Savings Plan and Future Cost Estimation for Northern Maine Community College

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2040$46,030
Monthly savings required$205

How much will it cost to send your child to Northern Maine Community College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $92,060.41 for students enrolling in 2040 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $204.57 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$18,660.00
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 $204.57 $0.00 $0.00 $204.57
2 $204.57 $204.57 $0.00 $1.16 $410.30
3 $410.30 $204.57 $0.00 $2.32 $617.19
4 $617.19 $204.57 $0.00 $3.49 $825.25
5 $825.25 $204.57 $0.00 $4.67 $1,034.49
6 $1,034.49 $204.57 $0.00 $5.85 $1,244.91
7 $1,244.91 $204.57 $0.00 $7.04 $1,456.52
8 $1,456.52 $204.57 $0.00 $8.24 $1,669.33
9 $1,669.33 $204.57 $0.00 $9.44 $1,883.34
10 $1,883.34 $204.57 $0.00 $10.65 $2,098.56
11 $2,098.56 $204.57 $0.00 $11.87 $2,315.00
12 $2,315.00 $204.57 $0.00 $13.09 $2,532.66
13 $2,532.66 $204.57 $0.00 $14.32 $2,751.55
14 $2,751.55 $204.57 $0.00 $15.56 $2,971.68
15 $2,971.68 $204.57 $0.00 $16.80 $3,193.05
16 $3,193.05 $204.57 $0.00 $18.05 $3,415.67
17 $3,415.67 $204.57 $0.00 $19.31 $3,639.55
18 $3,639.55 $204.57 $0.00 $20.58 $3,864.70
19 $3,864.70 $204.57 $0.00 $21.85 $4,091.12
20 $4,091.12 $204.57 $0.00 $23.13 $4,318.82
21 $4,318.82 $204.57 $0.00 $24.42 $4,547.81
22 $4,547.81 $204.57 $0.00 $25.71 $4,778.09
23 $4,778.09 $204.57 $0.00 $27.02 $5,009.68
24 $5,009.68 $204.57 $0.00 $28.33 $5,242.58
25 $5,242.58 $204.57 $0.00 $29.64 $5,476.79
26 $5,476.79 $204.57 $0.00 $30.97 $5,712.33
27 $5,712.33 $204.57 $0.00 $32.30 $5,949.20
28 $5,949.20 $204.57 $0.00 $33.64 $6,187.41
29 $6,187.41 $204.57 $0.00 $34.98 $6,426.96
30 $6,426.96 $204.57 $0.00 $36.34 $6,667.87
31 $6,667.87 $204.57 $0.00 $37.70 $6,910.14
32 $6,910.14 $204.57 $0.00 $39.07 $7,153.78
33 $7,153.78 $204.57 $0.00 $40.45 $7,398.80
34 $7,398.80 $204.57 $0.00 $41.83 $7,645.20
35 $7,645.20 $204.57 $0.00 $43.23 $7,893.00
36 $7,893.00 $204.57 $0.00 $44.63 $8,142.20
37 $8,142.20 $204.57 $0.00 $46.04 $8,392.81
38 $8,392.81 $204.57 $0.00 $47.45 $8,644.83
39 $8,644.83 $204.57 $0.00 $48.88 $8,898.28
40 $8,898.28 $204.57 $0.00 $50.31 $9,153.16
41 $9,153.16 $204.57 $0.00 $51.75 $9,409.48
42 $9,409.48 $204.57 $0.00 $53.20 $9,667.25
43 $9,667.25 $204.57 $0.00 $54.66 $9,926.48
44 $9,926.48 $204.57 $0.00 $56.13 $10,187.18
45 $10,187.18 $204.57 $0.00 $57.60 $10,449.35
46 $10,449.35 $204.57 $0.00 $59.08 $10,713.00
47 $10,713.00 $204.57 $0.00 $60.57 $10,978.14
48 $10,978.14 $204.57 $0.00 $62.07 $11,244.78
49 $11,244.78 $204.57 $0.00 $63.58 $11,512.93
50 $11,512.93 $204.57 $0.00 $65.10 $11,782.60
51 $11,782.60 $204.57 $0.00 $66.62 $12,053.79
52 $12,053.79 $204.57 $0.00 $68.15 $12,326.51
