Savings Plan and Future Cost Estimation for American Academy of Art

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2040$119,350
Monthly savings required$945

How much will it cost to send your child to American Academy of Art in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $477,399.12 for students enrolling in 2040 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $944.75 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$46,024.00
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 $944.75 $0.00 $0.00 $944.75
2 $944.75 $944.75 $0.00 $5.34 $1,894.84
3 $1,894.84 $944.75 $0.00 $10.71 $2,850.30
4 $2,850.30 $944.75 $0.00 $16.12 $3,811.17
5 $3,811.17 $944.75 $0.00 $21.55 $4,777.47
6 $4,777.47 $944.75 $0.00 $27.01 $5,749.23
7 $5,749.23 $944.75 $0.00 $32.51 $6,726.49
8 $6,726.49 $944.75 $0.00 $38.03 $7,709.27
9 $7,709.27 $944.75 $0.00 $43.59 $8,697.61
10 $8,697.61 $944.75 $0.00 $49.18 $9,691.54
11 $9,691.54 $944.75 $0.00 $54.80 $10,691.09
12 $10,691.09 $944.75 $0.00 $60.45 $11,696.29
13 $11,696.29 $944.75 $0.00 $66.13 $12,707.17
14 $12,707.17 $944.75 $0.00 $71.85 $13,723.77
15 $13,723.77 $944.75 $0.00 $77.60 $14,746.12
16 $14,746.12 $944.75 $0.00 $83.38 $15,774.25
17 $15,774.25 $944.75 $0.00 $89.19 $16,808.19
18 $16,808.19 $944.75 $0.00 $95.04 $17,847.98
19 $17,847.98 $944.75 $0.00 $100.92 $18,893.65
20 $18,893.65 $944.75 $0.00 $106.83 $19,945.23
21 $19,945.23 $944.75 $0.00 $112.77 $21,002.75
22 $21,002.75 $944.75 $0.00 $118.75 $22,066.25
23 $22,066.25 $944.75 $0.00 $124.77 $23,135.77
24 $23,135.77 $944.75 $0.00 $130.81 $24,211.33
25 $24,211.33 $944.75 $0.00 $136.89 $25,292.97
26 $25,292.97 $944.75 $0.00 $143.01 $26,380.73
27 $26,380.73 $944.75 $0.00 $149.16 $27,474.64
28 $27,474.64 $944.75 $0.00 $155.35 $28,574.74
29 $28,574.74 $944.75 $0.00 $161.57 $29,681.06
30 $29,681.06 $944.75 $0.00 $167.82 $30,793.63
31 $30,793.63 $944.75 $0.00 $174.11 $31,912.49
32 $31,912.49 $944.75 $0.00 $180.44 $33,037.68
33 $33,037.68 $944.75 $0.00 $186.80 $34,169.23
34 $34,169.23 $944.75 $0.00 $193.20 $35,307.18
35 $35,307.18 $944.75 $0.00 $199.63 $36,451.56
36 $36,451.56 $944.75 $0.00 $206.10 $37,602.41
37 $37,602.41 $944.75 $0.00 $212.61 $38,759.77
38 $38,759.77 $944.75 $0.00 $219.15 $39,923.67
39 $39,923.67 $944.75 $0.00 $225.73 $41,094.15
40 $41,094.15 $944.75 $0.00 $232.35 $42,271.25
41 $42,271.25 $944.75 $0.00 $239.01 $43,455.01
42 $43,455.01 $944.75 $0.00 $245.70 $44,645.46
43 $44,645.46 $944.75 $0.00 $252.43 $45,842.64
44 $45,842.64 $944.75 $0.00 $259.20 $47,046.59
45 $47,046.59 $944.75 $0.00 $266.01 $48,257.35
46 $48,257.35 $944.75 $0.00 $272.85 $49,474.95
