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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$45,367
Monthly savings required$202

How much will it cost to send your child to Eastern Maine Community College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $90,733.28 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $201.62 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$18,391.00
Years until enrollment18
Annual Tuition Increase5%
Current Savings$0.00
After Tax Return on Savings7%
Years of enrollment2

Current Savings Shortfall

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Planned Savings Balance

College Savings Schedule

Month Begin Deposit Withdraw Interest End
1 $0.00 $201.62 $0.00 $0.00 $201.62
2 $201.62 $201.62 $0.00 $1.14 $404.38
3 $404.38 $201.62 $0.00 $2.29 $608.29
4 $608.29 $201.62 $0.00 $3.44 $813.35
5 $813.35 $201.62 $0.00 $4.60 $1,019.57
6 $1,019.57 $201.62 $0.00 $5.76 $1,226.95
7 $1,226.95 $201.62 $0.00 $6.94 $1,435.51
8 $1,435.51 $201.62 $0.00 $8.12 $1,645.25
9 $1,645.25 $201.62 $0.00 $9.30 $1,856.17
10 $1,856.17 $201.62 $0.00 $10.50 $2,068.29
11 $2,068.29 $201.62 $0.00 $11.69 $2,281.60
12 $2,281.60 $201.62 $0.00 $12.90 $2,496.12
13 $2,496.12 $201.62 $0.00 $14.11 $2,711.85
14 $2,711.85 $201.62 $0.00 $15.33 $2,928.80
15 $2,928.80 $201.62 $0.00 $16.56 $3,146.98
16 $3,146.98 $201.62 $0.00 $17.79 $3,366.39
17 $3,366.39 $201.62 $0.00 $19.03 $3,587.04
18 $3,587.04 $201.62 $0.00 $20.28 $3,808.94
19 $3,808.94 $201.62 $0.00 $21.54 $4,032.10
20 $4,032.10 $201.62 $0.00 $22.80 $4,256.52
21 $4,256.52 $201.62 $0.00 $24.07 $4,482.21
22 $4,482.21 $201.62 $0.00 $25.34 $4,709.17
23 $4,709.17 $201.62 $0.00 $26.63 $4,937.42
24 $4,937.42 $201.62 $0.00 $27.92 $5,166.96
25 $5,166.96 $201.62 $0.00 $29.21 $5,397.79
26 $5,397.79 $201.62 $0.00 $30.52 $5,629.93
27 $5,629.93 $201.62 $0.00 $31.83 $5,863.38
28 $5,863.38 $201.62 $0.00 $33.15 $6,098.15
29 $6,098.15 $201.62 $0.00 $34.48 $6,334.25
30 $6,334.25 $201.62 $0.00 $35.81 $6,571.68
31 $6,571.68 $201.62 $0.00 $37.16 $6,810.46
32 $6,810.46 $201.62 $0.00 $38.51 $7,050.59
33 $7,050.59 $201.62 $0.00 $39.87 $7,292.08
34 $7,292.08 $201.62 $0.00 $41.23 $7,534.93
35 $7,534.93 $201.62 $0.00 $42.60 $7,779.15
36 $7,779.15 $201.62 $0.00 $43.98 $8,024.75
37 $8,024.75 $201.62 $0.00 $45.37 $8,271.74
38 $8,271.74 $201.62 $0.00 $46.77 $8,520.13
39 $8,520.13 $201.62 $0.00 $48.17 $8,769.92
40 $8,769.92 $201.62 $0.00 $49.59 $9,021.13
41 $9,021.13 $201.62 $0.00 $51.01 $9,273.76
42 $9,273.76 $201.62 $0.00 $52.44 $9,527.82
43 $9,527.82 $201.62 $0.00 $53.87 $9,783.31
44 $9,783.31 $201.62 $0.00 $55.32 $10,040.25
45 $10,040.25 $201.62 $0.00 $56.77 $10,298.64
46 $10,298.64 $201.62 $0.00 $58.23 $10,558.49
47 $10,558.49 $201.62 $0.00 $59.70 $10,819.81
48 $10,819.81 $201.62 $0.00 $61.18 $11,082.61
49 $11,082.61 $201.62 $0.00 $62.66 $11,346.89
