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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2037$75,462
Monthly savings required$597

How much will it cost to send your child to Michigan Technological University in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $301,849.34 for students enrolling in 2037 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $597.35 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$29,100.00
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 $597.35 $0.00 $0.00 $597.35
2 $597.35 $597.35 $0.00 $3.38 $1,198.08
3 $1,198.08 $597.35 $0.00 $6.77 $1,802.20
4 $1,802.20 $597.35 $0.00 $10.19 $2,409.74
5 $2,409.74 $597.35 $0.00 $13.63 $3,020.72
6 $3,020.72 $597.35 $0.00 $17.08 $3,635.15
7 $3,635.15 $597.35 $0.00 $20.55 $4,253.05
8 $4,253.05 $597.35 $0.00 $24.05 $4,874.45
9 $4,874.45 $597.35 $0.00 $27.56 $5,499.36
10 $5,499.36 $597.35 $0.00 $31.09 $6,127.80
11 $6,127.80 $597.35 $0.00 $34.65 $6,759.80
12 $6,759.80 $597.35 $0.00 $38.22 $7,395.37
13 $7,395.37 $597.35 $0.00 $41.81 $8,034.53
14 $8,034.53 $597.35 $0.00 $45.43 $8,677.31
15 $8,677.31 $597.35 $0.00 $49.06 $9,323.72
16 $9,323.72 $597.35 $0.00 $52.72 $9,973.79
17 $9,973.79 $597.35 $0.00 $56.39 $10,627.53
18 $10,627.53 $597.35 $0.00 $60.09 $11,284.97
19 $11,284.97 $597.35 $0.00 $63.81 $11,946.13
20 $11,946.13 $597.35 $0.00 $67.55 $12,611.03
21 $12,611.03 $597.35 $0.00 $71.30 $13,279.68
22 $13,279.68 $597.35 $0.00 $75.09 $13,952.12
23 $13,952.12 $597.35 $0.00 $78.89 $14,628.36
24 $14,628.36 $597.35 $0.00 $82.71 $15,308.42
25 $15,308.42 $597.35 $0.00 $86.56 $15,992.33
26 $15,992.33 $597.35 $0.00 $90.42 $16,680.10
27 $16,680.10 $597.35 $0.00 $94.31 $17,371.76
28 $17,371.76 $597.35 $0.00 $98.22 $18,067.33
29 $18,067.33 $597.35 $0.00 $102.16 $18,766.84
30 $18,766.84 $597.35 $0.00 $106.11 $19,470.30
31 $19,470.30 $597.35 $0.00 $110.09 $20,177.74
32 $20,177.74 $597.35 $0.00 $114.09 $20,889.18
33 $20,889.18 $597.35 $0.00 $118.11 $21,604.64
34 $21,604.64 $597.35 $0.00 $122.16 $22,324.15
35 $22,324.15 $597.35 $0.00 $126.22 $23,047.72
36 $23,047.72 $597.35 $0.00 $130.32 $23,775.39
37 $23,775.39 $597.35 $0.00 $134.43 $24,507.17
38 $24,507.17 $597.35 $0.00 $138.57 $25,243.09
39 $25,243.09 $597.35 $0.00 $142.73 $25,983.17
40 $25,983.17 $597.35 $0.00 $146.91 $26,727.43
41 $26,727.43 $597.35 $0.00 $151.12 $27,475.90
42 $27,475.90 $597.35 $0.00 $155.35 $28,228.60
43 $28,228.60 $597.35 $0.00 $159.61 $28,985.56
44 $28,985.56 $597.35 $0.00 $163.89 $29,746.80
45 $29,746.80 $597.35 $0.00 $168.19 $30,512.34
46 $30,512.34 $597.35 $0.00 $172.52 $31,282.21
