Savings Plan and Future Cost Estimation for Martin University

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2040$62,688
Monthly savings required$496

How much will it cost to send your child to Martin University in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $250,752.79 for students enrolling in 2040 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $496.23 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$24,174.00
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 $496.23 $0.00 $0.00 $496.23
2 $496.23 $496.23 $0.00 $2.81 $995.27
3 $995.27 $496.23 $0.00 $5.63 $1,497.13
4 $1,497.13 $496.23 $0.00 $8.46 $2,001.82
5 $2,001.82 $496.23 $0.00 $11.32 $2,509.37
6 $2,509.37 $496.23 $0.00 $14.19 $3,019.79
7 $3,019.79 $496.23 $0.00 $17.07 $3,533.09
8 $3,533.09 $496.23 $0.00 $19.98 $4,049.30
9 $4,049.30 $496.23 $0.00 $22.90 $4,568.43
10 $4,568.43 $496.23 $0.00 $25.83 $5,090.49
11 $5,090.49 $496.23 $0.00 $28.78 $5,615.50
12 $5,615.50 $496.23 $0.00 $31.75 $6,143.48
13 $6,143.48 $496.23 $0.00 $34.74 $6,674.45
14 $6,674.45 $496.23 $0.00 $37.74 $7,208.42
15 $7,208.42 $496.23 $0.00 $40.76 $7,745.41
16 $7,745.41 $496.23 $0.00 $43.79 $8,285.43
17 $8,285.43 $496.23 $0.00 $46.85 $8,828.51
18 $8,828.51 $496.23 $0.00 $49.92 $9,374.66
19 $9,374.66 $496.23 $0.00 $53.01 $9,923.90
20 $9,923.90 $496.23 $0.00 $56.11 $10,476.24
21 $10,476.24 $496.23 $0.00 $59.23 $11,031.70
22 $11,031.70 $496.23 $0.00 $62.37 $11,590.30
23 $11,590.30 $496.23 $0.00 $65.53 $12,152.06
24 $12,152.06 $496.23 $0.00 $68.71 $12,717.00
25 $12,717.00 $496.23 $0.00 $71.90 $13,285.13
26 $13,285.13 $496.23 $0.00 $75.12 $13,856.48
27 $13,856.48 $496.23 $0.00 $78.35 $14,431.06
28 $14,431.06 $496.23 $0.00 $81.60 $15,008.89
29 $15,008.89 $496.23 $0.00 $84.86 $15,589.98
30 $15,589.98 $496.23 $0.00 $88.15 $16,174.36
31 $16,174.36 $496.23 $0.00 $91.45 $16,762.04
32 $16,762.04 $496.23 $0.00 $94.78 $17,353.05
33 $17,353.05 $496.23 $0.00 $98.12 $17,947.40
34 $17,947.40 $496.23 $0.00 $101.48 $18,545.11
35 $18,545.11 $496.23 $0.00 $104.86 $19,146.20
36 $19,146.20 $496.23 $0.00 $108.26 $19,750.69
37 $19,750.69 $496.23 $0.00 $111.67 $20,358.59
38 $20,358.59 $496.23 $0.00 $115.11 $20,969.93
39 $20,969.93 $496.23 $0.00 $118.57 $21,584.73
40 $21,584.73 $496.23 $0.00 $122.04 $22,203.00
41 $22,203.00 $496.23 $0.00 $125.54 $22,824.77
42 $22,824.77 $496.23 $0.00 $129.05 $23,450.05
43 $23,450.05 $496.23 $0.00 $132.59 $24,078.87
44 $24,078.87 $496.23 $0.00 $136.15 $24,711.25
45 $24,711.25 $496.23 $0.00 $139.72 $25,347.20
46 $25,347.20 $496.23 $0.00 $143.32 $25,986.75
