61 $0.00 $779.97 $139,762.30
253 $139,762.30 $0.00 $140,551.81 $790.24 $0.73