47 $31,282.21 $597.35 $0.00 $176.87 $32,056.43
48 $32,056.43 $597.35 $0.00 $181.25 $32,835.03
49 $32,835.03 $597.35 $0.00 $185.65 $33,618.03
50 $33,618.03 $597.35 $0.00 $190.08 $34,405.46
51 $34,405.46 $597.35 $0.00 $194.53 $35,197.34
52 $35,197.34 $597.35 $0.00 $199.01 $35,993.70
53 $35,993.70 $597.35 $0.00 $203.51 $36,794.56
54 $36,794.56 $597.35 $0.00 $208.04 $37,599.95
55 $37,599.95 $597.35 $0.00 $212.60 $38,409.90
56 $38,409.90 $597.35 $0.00 $217.18 $39,224.43
57 $39,224.43 $597.35 $0.00 $221.78 $40,043.56
58 $40,043.56 $597.35 $0.00 $226.41 $40,867.32
59 $40,867.32 $597.35 $0.00 $231.07 $41,695.74
60 $41,695.74 $597.35 $0.00 $235.75 $42,528.84
61 $42,528.84 $597.35 $0.00 $240.46 $43,366.65
62 $43,366.65 $597.35 $0.00 $245.20 $44,209.20
63 $44,209.20 $597.35 $0.00 $249.97 $45,056.52
64 $45,056.52 $597.35 $0.00 $254.76 $45,908.63
65 $45,908.63 $597.35 $0.00 $259.57 $46,765.55
66 $46,765.55 $597.35 $0.00 $264.42 $47,627.32
67 $47,627.32 $597.35 $0.00 $269.29 $48,493.96
68 $48,493.96 $597.35 $0.00 $274.19 $49,365.50
69 $49,365.50 $597.35 $0.00 $279.12 $50,241.97
70 $50,241.97 $597.35 $0.00 $284.08 $51,123.40
71 $51,123.40 $597.35 $0.00 $289.06 $52,009.81
72 $52,009.81 $597.35 $0.00 $294.07 $52,901.23
73 $52,901.23 $597.35 $0.00 $299.11 $53,797.69
74 $53,797.69 $597.35 $0.00 $304.18 $54,699.22
75 $54,699.22 $597.35 $0.00 $309.28 $55,605.85
76 $55,605.85 $597.35 $0.00 $314.40 $56,517.60
77 $56,517.60 $597.35 $0.00 $319.56 $57,434.51
78 $57,434.51 $597.35 $0.00 $324.74 $58,356.60
79 $58,356.60 $597.35 $0.00 $329.96 $59,283.91
80 $59,283.91 $597.35 $0.00 $335.20 $60,216.46
81 $60,216.46 $597.35 $0.00 $340.47 $61,154.28
82 $61,154.28 $597.35 $0.00 $345.78 $62,097.41
83 $62,097.41 $597.35 $0.00 $351.11 $63,045.87
84 $63,045.87 $597.35 $0.00 $356.47 $63,999.69
85 $63,999.69 $597.35 $0.00 $361.86 $64,958.90
86 $64,958.90 $597.35 $0.00 $367.29 $65,923.54
87 $65,923.54 $597.35 $0.00 $372.74 $66,893.63
88 $66,893.63 $597.35 $0.00 $378.23 $67,869.21
89 $67,869.21 $597.35 $0.00 $383.74 $68,850.30
90 $68,850.30 $597.35 $0.00 $389.29 $69,836.94
91 $69,836.94 $597.35 $0.00 $394.87 $70,829.16
92 $70,829.16 $597.35 $0.00 $400.48 $71,826.99
93 $71,826.99 $597.35 $0.00 $406.12 $72,830.46
94 $72,830.46 $597.35 $0.00 $411.79 $73,839.60
95 $73,839.60 $597.35 $0.00 $417.50 $74,854.45
96 $74,854.45 $597.35 $0.00 $423.24 $75,875.04
97 $75,875.04 $597.35 $0.00 $429.01 $76,901.40
98 $76,901.40 $597.35 $0.00 $434.81 $77,933.56
99 $77,933.56 $597.35 $0.00 $440.65 $78,971.56
100 $78,971.56 $597.35 $0.00 $446.52 $80,015.43