53 $12,326.51 $204.57 $0.00 $69.70 $12,600.78
54 $12,600.78 $204.57 $0.00 $71.25 $12,876.60
55 $12,876.60 $204.57 $0.00 $72.81 $13,153.98
56 $13,153.98 $204.57 $0.00 $74.37 $13,432.92
57 $13,432.92 $204.57 $0.00 $75.95 $13,713.44
58 $13,713.44 $204.57 $0.00 $77.54 $13,995.55
59 $13,995.55 $204.57 $0.00 $79.13 $14,279.25
60 $14,279.25 $204.57 $0.00 $80.74 $14,564.56
61 $14,564.56 $204.57 $0.00 $82.35 $14,851.48
62 $14,851.48 $204.57 $0.00 $83.97 $15,140.02
63 $15,140.02 $204.57 $0.00 $85.60 $15,430.19
64 $15,430.19 $204.57 $0.00 $87.24 $15,722.00
65 $15,722.00 $204.57 $0.00 $88.89 $16,015.46
66 $16,015.46 $204.57 $0.00 $90.55 $16,310.58
67 $16,310.58 $204.57 $0.00 $92.22 $16,607.37
68 $16,607.37 $204.57 $0.00 $93.90 $16,905.84
69 $16,905.84 $204.57 $0.00 $95.59 $17,206.00
70 $17,206.00 $204.57 $0.00 $97.29 $17,507.86
71 $17,507.86 $204.57 $0.00 $98.99 $17,811.42
72 $17,811.42 $204.57 $0.00 $100.71 $18,116.70
73 $18,116.70 $204.57 $0.00 $102.43 $18,423.70
74 $18,423.70 $204.57 $0.00 $104.17 $18,732.44
75 $18,732.44 $204.57 $0.00 $105.92 $19,042.93
76 $19,042.93 $204.57 $0.00 $107.67 $19,355.17
77 $19,355.17 $204.57 $0.00 $109.44 $19,669.18
78 $19,669.18 $204.57 $0.00 $111.21 $19,984.96
79 $19,984.96 $204.57 $0.00 $113.00 $20,302.53
80 $20,302.53 $204.57 $0.00 $114.79 $20,621.89
81 $20,621.89 $204.57 $0.00 $116.60 $20,943.06
82 $20,943.06 $204.57 $0.00 $118.42 $21,266.05
83 $21,266.05 $204.57 $0.00 $120.24 $21,590.86
84 $21,590.86 $204.57 $0.00 $122.08 $21,917.51
85 $21,917.51 $204.57 $0.00 $123.92 $22,246.00
86 $22,246.00 $204.57 $0.00 $125.78 $22,576.35
87 $22,576.35 $204.57 $0.00 $127.65 $22,908.57
88 $22,908.57 $204.57 $0.00 $129.53 $23,242.67
89 $23,242.67 $204.57 $0.00 $131.42 $23,578.66
90 $23,578.66 $204.57 $0.00 $133.32 $23,916.55
91 $23,916.55 $204.57 $0.00 $135.23 $24,256.35
92 $24,256.35 $204.57 $0.00 $137.15 $24,598.07
93 $24,598.07 $204.57 $0.00 $139.08 $24,941.72
94 $24,941.72 $204.57 $0.00 $141.02 $25,287.31
95 $25,287.31 $204.57 $0.00 $142.98 $25,634.86
96 $25,634.86 $204.57 $0.00 $144.94 $25,984.37
97 $25,984.37 $204.57 $0.00 $146.92 $26,335.86
98 $26,335.86 $204.57 $0.00 $148.91 $26,689.34
99 $26,689.34 $204.57 $0.00 $150.91 $27,044.82
100 $27,044.82 $204.57 $0.00 $152.92 $27,402.31
101 $27,402.31 $204.57 $0.00 $154.94 $27,761.82
102 $27,761.82 $204.57 $0.00 $156.97 $28,123.36
103 $28,123.36 $204.57 $0.00 $159.01 $28,486.94
104 $28,486.94 $204.57 $0.00 $161.07 $28,852.58
105 $28,852.58 $204.57 $0.00 $163.14 $29,220.29
106 $29,220.29 $204.57 $0.00 $165.22 $29,590.08
107 $29,590.08 $204.57 $0.00 $167.31 $29,961.96
108 $29,961.96 $204.57 $0.00 $169.41 $30,335.94
109 $30,335.94 $204.57 $0.00 $171.52 $30,712.03
110 $30,712.03 $204.57 $0.00 $173.65 $31,090.25
111 $31,090.25 $204.57 $0.00 $175.79 $31,470.61
112 $31,470.61 $204.57 $0.00 $177.94 $31,853.12