50 $11,346.89 $201.62 $0.00 $64.16 $11,612.67
51 $11,612.67 $201.62 $0.00 $65.66 $11,879.95
52 $11,879.95 $201.62 $0.00 $67.17 $12,148.74
53 $12,148.74 $201.62 $0.00 $68.69 $12,419.05
54 $12,419.05 $201.62 $0.00 $70.22 $12,690.89
55 $12,690.89 $201.62 $0.00 $71.76 $12,964.27
56 $12,964.27 $201.62 $0.00 $73.30 $13,239.19
57 $13,239.19 $201.62 $0.00 $74.86 $13,515.67
58 $13,515.67 $201.62 $0.00 $76.42 $13,793.71
59 $13,793.71 $201.62 $0.00 $77.99 $14,073.32
60 $14,073.32 $201.62 $0.00 $79.57 $14,354.51
61 $14,354.51 $201.62 $0.00 $81.16 $14,637.29
62 $14,637.29 $201.62 $0.00 $82.76 $14,921.67
63 $14,921.67 $201.62 $0.00 $84.37 $15,207.66
64 $15,207.66 $201.62 $0.00 $85.99 $15,495.27
65 $15,495.27 $201.62 $0.00 $87.61 $15,784.50
66 $15,784.50 $201.62 $0.00 $89.25 $16,075.37
67 $16,075.37 $201.62 $0.00 $90.89 $16,367.88
68 $16,367.88 $201.62 $0.00 $92.55 $16,662.05
69 $16,662.05 $201.62 $0.00 $94.21 $16,957.88
70 $16,957.88 $201.62 $0.00 $95.88 $17,255.38
71 $17,255.38 $201.62 $0.00 $97.56 $17,554.56
72 $17,554.56 $201.62 $0.00 $99.26 $17,855.44
73 $17,855.44 $201.62 $0.00 $100.96 $18,158.02
74 $18,158.02 $201.62 $0.00 $102.67 $18,462.31
75 $18,462.31 $201.62 $0.00 $104.39 $18,768.32
76 $18,768.32 $201.62 $0.00 $106.12 $19,076.06
77 $19,076.06 $201.62 $0.00 $107.86 $19,385.54
78 $19,385.54 $201.62 $0.00 $109.61 $19,696.77
79 $19,696.77 $201.62 $0.00 $111.37 $20,009.76
80 $20,009.76 $201.62 $0.00 $113.14 $20,324.52
81 $20,324.52 $201.62 $0.00 $114.92 $20,641.06
82 $20,641.06 $201.62 $0.00 $116.71 $20,959.39
83 $20,959.39 $201.62 $0.00 $118.51 $21,279.52
84 $21,279.52 $201.62 $0.00 $120.32 $21,601.46
85 $21,601.46 $201.62 $0.00 $122.14 $21,925.22
86 $21,925.22 $201.62 $0.00 $123.97 $22,250.81
87 $22,250.81 $201.62 $0.00 $125.81 $22,578.24
88 $22,578.24 $201.62 $0.00 $127.66 $22,907.52
89 $22,907.52 $201.62 $0.00 $129.52 $23,238.66
90 $23,238.66 $201.62 $0.00 $131.39 $23,571.67
91 $23,571.67 $201.62 $0.00 $133.28 $23,906.57
92 $23,906.57 $201.62 $0.00 $135.17 $24,243.36
93 $24,243.36 $201.62 $0.00 $137.08 $24,582.06
94 $24,582.06 $201.62 $0.00 $138.99 $24,922.67
95 $24,922.67 $201.62 $0.00 $140.92 $25,265.21
96 $25,265.21 $201.62 $0.00 $142.85 $25,609.68
97 $25,609.68 $201.62 $0.00 $144.80 $25,956.10
98 $25,956.10 $201.62 $0.00 $146.76 $26,304.48
99 $26,304.48 $201.62 $0.00 $148.73 $26,654.83
100 $26,654.83 $201.62 $0.00 $150.71 $27,007.16
101 $27,007.16 $201.62 $0.00 $152.70 $27,361.48
102 $27,361.48 $201.62 $0.00 $154.71 $27,717.81
103 $27,717.81 $201.62 $0.00 $156.72 $28,076.15
104 $28,076.15 $201.62 $0.00 $158.75 $28,436.52
105 $28,436.52 $201.62 $0.00 $160.78 $28,798.92
106 $28,798.92 $201.62 $0.00 $162.83 $29,163.37
107 $29,163.37 $201.62 $0.00 $164.89 $29,529.88
108 $29,529.88 $201.62 $0.00 $166.97 $29,898.47
109 $29,898.47 $201.62 $0.00 $169.05 $30,269.14
110 $30,269.14 $201.62 $0.00 $171.15 $30,641.91