101 $80,015.43 $597.35 $0.00 $452.42 $81,065.20
102 $81,065.20 $597.35 $0.00 $458.35 $82,120.90
103 $82,120.90 $597.35 $0.00 $464.32 $83,182.57
104 $83,182.57 $597.35 $0.00 $470.33 $84,250.25
105 $84,250.25 $597.35 $0.00 $476.36 $85,323.96
106 $85,323.96 $597.35 $0.00 $482.43 $86,403.74
107 $86,403.74 $597.35 $0.00 $488.54 $87,489.63
108 $87,489.63 $597.35 $0.00 $494.68 $88,581.66
109 $88,581.66 $597.35 $0.00 $500.85 $89,679.86
110 $89,679.86 $597.35 $0.00 $507.06 $90,784.27
111 $90,784.27 $597.35 $0.00 $513.31 $91,894.93
112 $91,894.93 $597.35 $0.00 $519.59 $93,011.87
113 $93,011.87 $597.35 $0.00 $525.90 $94,135.12
114 $94,135.12 $597.35 $0.00 $532.25 $95,264.72
115 $95,264.72 $597.35 $0.00 $538.64 $96,400.71
116 $96,400.71 $597.35 $0.00 $545.06 $97,543.12
117 $97,543.12 $597.35 $0.00 $551.52 $98,691.99
118 $98,691.99 $597.35 $0.00 $558.02 $99,847.36
119 $99,847.36 $597.35 $0.00 $564.55 $101,009.26
120 $101,009.26 $597.35 $0.00 $571.12 $102,177.73
121 $102,177.73 $597.35 $0.00 $577.73 $103,352.81
122 $103,352.81 $597.35 $0.00 $584.37 $104,534.53
123 $104,534.53 $597.35 $0.00 $591.05 $105,722.93
124 $105,722.93 $597.35 $0.00 $597.77 $106,918.05
125 $106,918.05 $597.35 $0.00 $604.53 $108,119.93
126 $108,119.93 $597.35 $0.00 $611.33 $109,328.61
127 $109,328.61 $597.35 $0.00 $618.16 $110,544.12
128 $110,544.12 $597.35 $0.00 $625.03 $111,766.50
129 $111,766.50 $597.35 $0.00 $631.94 $112,995.79
130 $112,995.79 $597.35 $0.00 $638.89 $114,232.03
131 $114,232.03 $597.35 $0.00 $645.88 $115,475.26
132 $115,475.26 $597.35 $0.00 $652.91 $116,725.52
133 $116,725.52 $597.35 $0.00 $659.98 $117,982.85
134 $117,982.85 $597.35 $0.00 $667.09 $119,247.29
135 $119,247.29 $597.35 $0.00 $674.24 $120,518.88
136 $120,518.88 $597.35 $0.00 $681.43 $121,797.66
137 $121,797.66 $597.35 $0.00 $688.66 $123,083.67
138 $123,083.67 $597.35 $0.00 $695.93 $124,376.95
139 $124,376.95 $597.35 $0.00 $703.25 $125,677.55
140 $125,677.55 $597.35 $0.00 $710.60 $126,985.50
141 $126,985.50 $597.35 $0.00 $717.99 $128,300.84
142 $128,300.84 $597.35 $0.00 $725.43 $129,623.62
143 $129,623.62 $597.35 $0.00 $732.91 $130,953.88
144 $130,953.88 $597.35 $0.00 $740.43 $132,291.66
145 $132,291.66 $597.35 $0.00 $748.00 $133,637.01
146 $133,637.01 $597.35 $0.00 $755.60 $134,989.96
147 $134,989.96 $597.35 $0.00 $763.25 $136,350.56
148 $136,350.56 $597.35 $0.00 $770.95 $137,718.86
149 $137,718.86 $597.35 $0.00 $778.68 $139,094.89
150 $139,094.89 $597.35 $0.00 $786.46 $140,478.70
151 $140,478.70 $597.35 $0.00 $794.29 $141,870.34
152 $141,870.34 $597.35 $0.00 $802.16 $143,269.85