47 $49,474.95 $944.75 $0.00 $279.74 $50,699.44
48 $50,699.44 $944.75 $0.00 $286.66 $51,930.85
49 $51,930.85 $944.75 $0.00 $293.62 $53,169.22
50 $53,169.22 $944.75 $0.00 $300.63 $54,414.60
51 $54,414.60 $944.75 $0.00 $307.67 $55,667.02
52 $55,667.02 $944.75 $0.00 $314.75 $56,926.52
53 $56,926.52 $944.75 $0.00 $321.87 $58,193.14
54 $58,193.14 $944.75 $0.00 $329.03 $59,466.92
55 $59,466.92 $944.75 $0.00 $336.23 $60,747.90
56 $60,747.90 $944.75 $0.00 $343.48 $62,036.13
57 $62,036.13 $944.75 $0.00 $350.76 $63,331.64
58 $63,331.64 $944.75 $0.00 $358.09 $64,634.48
59 $64,634.48 $944.75 $0.00 $365.45 $65,944.68
60 $65,944.68 $944.75 $0.00 $372.86 $67,262.29
61 $67,262.29 $944.75 $0.00 $380.31 $68,587.35
62 $68,587.35 $944.75 $0.00 $387.80 $69,919.90
63 $69,919.90 $944.75 $0.00 $395.34 $71,259.99
64 $71,259.99 $944.75 $0.00 $402.91 $72,607.65
65 $72,607.65 $944.75 $0.00 $410.53 $73,962.93
66 $73,962.93 $944.75 $0.00 $418.20 $75,325.88
67 $75,325.88 $944.75 $0.00 $425.90 $76,696.53
68 $76,696.53 $944.75 $0.00 $433.65 $78,074.93
69 $78,074.93 $944.75 $0.00 $441.45 $79,461.13
70 $79,461.13 $944.75 $0.00 $449.28 $80,855.16
71 $80,855.16 $944.75 $0.00 $457.17 $82,257.08
72 $82,257.08 $944.75 $0.00 $465.09 $83,666.92
73 $83,666.92 $944.75 $0.00 $473.06 $85,084.73
74 $85,084.73 $944.75 $0.00 $481.08 $86,510.56
75 $86,510.56 $944.75 $0.00 $489.14 $87,944.45
76 $87,944.45 $944.75 $0.00 $497.25 $89,386.45
77 $89,386.45 $944.75 $0.00 $505.40 $90,836.60
78 $90,836.60 $944.75 $0.00 $513.60 $92,294.95
79 $92,294.95 $944.75 $0.00 $521.85 $93,761.55
80 $93,761.55 $944.75 $0.00 $530.14 $95,236.44
81 $95,236.44 $944.75 $0.00 $538.48 $96,719.67
82 $96,719.67 $944.75 $0.00 $546.87 $98,211.29
83 $98,211.29 $944.75 $0.00 $555.30 $99,711.34
84 $99,711.34 $944.75 $0.00 $563.78 $101,219.87
85 $101,219.87 $944.75 $0.00 $572.31 $102,736.93
86 $102,736.93 $944.75 $0.00 $580.89 $104,262.57
87 $104,262.57 $944.75 $0.00 $589.52 $105,796.84
88 $105,796.84 $944.75 $0.00 $598.19 $107,339.78
89 $107,339.78 $944.75 $0.00 $606.91 $108,891.44
90 $108,891.44 $944.75 $0.00 $615.69 $110,451.88
91 $110,451.88 $944.75 $0.00 $624.51 $112,021.14
92 $112,021.14 $944.75 $0.00 $633.38 $113,599.27
93 $113,599.27 $944.75 $0.00 $642.31 $115,186.33
94 $115,186.33 $944.75 $0.00 $651.28 $116,782.36
95 $116,782.36 $944.75 $0.00 $660.30 $118,387.41
96 $118,387.41 $944.75 $0.00 $669.38 $120,001.54
97 $120,001.54 $944.75 $0.00 $678.51 $121,624.80
98 $121,624.80 $944.75 $0.00 $687.68 $123,257.23
99 $123,257.23 $944.75 $0.00 $696.91 $124,898.89
100 $124,898.89 $944.75 $0.00 $706.20 $126,549.84
101 $126,549.84 $944.75 $0.00 $715.53 $128,210.12