111 $30,641.91 $201.62 $0.00 $173.25 $31,016.78
112 $31,016.78 $201.62 $0.00 $175.37 $31,393.77
113 $31,393.77 $201.62 $0.00 $177.50 $31,772.89
114 $31,772.89 $201.62 $0.00 $179.65 $32,154.16
115 $32,154.16 $201.62 $0.00 $181.80 $32,537.58
116 $32,537.58 $201.62 $0.00 $183.97 $32,923.17
117 $32,923.17 $201.62 $0.00 $186.15 $33,310.94
118 $33,310.94 $201.62 $0.00 $188.34 $33,700.90
119 $33,700.90 $201.62 $0.00 $190.55 $34,093.07
120 $34,093.07 $201.62 $0.00 $192.77 $34,487.46
121 $34,487.46 $201.62 $0.00 $195.00 $34,884.08
122 $34,884.08 $201.62 $0.00 $197.24 $35,282.94
123 $35,282.94 $201.62 $0.00 $199.49 $35,684.05
124 $35,684.05 $201.62 $0.00 $201.76 $36,087.43
125 $36,087.43 $201.62 $0.00 $204.04 $36,493.09
126 $36,493.09 $201.62 $0.00 $206.34 $36,901.05
127 $36,901.05 $201.62 $0.00 $208.64 $37,311.31
128 $37,311.31 $201.62 $0.00 $210.96 $37,723.89
129 $37,723.89 $201.62 $0.00 $213.30 $38,138.81
130 $38,138.81 $201.62 $0.00 $215.64 $38,556.07
131 $38,556.07 $201.62 $0.00 $218.00 $38,975.69
132 $38,975.69 $201.62 $0.00 $220.37 $39,397.68
133 $39,397.68 $201.62 $0.00 $222.76 $39,822.06
134 $39,822.06 $201.62 $0.00 $225.16 $40,248.84
135 $40,248.84 $201.62 $0.00 $227.57 $40,678.03
136 $40,678.03 $201.62 $0.00 $230.00 $41,109.65
137 $41,109.65 $201.62 $0.00 $232.44 $41,543.71
138 $41,543.71 $201.62 $0.00 $234.89 $41,980.22
139 $41,980.22 $201.62 $0.00 $237.36 $42,419.20
140 $42,419.20 $201.62 $0.00 $239.84 $42,860.66
141 $42,860.66 $201.62 $0.00 $242.34 $43,304.62
142 $43,304.62 $201.62 $0.00 $244.85 $43,751.09
143 $43,751.09 $201.62 $0.00 $247.38 $44,200.09
144 $44,200.09 $201.62 $0.00 $249.91 $44,651.62
145 $44,651.62 $201.62 $0.00 $252.47 $45,105.71
146 $45,105.71 $201.62 $0.00 $255.03 $45,562.36
147 $45,562.36 $201.62 $0.00 $257.62 $46,021.60
148 $46,021.60 $201.62 $0.00 $260.21 $46,483.43
149 $46,483.43 $201.62 $0.00 $262.82 $46,947.87
150 $46,947.87 $201.62 $0.00 $265.45 $47,414.94
151 $47,414.94 $201.62 $0.00 $268.09 $47,884.65
152 $47,884.65 $201.62 $0.00 $270.75 $48,357.02
153 $48,357.02 $201.62 $0.00 $273.42 $48,832.06
154 $48,832.06 $201.62 $0.00 $276.10 $49,309.78
155 $49,309.78 $201.62 $0.00 $278.80 $49,790.20
156 $49,790.20 $201.62 $0.00 $281.52 $50,273.34
157 $50,273.34 $201.62 $0.00 $284.25 $50,759.21
158 $50,759.21 $201.62 $0.00 $287.00 $51,247.83
159 $51,247.83 $201.62 $0.00 $289.76 $51,739.21
160 $51,739.21 $201.62 $0.00 $292.54 $52,233.37
161 $52,233.37 $201.62 $0.00 $295.34 $52,730.33
162 $52,730.33 $201.62 $0.00 $298.14 $53,230.09
163 $53,230.09 $201.62 $0.00 $300.97 $53,732.68
164 $53,732.68 $201.62 $0.00 $303.81 $54,238.11
165 $54,238.11 $201.62 $0.00 $306.67 $54,746.40
166 $54,746.40 $201.62 $0.00 $309.54 $55,257.56
167 $55,257.56 $201.62 $0.00 $312.43 $55,771.61
168 $55,771.61 $201.62 $0.00 $315.34 $56,288.57
169 $56,288.57 $201.62 $0.00 $318.26 $56,808.45
170 $56,808.45 $201.62 $0.00 $321.20 $57,331.27