113 $31,853.12 $204.57 $0.00 $180.10 $32,237.79
114 $32,237.79 $204.57 $0.00 $182.28 $32,624.64
115 $32,624.64 $204.57 $0.00 $184.46 $33,013.67
116 $33,013.67 $204.57 $0.00 $186.66 $33,404.90
117 $33,404.90 $204.57 $0.00 $188.88 $33,798.35
118 $33,798.35 $204.57 $0.00 $191.10 $34,194.02
119 $34,194.02 $204.57 $0.00 $193.34 $34,591.93
120 $34,591.93 $204.57 $0.00 $195.59 $34,992.09
121 $34,992.09 $204.57 $0.00 $197.85 $35,394.51
122 $35,394.51 $204.57 $0.00 $200.13 $35,799.21
123 $35,799.21 $204.57 $0.00 $202.41 $36,206.19
124 $36,206.19 $204.57 $0.00 $204.72 $36,615.48
125 $36,615.48 $204.57 $0.00 $207.03 $37,027.08
126 $37,027.08 $204.57 $0.00 $209.36 $37,441.01
127 $37,441.01 $204.57 $0.00 $211.70 $37,857.28
128 $37,857.28 $204.57 $0.00 $214.05 $38,275.90
129 $38,275.90 $204.57 $0.00 $216.42 $38,696.89
130 $38,696.89 $204.57 $0.00 $218.80 $39,120.26
131 $39,120.26 $204.57 $0.00 $221.19 $39,546.02
132 $39,546.02 $204.57 $0.00 $223.60 $39,974.19
133 $39,974.19 $204.57 $0.00 $226.02 $40,404.78
134 $40,404.78 $204.57 $0.00 $228.45 $40,837.80
135 $40,837.80 $204.57 $0.00 $230.90 $41,273.27
136 $41,273.27 $204.57 $0.00 $233.37 $41,711.21
137 $41,711.21 $204.57 $0.00 $235.84 $42,151.62
138 $42,151.62 $204.57 $0.00 $238.33 $42,594.52
139 $42,594.52 $204.57 $0.00 $240.84 $43,039.93
140 $43,039.93 $204.57 $0.00 $243.35 $43,487.85
141 $43,487.85 $204.57 $0.00 $245.89 $43,938.31
142 $43,938.31 $204.57 $0.00 $248.43 $44,391.31
143 $44,391.31 $204.57 $0.00 $250.99 $44,846.87
144 $44,846.87 $204.57 $0.00 $253.57 $45,305.01
145 $45,305.01 $204.57 $0.00 $256.16 $45,765.74
146 $45,765.74 $204.57 $0.00 $258.77 $46,229.08
147 $46,229.08 $204.57 $0.00 $261.39 $46,695.04
148 $46,695.04 $204.57 $0.00 $264.02 $47,163.63
149 $47,163.63 $204.57 $0.00 $266.67 $47,634.87
150 $47,634.87 $204.57 $0.00 $269.33 $48,108.77
151 $48,108.77 $204.57 $0.00 $272.01 $48,585.35
152 $48,585.35 $204.57 $0.00 $274.71 $49,064.63
153 $49,064.63 $204.57 $0.00 $277.42 $49,546.62
154 $49,546.62 $204.57 $0.00 $280.14 $50,031.33
155 $50,031.33 $204.57 $0.00 $282.88 $50,518.78
156 $50,518.78 $204.57 $0.00 $285.64 $51,008.99
157 $51,008.99 $204.57 $0.00 $288.41 $51,501.97
158 $51,501.97 $204.57 $0.00 $291.20 $51,997.74
159 $51,997.74 $204.57 $0.00 $294.00 $52,496.31
160 $52,496.31 $204.57 $0.00 $296.82 $52,997.70
161 $52,997.70 $204.57 $0.00 $299.66 $53,501.93
162 $53,501.93 $204.57 $0.00 $302.51 $54,009.01
163 $54,009.01 $204.57 $0.00 $305.37 $54,518.95
164 $54,518.95 $204.57 $0.00 $308.26 $55,031.78
165 $55,031.78 $204.57 $0.00 $311.16 $55,547.51
166 $55,547.51 $204.57 $0.00 $314.07 $56,066.15
167 $56,066.15 $204.57 $0.00 $317.01 $56,587.73
168 $56,587.73 $204.57 $0.00 $319.96 $57,112.26
169 $57,112.26 $204.57 $0.00 $322.92 $57,639.75
170 $57,639.75 $204.57 $0.00 $325.90 $58,170.22
171 $58,170.22 $204.57 $0.00 $328.90 $58,703.69