153 $143,269.85 $597.35 $0.00 $810.07 $144,677.27
154 $144,677.27 $597.35 $0.00 $818.03 $146,092.65
155 $146,092.65 $597.35 $0.00 $826.03 $147,516.03
156 $147,516.03 $597.35 $0.00 $834.08 $148,947.46
157 $148,947.46 $597.35 $0.00 $842.17 $150,386.98
158 $150,386.98 $597.35 $0.00 $850.31 $151,834.64
159 $151,834.64 $597.35 $0.00 $858.50 $153,290.49
160 $153,290.49 $597.35 $0.00 $866.73 $154,754.57
161 $154,754.57 $597.35 $0.00 $875.00 $156,226.92
162 $156,226.92 $597.35 $0.00 $883.33 $157,707.60
163 $157,707.60 $597.35 $0.00 $891.70 $159,196.65
164 $159,196.65 $597.35 $0.00 $900.12 $160,694.12
165 $160,694.12 $597.35 $0.00 $908.59 $162,200.06
166 $162,200.06 $597.35 $0.00 $917.10 $163,714.51
167 $163,714.51 $597.35 $0.00 $925.67 $165,237.53
168 $165,237.53 $597.35 $0.00 $934.28 $166,769.16
169 $166,769.16 $597.35 $0.00 $942.94 $168,309.45
170 $168,309.45 $597.35 $0.00 $951.65 $169,858.45
171 $169,858.45 $597.35 $0.00 $960.40 $171,416.20
172 $171,416.20 $597.35 $0.00 $969.21 $172,982.76
173 $172,982.76 $597.35 $0.00 $978.07 $174,558.18
174 $174,558.18 $597.35 $0.00 $986.98 $176,142.51
175 $176,142.51 $597.35 $0.00 $995.94 $177,735.80
176 $177,735.80 $597.35 $0.00 $1,004.94 $179,338.09
177 $179,338.09 $597.35 $0.00 $1,014.00 $180,949.44
178 $180,949.44 $597.35 $0.00 $1,023.11 $182,569.90
179 $182,569.90 $597.35 $0.00 $1,032.28 $184,199.53
180 $184,199.53 $597.35 $0.00 $1,041.49 $185,838.37
181 $185,838.37 $597.35 $0.00 $1,050.76 $187,486.48
182 $187,486.48 $597.35 $0.00 $1,060.08 $189,143.91
183 $189,143.91 $597.35 $0.00 $1,069.45 $190,810.71
184 $190,810.71 $597.35 $0.00 $1,078.87 $192,486.93
185 $192,486.93 $597.35 $0.00 $1,088.35 $194,172.63
186 $194,172.63 $597.35 $0.00 $1,097.88 $195,867.86
187 $195,867.86 $597.35 $0.00 $1,107.47 $197,572.68
188 $197,572.68 $597.35 $0.00 $1,117.10 $199,287.13
189 $199,287.13 $597.35 $0.00 $1,126.80 $201,011.28
190 $201,011.28 $597.35 $0.00 $1,136.55 $202,745.18
191 $202,745.18 $597.35 $0.00 $1,146.35 $204,488.88
192 $204,488.88 $597.35 $0.00 $1,156.21 $206,242.44
193 $206,242.44 $597.35 $0.00 $1,166.12 $208,005.91
194 $208,005.91 $597.35 $0.00 $1,176.10 $209,779.36
195 $209,779.36 $597.35 $0.00 $1,186.12 $211,562.83
196 $211,562.83 $597.35 $0.00 $1,196.21 $213,356.39
197 $213,356.39 $597.35 $0.00 $1,206.35 $215,160.09
198 $215,160.09 $597.35 $0.00 $1,216.55 $216,973.99
199 $216,973.99 $597.35 $0.00 $1,226.80 $218,798.14
200 $218,798.14 $597.35 $0.00 $1,237.12 $220,632.61
201 $220,632.61 $597.35 $0.00 $1,247.49 $222,477.45
202 $222,477.45 $597.35 $0.00 $1,257.92 $224,332.72
203 $224,332.72 $597.35 $0.00 $1,268.41 $226,198.48