102 $128,210.12 $944.75 $0.00 $724.92 $129,879.79
103 $129,879.79 $944.75 $0.00 $734.36 $131,558.90
104 $131,558.90 $944.75 $0.00 $743.85 $133,247.50
105 $133,247.50 $944.75 $0.00 $753.40 $134,945.65
106 $134,945.65 $944.75 $0.00 $763.00 $136,653.40
107 $136,653.40 $944.75 $0.00 $772.66 $138,370.81
108 $138,370.81 $944.75 $0.00 $782.37 $140,097.93
109 $140,097.93 $944.75 $0.00 $792.13 $141,834.81
110 $141,834.81 $944.75 $0.00 $801.95 $143,581.51
111 $143,581.51 $944.75 $0.00 $811.83 $145,338.09
112 $145,338.09 $944.75 $0.00 $821.76 $147,104.60
113 $147,104.60 $944.75 $0.00 $831.75 $148,881.10
114 $148,881.10 $944.75 $0.00 $841.80 $150,667.65
115 $150,667.65 $944.75 $0.00 $851.90 $152,464.30
116 $152,464.30 $944.75 $0.00 $862.06 $154,271.11
117 $154,271.11 $944.75 $0.00 $872.27 $156,088.13
118 $156,088.13 $944.75 $0.00 $882.54 $157,915.42
119 $157,915.42 $944.75 $0.00 $892.88 $159,753.05
120 $159,753.05 $944.75 $0.00 $903.27 $161,601.07
121 $161,601.07 $944.75 $0.00 $913.72 $163,459.54
122 $163,459.54 $944.75 $0.00 $924.22 $165,328.51
123 $165,328.51 $944.75 $0.00 $934.79 $167,208.05
124 $167,208.05 $944.75 $0.00 $945.42 $169,098.22
125 $169,098.22 $944.75 $0.00 $956.11 $170,999.08
126 $170,999.08 $944.75 $0.00 $966.85 $172,910.68
127 $172,910.68 $944.75 $0.00 $977.66 $174,833.09
128 $174,833.09 $944.75 $0.00 $988.53 $176,766.37
129 $176,766.37 $944.75 $0.00 $999.46 $178,710.58
130 $178,710.58 $944.75 $0.00 $1,010.46 $180,665.79
131 $180,665.79 $944.75 $0.00 $1,021.51 $182,632.05
132 $182,632.05 $944.75 $0.00 $1,032.63 $184,609.43
133 $184,609.43 $944.75 $0.00 $1,043.81 $186,597.99
134 $186,597.99 $944.75 $0.00 $1,055.05 $188,597.79
135 $188,597.79 $944.75 $0.00 $1,066.36 $190,608.90
136 $190,608.90 $944.75 $0.00 $1,077.73 $192,631.38
137 $192,631.38 $944.75 $0.00 $1,089.17 $194,665.30
138 $194,665.30 $944.75 $0.00 $1,100.67 $196,710.72
139 $196,710.72 $944.75 $0.00 $1,112.23 $198,767.70
140 $198,767.70 $944.75 $0.00 $1,123.86 $200,836.31
141 $200,836.31 $944.75 $0.00 $1,135.56 $202,916.62
142 $202,916.62 $944.75 $0.00 $1,147.32 $205,008.69
143 $205,008.69 $944.75 $0.00 $1,159.15 $207,112.59
144 $207,112.59 $944.75 $0.00 $1,171.04 $209,228.38
145 $209,228.38 $944.75 $0.00 $1,183.01 $211,356.14
146 $211,356.14 $944.75 $0.00 $1,195.04 $213,495.93
147 $213,495.93 $944.75 $0.00 $1,207.14 $215,647.82
148 $215,647.82 $944.75 $0.00 $1,219.30 $217,811.87
149 $217,811.87 $944.75 $0.00 $1,231.54 $219,988.16
150 $219,988.16 $944.75 $0.00 $1,243.85 $222,176.76
151 $222,176.76 $944.75 $0.00 $1,256.22 $224,377.73
152 $224,377.73 $944.75 $0.00 $1,268.66 $226,591.14