47 $25,986.75 $496.23 $0.00 $146.93 $26,629.91
48 $26,629.91 $496.23 $0.00 $150.57 $27,276.71
49 $27,276.71 $496.23 $0.00 $154.23 $27,927.17
50 $27,927.17 $496.23 $0.00 $157.90 $28,581.30
51 $28,581.30 $496.23 $0.00 $161.60 $29,239.13
52 $29,239.13 $496.23 $0.00 $165.32 $29,900.68
53 $29,900.68 $496.23 $0.00 $169.06 $30,565.97
54 $30,565.97 $496.23 $0.00 $172.82 $31,235.02
55 $31,235.02 $496.23 $0.00 $176.61 $31,907.86
56 $31,907.86 $496.23 $0.00 $180.41 $32,584.50
57 $32,584.50 $496.23 $0.00 $184.24 $33,264.97
58 $33,264.97 $496.23 $0.00 $188.08 $33,949.28
59 $33,949.28 $496.23 $0.00 $191.95 $34,637.46
60 $34,637.46 $496.23 $0.00 $195.85 $35,329.54
61 $35,329.54 $496.23 $0.00 $199.76 $36,025.53
62 $36,025.53 $496.23 $0.00 $203.69 $36,725.45
63 $36,725.45 $496.23 $0.00 $207.65 $37,429.33
64 $37,429.33 $496.23 $0.00 $211.63 $38,137.19
65 $38,137.19 $496.23 $0.00 $215.63 $38,849.05
66 $38,849.05 $496.23 $0.00 $219.66 $39,564.94
67 $39,564.94 $496.23 $0.00 $223.71 $40,284.88
68 $40,284.88 $496.23 $0.00 $227.78 $41,008.89
69 $41,008.89 $496.23 $0.00 $231.87 $41,736.99
70 $41,736.99 $496.23 $0.00 $235.99 $42,469.21
71 $42,469.21 $496.23 $0.00 $240.13 $43,205.57
72 $43,205.57 $496.23 $0.00 $244.29 $43,946.09
73 $43,946.09 $496.23 $0.00 $248.48 $44,690.80
74 $44,690.80 $496.23 $0.00 $252.69 $45,439.72
75 $45,439.72 $496.23 $0.00 $256.92 $46,192.87
76 $46,192.87 $496.23 $0.00 $261.18 $46,950.28
77 $46,950.28 $496.23 $0.00 $265.46 $47,711.97
78 $47,711.97 $496.23 $0.00 $269.77 $48,477.97
79 $48,477.97 $496.23 $0.00 $274.10 $49,248.30
80 $49,248.30 $496.23 $0.00 $278.46 $50,022.99
81 $50,022.99 $496.23 $0.00 $282.84 $50,802.06
82 $50,802.06 $496.23 $0.00 $287.24 $51,585.53
83 $51,585.53 $496.23 $0.00 $291.67 $52,373.43
84 $52,373.43 $496.23 $0.00 $296.13 $53,165.79
85 $53,165.79 $496.23 $0.00 $300.61 $53,962.63
86 $53,962.63 $496.23 $0.00 $305.11 $54,763.97
87 $54,763.97 $496.23 $0.00 $309.64 $55,569.84
88 $55,569.84 $496.23 $0.00 $314.20 $56,380.27
89 $56,380.27 $496.23 $0.00 $318.78 $57,195.28
90 $57,195.28 $496.23 $0.00 $323.39 $58,014.90
91 $58,014.90 $496.23 $0.00 $328.02 $58,839.15
92 $58,839.15 $496.23 $0.00 $332.69 $59,668.07
93 $59,668.07 $496.23 $0.00 $337.37 $60,501.67
94 $60,501.67 $496.23 $0.00 $342.09 $61,339.99
95 $61,339.99 $496.23 $0.00 $346.83 $62,183.05
96 $62,183.05 $496.23 $0.00 $351.59 $63,030.87
97 $63,030.87 $496.23 $0.00 $356.39 $63,883.49
98 $63,883.49 $496.23 $0.00 $361.21 $64,740.93
99 $64,740.93 $496.23 $0.00 $366.05 $65,603.21
100 $65,603.21 $496.23 $0.00 $370.93 $66,470.37