204 $226,198.48 $597.35 $0.00 $1,278.96 $228,074.79
205 $228,074.79 $597.35 $0.00 $1,289.57 $229,961.71
206 $229,961.71 $597.35 $0.00 $1,300.24 $231,859.30
207 $231,859.30 $597.35 $0.00 $1,310.97 $233,767.62
208 $233,767.62 $597.35 $0.00 $1,321.76 $235,686.73
209 $235,686.73 $597.35 $0.00 $1,332.61 $237,616.69
210 $237,616.69 $597.35 $0.00 $1,343.52 $239,557.56
211 $239,557.56 $597.35 $0.00 $1,354.49 $241,509.40
212 $241,509.40 $597.35 $0.00 $1,365.53 $243,472.28
213 $243,472.28 $597.35 $0.00 $1,376.63 $245,446.26
214 $245,446.26 $597.35 $0.00 $1,387.79 $247,431.40
215 $247,431.40 $597.35 $0.00 $1,399.01 $249,427.76
216 $249,427.76 $597.35 $0.00 $1,410.30 $251,435.41
217 $251,435.41 $597.35 $70,032.62 $1,421.65 $183,421.79
218 $183,421.79 $597.35 $0.00 $1,037.09 $185,056.23
219 $185,056.23 $597.35 $0.00 $1,046.33 $186,699.91
220 $186,699.91 $597.35 $0.00 $1,055.63 $188,352.89
221 $188,352.89 $597.35 $0.00 $1,064.97 $190,015.21
222 $190,015.21 $597.35 $0.00 $1,074.37 $191,686.93
223 $191,686.93 $597.35 $0.00 $1,083.83 $193,368.11
224 $193,368.11 $597.35 $0.00 $1,093.33 $195,058.79
225 $195,058.79 $597.35 $0.00 $1,102.89 $196,759.03
226 $196,759.03 $597.35 $0.00 $1,112.50 $198,468.88
227 $198,468.88 $597.35 $0.00 $1,122.17 $200,188.40
228 $200,188.40 $597.35 $0.00 $1,131.89 $201,917.64
229 $201,917.64 $597.35 $73,534.25 $1,141.67 $130,122.41
230 $130,122.41 $597.35 $0.00 $735.73 $131,455.49
231 $131,455.49 $597.35 $0.00 $743.27 $132,796.11
232 $132,796.11 $597.35 $0.00 $750.85 $134,144.31
233 $134,144.31 $597.35 $0.00 $758.47 $135,500.13
234 $135,500.13 $597.35 $0.00 $766.14 $136,863.62
235 $136,863.62 $597.35 $0.00 $773.85 $138,234.82
236 $138,234.82 $597.35 $0.00 $781.60 $139,613.77
237 $139,613.77 $597.35 $0.00 $789.40 $141,000.52
238 $141,000.52 $597.35 $0.00 $797.24 $142,395.11
239 $142,395.11 $597.35 $0.00 $805.12 $143,797.58
240 $143,797.58 $597.35 $0.00 $813.05 $145,207.98
241 $145,207.98 $597.35 $77,210.96 $821.03 $69,415.40
242 $69,415.40 $597.35 $0.00 $392.48 $70,405.23
243 $70,405.23 $597.35 $0.00 $398.08 $71,400.66
244 $71,400.66 $597.35 $0.00 $403.71 $72,401.72
245 $72,401.72 $597.35 $0.00 $409.37 $73,408.44
246 $73,408.44 $597.35 $0.00 $415.06 $74,420.85
247 $74,420.85 $597.35 $0.00 $420.79 $75,438.99
248 $75,438.99 $597.35 $0.00 $426.54 $76,462.88
249 $76,462.88 $597.35 $0.00 $432.33 $77,492.56
250 $77,492.56 $597.35 $0.00 $438.15 $78,528.06
251 $78,528.06 $597.35 $0.00 $444.01 $79,569.42
252 $79,569.42 $597.35 $0.00 $449.90 $80,616.67
253 $80,616.67 $0.00 $81,071.51 $455.82 $0.98