153 $226,591.14 $944.75 $0.00 $1,281.18 $228,817.07
154 $228,817.07 $944.75 $0.00 $1,293.76 $231,055.58
155 $231,055.58 $944.75 $0.00 $1,306.42 $233,306.75
156 $233,306.75 $944.75 $0.00 $1,319.15 $235,570.65
157 $235,570.65 $944.75 $0.00 $1,331.95 $237,847.35
158 $237,847.35 $944.75 $0.00 $1,344.82 $240,136.92
159 $240,136.92 $944.75 $0.00 $1,357.77 $242,439.44
160 $242,439.44 $944.75 $0.00 $1,370.79 $244,754.98
161 $244,754.98 $944.75 $0.00 $1,383.88 $247,083.61
162 $247,083.61 $944.75 $0.00 $1,397.05 $249,425.41
163 $249,425.41 $944.75 $0.00 $1,410.29 $251,780.45
164 $251,780.45 $944.75 $0.00 $1,423.60 $254,148.80
165 $254,148.80 $944.75 $0.00 $1,436.99 $256,530.54
166 $256,530.54 $944.75 $0.00 $1,450.46 $258,925.75
167 $258,925.75 $944.75 $0.00 $1,464.00 $261,334.50
168 $261,334.50 $944.75 $0.00 $1,477.62 $263,756.87
169 $263,756.87 $944.75 $0.00 $1,491.32 $266,192.94
170 $266,192.94 $944.75 $0.00 $1,505.09 $268,642.78
171 $268,642.78 $944.75 $0.00 $1,518.95 $271,106.48
172 $271,106.48 $944.75 $0.00 $1,532.88 $273,584.11
173 $273,584.11 $944.75 $0.00 $1,546.88 $276,075.74
174 $276,075.74 $944.75 $0.00 $1,560.97 $278,581.46
175 $278,581.46 $944.75 $0.00 $1,575.14 $281,101.35
176 $281,101.35 $944.75 $0.00 $1,589.39 $283,635.49
177 $283,635.49 $944.75 $0.00 $1,603.72 $286,183.96
178 $286,183.96 $944.75 $0.00 $1,618.13 $288,746.84
179 $288,746.84 $944.75 $0.00 $1,632.62 $291,324.21
180 $291,324.21 $944.75 $0.00 $1,647.19 $293,916.15
181 $293,916.15 $944.75 $0.00 $1,661.84 $296,522.74
182 $296,522.74 $944.75 $0.00 $1,676.58 $299,144.07
183 $299,144.07 $944.75 $0.00 $1,691.40 $301,780.22
184 $301,780.22 $944.75 $0.00 $1,706.31 $304,431.28
185 $304,431.28 $944.75 $0.00 $1,721.30 $307,097.33
186 $307,097.33 $944.75 $0.00 $1,736.37 $309,778.45
187 $309,778.45 $944.75 $0.00 $1,751.53 $312,474.73
188 $312,474.73 $944.75 $0.00 $1,766.78 $315,186.26
189 $315,186.26 $944.75 $0.00 $1,782.11 $317,913.12
190 $317,913.12 $944.75 $0.00 $1,797.53 $320,655.40
191 $320,655.40 $944.75 $0.00 $1,813.03 $323,413.18
192 $323,413.18 $944.75 $0.00 $1,828.63 $326,186.56
193 $326,186.56 $944.75 $0.00 $1,844.31 $328,975.62
194 $328,975.62 $944.75 $0.00 $1,860.08 $331,780.45
195 $331,780.45 $944.75 $0.00 $1,875.93 $334,601.13
196 $334,601.13 $944.75 $0.00 $1,891.88 $337,437.76
197 $337,437.76 $944.75 $0.00 $1,907.92 $340,290.43
198 $340,290.43 $944.75 $0.00 $1,924.05 $343,159.23
199 $343,159.23 $944.75 $0.00 $1,940.27 $346,044.25
200 $346,044.25 $944.75 $0.00 $1,956.58 $348,945.58
201 $348,945.58 $944.75 $0.00 $1,972.99 $351,863.32
202 $351,863.32 $944.75 $0.00 $1,989.49 $354,797.56
203 $354,797.56 $944.75 $0.00 $2,006.08 $357,748.39