101 $66,470.37 $496.23 $0.00 $375.83 $67,342.43
102 $67,342.43 $496.23 $0.00 $380.76 $68,219.42
103 $68,219.42 $496.23 $0.00 $385.72 $69,101.37
104 $69,101.37 $496.23 $0.00 $390.71 $69,988.31
105 $69,988.31 $496.23 $0.00 $395.72 $70,880.26
106 $70,880.26 $496.23 $0.00 $400.77 $71,777.26
107 $71,777.26 $496.23 $0.00 $405.84 $72,679.33
108 $72,679.33 $496.23 $0.00 $410.94 $73,586.50
109 $73,586.50 $496.23 $0.00 $416.07 $74,498.80
110 $74,498.80 $496.23 $0.00 $421.23 $75,416.26
111 $75,416.26 $496.23 $0.00 $426.41 $76,338.90
112 $76,338.90 $496.23 $0.00 $431.63 $77,266.76
113 $77,266.76 $496.23 $0.00 $436.88 $78,199.87
114 $78,199.87 $496.23 $0.00 $442.15 $79,138.25
115 $79,138.25 $496.23 $0.00 $447.46 $80,081.94
116 $80,081.94 $496.23 $0.00 $452.79 $81,030.96
117 $81,030.96 $496.23 $0.00 $458.16 $81,985.35
118 $81,985.35 $496.23 $0.00 $463.56 $82,945.14
119 $82,945.14 $496.23 $0.00 $468.98 $83,910.35
120 $83,910.35 $496.23 $0.00 $474.44 $84,881.02
121 $84,881.02 $496.23 $0.00 $479.93 $85,857.18
122 $85,857.18 $496.23 $0.00 $485.45 $86,838.86
123 $86,838.86 $496.23 $0.00 $491.00 $87,826.09
124 $87,826.09 $496.23 $0.00 $496.58 $88,818.90
125 $88,818.90 $496.23 $0.00 $502.19 $89,817.32
126 $89,817.32 $496.23 $0.00 $507.84 $90,821.39
127 $90,821.39 $496.23 $0.00 $513.52 $91,831.14
128 $91,831.14 $496.23 $0.00 $519.23 $92,846.60
129 $92,846.60 $496.23 $0.00 $524.97 $93,867.80
130 $93,867.80 $496.23 $0.00 $530.74 $94,894.77
131 $94,894.77 $496.23 $0.00 $536.55 $95,927.55
132 $95,927.55 $496.23 $0.00 $542.39 $96,966.17
133 $96,966.17 $496.23 $0.00 $548.26 $98,010.66
134 $98,010.66 $496.23 $0.00 $554.17 $99,061.06
135 $99,061.06 $496.23 $0.00 $560.11 $100,117.40
136 $100,117.40 $496.23 $0.00 $566.08 $101,179.71
137 $101,179.71 $496.23 $0.00 $572.08 $102,248.02
138 $102,248.02 $496.23 $0.00 $578.13 $103,322.38
139 $103,322.38 $496.23 $0.00 $584.20 $104,402.81
140 $104,402.81 $496.23 $0.00 $590.31 $105,489.35
141 $105,489.35 $496.23 $0.00 $596.45 $106,582.03
142 $106,582.03 $496.23 $0.00 $602.63 $107,680.89
143 $107,680.89 $496.23 $0.00 $608.84 $108,785.96
144 $108,785.96 $496.23 $0.00 $615.09 $109,897.28
145 $109,897.28 $496.23 $0.00 $621.38 $111,014.89
146 $111,014.89 $496.23 $0.00 $627.69 $112,138.81
147 $112,138.81 $496.23 $0.00 $634.05 $113,269.09
148 $113,269.09 $496.23 $0.00 $640.44 $114,405.76
149 $114,405.76 $496.23 $0.00 $646.87 $115,548.86
150 $115,548.86 $496.23 $0.00 $653.33 $116,698.42
151 $116,698.42 $496.23 $0.00 $659.83 $117,854.48
152 $117,854.48 $496.23 $0.00 $666.37 $119,017.08