172 $58,703.69 $204.57 $0.00 $331.92 $59,240.18
173 $59,240.18 $204.57 $0.00 $334.95 $59,779.70
174 $59,779.70 $204.57 $0.00 $338.00 $60,322.27
175 $60,322.27 $204.57 $0.00 $341.07 $60,867.91
176 $60,867.91 $204.57 $0.00 $344.16 $61,416.64
177 $61,416.64 $204.57 $0.00 $347.26 $61,968.47
178 $61,968.47 $204.57 $0.00 $350.38 $62,523.42
179 $62,523.42 $204.57 $0.00 $353.52 $63,081.51
180 $63,081.51 $204.57 $0.00 $356.67 $63,642.75
181 $63,642.75 $204.57 $0.00 $359.85 $64,207.17
182 $64,207.17 $204.57 $0.00 $363.04 $64,774.78
183 $64,774.78 $204.57 $0.00 $366.25 $65,345.60
184 $65,345.60 $204.57 $0.00 $369.47 $65,919.64
185 $65,919.64 $204.57 $0.00 $372.72 $66,496.93
186 $66,496.93 $204.57 $0.00 $375.98 $67,077.48
187 $67,077.48 $204.57 $0.00 $379.27 $67,661.32
188 $67,661.32 $204.57 $0.00 $382.57 $68,248.46
189 $68,248.46 $204.57 $0.00 $385.89 $68,838.92
190 $68,838.92 $204.57 $0.00 $389.23 $69,432.72
191 $69,432.72 $204.57 $0.00 $392.58 $70,029.87
192 $70,029.87 $204.57 $0.00 $395.96 $70,630.40
193 $70,630.40 $204.57 $0.00 $399.35 $71,234.32
194 $71,234.32 $204.57 $0.00 $402.77 $71,841.66
195 $71,841.66 $204.57 $0.00 $406.20 $72,452.43
196 $72,452.43 $204.57 $0.00 $409.66 $73,066.66
197 $73,066.66 $204.57 $0.00 $413.13 $73,684.36
198 $73,684.36 $204.57 $0.00 $416.62 $74,305.55
199 $74,305.55 $204.57 $0.00 $420.13 $74,930.25
200 $74,930.25 $204.57 $0.00 $423.67 $75,558.49
201 $75,558.49 $204.57 $0.00 $427.22 $76,190.28
202 $76,190.28 $204.57 $0.00 $430.79 $76,825.64
203 $76,825.64 $204.57 $0.00 $434.38 $77,464.59
204 $77,464.59 $204.57 $0.00 $438.00 $78,107.16
205 $78,107.16 $204.57 $0.00 $441.63 $78,753.36
206 $78,753.36 $204.57 $0.00 $445.28 $79,403.21
207 $79,403.21 $204.57 $0.00 $448.96 $80,056.74
208 $80,056.74 $204.57 $0.00 $452.65 $80,713.96
209 $80,713.96 $204.57 $0.00 $456.37 $81,374.90
210 $81,374.90 $204.57 $0.00 $460.11 $82,039.58
211 $82,039.58 $204.57 $0.00 $463.86 $82,708.01
212 $82,708.01 $204.57 $0.00 $467.64 $83,380.22
213 $83,380.22 $204.57 $0.00 $471.44 $84,056.23
214 $84,056.23 $204.57 $0.00 $475.27 $84,736.07
215 $84,736.07 $204.57 $0.00 $479.11 $85,419.75
216 $85,419.75 $204.57 $0.00 $482.98 $86,107.30
217 $86,107.30 $204.57 $44,907.51 $486.86 $41,891.22
218 $41,891.22 $204.57 $0.00 $236.86 $42,332.65
219 $42,332.65 $204.57 $0.00 $239.35 $42,776.57
220 $42,776.57 $204.57 $0.00 $241.86 $43,223.00
221 $43,223.00 $204.57 $0.00 $244.39 $43,671.96
222 $43,671.96 $204.57 $0.00 $246.93 $44,123.46
223 $44,123.46 $204.57 $0.00 $249.48 $44,577.51
224 $44,577.51 $204.57 $0.00 $252.05 $45,034.13
225 $45,034.13 $204.57 $0.00 $254.63 $45,493.33
226 $45,493.33 $204.57 $0.00 $257.23 $45,955.13
227 $45,955.13 $204.57 $0.00 $259.84 $46,419.54
228 $46,419.54 $204.57 $0.00 $262.46 $46,886.57
229 $46,886.57 $0.00 $47,152.89 $265.10 ($1.22)