204 $357,748.39 $944.75 $0.00 $2,022.76 $360,715.90
205 $360,715.90 $944.75 $0.00 $2,039.54 $363,700.19
206 $363,700.19 $944.75 $0.00 $2,056.41 $366,701.35
207 $366,701.35 $944.75 $0.00 $2,073.38 $369,719.48
208 $369,719.48 $944.75 $0.00 $2,090.45 $372,754.68
209 $372,754.68 $944.75 $0.00 $2,107.61 $375,807.04
210 $375,807.04 $944.75 $0.00 $2,124.87 $378,876.66
211 $378,876.66 $944.75 $0.00 $2,142.22 $381,963.63
212 $381,963.63 $944.75 $0.00 $2,159.68 $385,068.06
213 $385,068.06 $944.75 $0.00 $2,177.23 $388,190.04
214 $388,190.04 $944.75 $0.00 $2,194.88 $391,329.67
215 $391,329.67 $944.75 $0.00 $2,212.63 $394,487.05
216 $394,487.05 $944.75 $0.00 $2,230.49 $397,662.29
217 $397,662.29 $944.75 $110,762.24 $2,248.44 $290,093.24
218 $290,093.24 $944.75 $0.00 $1,640.23 $292,678.22
219 $292,678.22 $944.75 $0.00 $1,654.85 $295,277.82
220 $295,277.82 $944.75 $0.00 $1,669.54 $297,892.11
221 $297,892.11 $944.75 $0.00 $1,684.33 $300,521.19
222 $300,521.19 $944.75 $0.00 $1,699.19 $303,165.13
223 $303,165.13 $944.75 $0.00 $1,714.14 $305,824.02
224 $305,824.02 $944.75 $0.00 $1,729.17 $308,497.94
225 $308,497.94 $944.75 $0.00 $1,744.29 $311,186.98
226 $311,186.98 $944.75 $0.00 $1,759.50 $313,891.23
227 $313,891.23 $944.75 $0.00 $1,774.79 $316,610.77
228 $316,610.77 $944.75 $0.00 $1,790.16 $319,345.68
229 $319,345.68 $944.75 $116,300.36 $1,805.63 $205,795.70
230 $205,795.70 $944.75 $0.00 $1,163.60 $207,904.05
231 $207,904.05 $944.75 $0.00 $1,175.52 $210,024.32
232 $210,024.32 $944.75 $0.00 $1,187.51 $212,156.58
233 $212,156.58 $944.75 $0.00 $1,199.56 $214,300.89
234 $214,300.89 $944.75 $0.00 $1,211.69 $216,457.33
235 $216,457.33 $944.75 $0.00 $1,223.88 $218,625.96
236 $218,625.96 $944.75 $0.00 $1,236.14 $220,806.85
237 $220,806.85 $944.75 $0.00 $1,248.47 $223,000.07
238 $223,000.07 $944.75 $0.00 $1,260.87 $225,205.69
239 $225,205.69 $944.75 $0.00 $1,273.35 $227,423.79
240 $227,423.79 $944.75 $0.00 $1,285.89 $229,654.43
241 $229,654.43 $944.75 $122,115.37 $1,298.50 $109,782.31
242 $109,782.31 $944.75 $0.00 $620.73 $111,347.79
243 $111,347.79 $944.75 $0.00 $629.58 $112,922.12
244 $112,922.12 $944.75 $0.00 $638.48 $114,505.35
245 $114,505.35 $944.75 $0.00 $647.43 $116,097.53
246 $116,097.53 $944.75 $0.00 $656.43 $117,698.71
247 $117,698.71 $944.75 $0.00 $665.49 $119,308.95
248 $119,308.95 $944.75 $0.00 $674.59 $120,928.29
249 $120,928.29 $944.75 $0.00 $683.75 $122,556.79
250 $122,556.79 $944.75 $0.00 $692.95 $124,194.49
251 $124,194.49 $944.75 $0.00 $702.21 $125,841.45
252 $125,841.45 $944.75 $0.00 $711.53 $127,497.73
253 $127,497.73 $0.00 $128,221.14 $720.89 ($2.52)