153 $119,017.08 $496.23 $0.00 $672.94 $120,186.25
154 $120,186.25 $496.23 $0.00 $679.55 $121,362.03
155 $121,362.03 $496.23 $0.00 $686.20 $122,544.46
156 $122,544.46 $496.23 $0.00 $692.88 $123,733.57
157 $123,733.57 $496.23 $0.00 $699.61 $124,929.41
158 $124,929.41 $496.23 $0.00 $706.37 $126,132.01
159 $126,132.01 $496.23 $0.00 $713.17 $127,341.41
160 $127,341.41 $496.23 $0.00 $720.01 $128,557.65
161 $128,557.65 $496.23 $0.00 $726.88 $129,780.76
162 $129,780.76 $496.23 $0.00 $733.80 $131,010.79
163 $131,010.79 $496.23 $0.00 $740.75 $132,247.77
164 $132,247.77 $496.23 $0.00 $747.75 $133,491.75
165 $133,491.75 $496.23 $0.00 $754.78 $134,742.76
166 $134,742.76 $496.23 $0.00 $761.86 $136,000.85
167 $136,000.85 $496.23 $0.00 $768.97 $137,266.05
168 $137,266.05 $496.23 $0.00 $776.12 $138,538.40
169 $138,538.40 $496.23 $0.00 $783.32 $139,817.95
170 $139,817.95 $496.23 $0.00 $790.55 $141,104.73
171 $141,104.73 $496.23 $0.00 $797.83 $142,398.79
172 $142,398.79 $496.23 $0.00 $805.14 $143,700.16
173 $143,700.16 $496.23 $0.00 $812.50 $145,008.89
174 $145,008.89 $496.23 $0.00 $819.90 $146,325.02
175 $146,325.02 $496.23 $0.00 $827.34 $147,648.59
176 $147,648.59 $496.23 $0.00 $834.83 $148,979.65
177 $148,979.65 $496.23 $0.00 $842.35 $150,318.23
178 $150,318.23 $496.23 $0.00 $849.92 $151,664.38
179 $151,664.38 $496.23 $0.00 $857.53 $153,018.14
180 $153,018.14 $496.23 $0.00 $865.19 $154,379.56
181 $154,379.56 $496.23 $0.00 $872.88 $155,748.67
182 $155,748.67 $496.23 $0.00 $880.63 $157,125.53
183 $157,125.53 $496.23 $0.00 $888.41 $158,510.17
184 $158,510.17 $496.23 $0.00 $896.24 $159,902.64
185 $159,902.64 $496.23 $0.00 $904.11 $161,302.98
186 $161,302.98 $496.23 $0.00 $912.03 $162,711.24
187 $162,711.24 $496.23 $0.00 $919.99 $164,127.46
188 $164,127.46 $496.23 $0.00 $928.00 $165,551.69
189 $165,551.69 $496.23 $0.00 $936.05 $166,983.97
190 $166,983.97 $496.23 $0.00 $944.15 $168,424.35
191 $168,424.35 $496.23 $0.00 $952.30 $169,872.88
192 $169,872.88 $496.23 $0.00 $960.49 $171,329.60
193 $171,329.60 $496.23 $0.00 $968.72 $172,794.55
194 $172,794.55 $496.23 $0.00 $977.01 $174,267.79
195 $174,267.79 $496.23 $0.00 $985.34 $175,749.36
196 $175,749.36 $496.23 $0.00 $993.71 $177,239.30
197 $177,239.30 $496.23 $0.00 $1,002.14 $178,737.67
198 $178,737.67 $496.23 $0.00 $1,010.61 $180,244.51
199 $180,244.51 $496.23 $0.00 $1,019.13 $181,759.87
200 $181,759.87 $496.23 $0.00 $1,027.70 $183,283.80
201 $183,283.80 $496.23 $0.00 $1,036.31 $184,816.34
202 $184,816.34 $496.23 $0.00 $1,044.98 $186,357.55
203 $186,357.55 $496.23 $0.00 $1,053.69 $187,907.47