171 $57,331.27 $201.62 $0.00 $324.16 $57,857.05
172 $57,857.05 $201.62 $0.00 $327.13 $58,385.80
173 $58,385.80 $201.62 $0.00 $330.12 $58,917.54
174 $58,917.54 $201.62 $0.00 $333.13 $59,452.29
175 $59,452.29 $201.62 $0.00 $336.15 $59,990.06
176 $59,990.06 $201.62 $0.00 $339.19 $60,530.87
177 $60,530.87 $201.62 $0.00 $342.25 $61,074.74
178 $61,074.74 $201.62 $0.00 $345.33 $61,621.69
179 $61,621.69 $201.62 $0.00 $348.42 $62,171.73
180 $62,171.73 $201.62 $0.00 $351.53 $62,724.88
181 $62,724.88 $201.62 $0.00 $354.66 $63,281.16
182 $63,281.16 $201.62 $0.00 $357.80 $63,840.58
183 $63,840.58 $201.62 $0.00 $360.96 $64,403.16
184 $64,403.16 $201.62 $0.00 $364.14 $64,968.92
185 $64,968.92 $201.62 $0.00 $367.34 $65,537.88
186 $65,537.88 $201.62 $0.00 $370.56 $66,110.06
187 $66,110.06 $201.62 $0.00 $373.80 $66,685.48
188 $66,685.48 $201.62 $0.00 $377.05 $67,264.15
189 $67,264.15 $201.62 $0.00 $380.32 $67,846.09
190 $67,846.09 $201.62 $0.00 $383.61 $68,431.32
191 $68,431.32 $201.62 $0.00 $386.92 $69,019.86
192 $69,019.86 $201.62 $0.00 $390.25 $69,611.73
193 $69,611.73 $201.62 $0.00 $393.59 $70,206.94
194 $70,206.94 $201.62 $0.00 $396.96 $70,805.52
195 $70,805.52 $201.62 $0.00 $400.34 $71,407.48
196 $71,407.48 $201.62 $0.00 $403.75 $72,012.85
197 $72,012.85 $201.62 $0.00 $407.17 $72,621.64
198 $72,621.64 $201.62 $0.00 $410.61 $73,233.87
199 $73,233.87 $201.62 $0.00 $414.07 $73,849.56
200 $73,849.56 $201.62 $0.00 $417.56 $74,468.74
201 $74,468.74 $201.62 $0.00 $421.06 $75,091.42
202 $75,091.42 $201.62 $0.00 $424.58 $75,717.62
203 $75,717.62 $201.62 $0.00 $428.12 $76,347.36
204 $76,347.36 $201.62 $0.00 $431.68 $76,980.66
205 $76,980.66 $201.62 $0.00 $435.26 $77,617.54
206 $77,617.54 $201.62 $0.00 $438.86 $78,258.02
207 $78,258.02 $201.62 $0.00 $442.48 $78,902.12
208 $78,902.12 $201.62 $0.00 $446.12 $79,549.86
209 $79,549.86 $201.62 $0.00 $449.79 $80,201.27
210 $80,201.27 $201.62 $0.00 $453.47 $80,856.36
211 $80,856.36 $201.62 $0.00 $457.17 $81,515.15
212 $81,515.15 $201.62 $0.00 $460.90 $82,177.67
213 $82,177.67 $201.62 $0.00 $464.64 $82,843.93
214 $82,843.93 $201.62 $0.00 $468.41 $83,513.96
215 $83,513.96 $201.62 $0.00 $472.20 $84,187.78
216 $84,187.78 $201.62 $0.00 $476.01 $84,865.41
217 $84,865.41 $201.62 $44,260.13 $479.84 $41,286.74
218 $41,286.74 $201.62 $0.00 $233.44 $41,721.80
219 $41,721.80 $201.62 $0.00 $235.90 $42,159.32
220 $42,159.32 $201.62 $0.00 $238.37 $42,599.31
221 $42,599.31 $201.62 $0.00 $240.86 $43,041.79
222 $43,041.79 $201.62 $0.00 $243.36 $43,486.77
223 $43,486.77 $201.62 $0.00 $245.88 $43,934.27
224 $43,934.27 $201.62 $0.00 $248.41 $44,384.30
225 $44,384.30 $201.62 $0.00 $250.96 $44,836.88
226 $44,836.88 $201.62 $0.00 $253.51 $45,292.01
227 $45,292.01 $201.62 $0.00 $256.09 $45,749.72
228 $45,749.72 $201.62 $0.00 $258.68 $46,210.02
229 $46,210.02 $0.00 $46,473.14 $261.28 ($1.84)