204 $187,907.47 $496.23 $0.00 $1,062.46 $189,466.16
205 $189,466.16 $496.23 $0.00 $1,071.27 $191,033.66
206 $191,033.66 $496.23 $0.00 $1,080.13 $192,610.02
207 $192,610.02 $496.23 $0.00 $1,089.05 $194,195.30
208 $194,195.30 $496.23 $0.00 $1,098.01 $195,789.54
209 $195,789.54 $496.23 $0.00 $1,107.02 $197,392.79
210 $197,392.79 $496.23 $0.00 $1,116.09 $199,005.11
211 $199,005.11 $496.23 $0.00 $1,125.20 $200,626.54
212 $200,626.54 $496.23 $0.00 $1,134.37 $202,257.14
213 $202,257.14 $496.23 $0.00 $1,143.59 $203,896.96
214 $203,896.96 $496.23 $0.00 $1,152.86 $205,546.05
215 $205,546.05 $496.23 $0.00 $1,162.19 $207,204.47
216 $207,204.47 $496.23 $0.00 $1,171.56 $208,872.26
217 $208,872.26 $496.23 $58,177.61 $1,180.99 $152,371.87
218 $152,371.87 $496.23 $0.00 $861.53 $153,729.63
219 $153,729.63 $496.23 $0.00 $869.21 $155,095.07
220 $155,095.07 $496.23 $0.00 $876.93 $156,468.23
221 $156,468.23 $496.23 $0.00 $884.69 $157,849.15
222 $157,849.15 $496.23 $0.00 $892.50 $159,237.88
223 $159,237.88 $496.23 $0.00 $900.35 $160,634.46
224 $160,634.46 $496.23 $0.00 $908.25 $162,038.94
225 $162,038.94 $496.23 $0.00 $916.19 $163,451.36
226 $163,451.36 $496.23 $0.00 $924.18 $164,871.77
227 $164,871.77 $496.23 $0.00 $932.21 $166,300.21
228 $166,300.21 $496.23 $0.00 $940.29 $167,736.73
229 $167,736.73 $496.23 $61,086.49 $948.41 $108,094.88
230 $108,094.88 $496.23 $0.00 $611.18 $109,202.29
231 $109,202.29 $496.23 $0.00 $617.45 $110,315.97
232 $110,315.97 $496.23 $0.00 $623.74 $111,435.94
233 $111,435.94 $496.23 $0.00 $630.08 $112,562.25
234 $112,562.25 $496.23 $0.00 $636.44 $113,694.92
235 $113,694.92 $496.23 $0.00 $642.85 $114,834.00
236 $114,834.00 $496.23 $0.00 $649.29 $115,979.52
237 $115,979.52 $496.23 $0.00 $655.77 $117,131.52
238 $117,131.52 $496.23 $0.00 $662.28 $118,290.03
239 $118,290.03 $496.23 $0.00 $668.83 $119,455.09
240 $119,455.09 $496.23 $0.00 $675.42 $120,626.74
241 $120,626.74 $496.23 $64,140.82 $682.04 $57,664.19
242 $57,664.19 $496.23 $0.00 $326.04 $58,486.46
243 $58,486.46 $496.23 $0.00 $330.69 $59,313.38
244 $59,313.38 $496.23 $0.00 $335.37 $60,144.98
245 $60,144.98 $496.23 $0.00 $340.07 $60,981.28
246 $60,981.28 $496.23 $0.00 $344.80 $61,822.31
247 $61,822.31 $496.23 $0.00 $349.55 $62,668.09
248 $62,668.09 $496.23 $0.00 $354.33 $63,518.65
249 $63,518.65 $496.23 $0.00 $359.14 $64,374.02
250 $64,374.02 $496.23 $0.00 $363.98 $65,234.23
251 $65,234.23 $496.23 $0.00 $368.84 $66,099.30
252 $66,099.30 $496.23 $0.00 $373.74 $66,969.27
253 $66,969.27 $0.00 $67,347.86 $378.65 $0.06