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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$65,058
Monthly savings required$515

How much will it cost to send your child to University of Maine in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $260,233.55 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $515.00 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$25,088.00
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 $515.00 $0.00 $0.00 $515.00
2 $515.00 $515.00 $0.00 $2.91 $1,032.91
3 $1,032.91 $515.00 $0.00 $5.84 $1,553.75
4 $1,553.75 $515.00 $0.00 $8.79 $2,077.54
5 $2,077.54 $515.00 $0.00 $11.75 $2,604.29
6 $2,604.29 $515.00 $0.00 $14.73 $3,134.02
7 $3,134.02 $515.00 $0.00 $17.72 $3,666.74
8 $3,666.74 $515.00 $0.00 $20.73 $4,202.47
9 $4,202.47 $515.00 $0.00 $23.76 $4,741.23
10 $4,741.23 $515.00 $0.00 $26.81 $5,283.04
11 $5,283.04 $515.00 $0.00 $29.87 $5,827.91
12 $5,827.91 $515.00 $0.00 $32.95 $6,375.86
13 $6,375.86 $515.00 $0.00 $36.05 $6,926.91
14 $6,926.91 $515.00 $0.00 $39.17 $7,481.08
15 $7,481.08 $515.00 $0.00 $42.30 $8,038.38
16 $8,038.38 $515.00 $0.00 $45.45 $8,598.83
17 $8,598.83 $515.00 $0.00 $48.62 $9,162.45
18 $9,162.45 $515.00 $0.00 $51.81 $9,729.26
19 $9,729.26 $515.00 $0.00 $55.01 $10,299.27
20 $10,299.27 $515.00 $0.00 $58.23 $10,872.50
21 $10,872.50 $515.00 $0.00 $61.47 $11,448.97
22 $11,448.97 $515.00 $0.00 $64.73 $12,028.70
23 $12,028.70 $515.00 $0.00 $68.01 $12,611.71
24 $12,611.71 $515.00 $0.00 $71.31 $13,198.02
25 $13,198.02 $515.00 $0.00 $74.62 $13,787.64
26 $13,787.64 $515.00 $0.00 $77.96 $14,380.60
27 $14,380.60 $515.00 $0.00 $81.31 $14,976.91
28 $14,976.91 $515.00 $0.00 $84.68 $15,576.59
29 $15,576.59 $515.00 $0.00 $88.07 $16,179.66
30 $16,179.66 $515.00 $0.00 $91.48 $16,786.14
31 $16,786.14 $515.00 $0.00 $94.91 $17,396.05
32 $17,396.05 $515.00 $0.00 $98.36 $18,009.41
33 $18,009.41 $515.00 $0.00 $101.83 $18,626.24
34 $18,626.24 $515.00 $0.00 $105.32 $19,246.56
35 $19,246.56 $515.00 $0.00 $108.82 $19,870.38
36 $19,870.38 $515.00 $0.00 $112.35 $20,497.73
37 $20,497.73 $515.00 $0.00 $115.90 $21,128.63
38 $21,128.63 $515.00 $0.00 $119.46 $21,763.09
39 $21,763.09 $515.00 $0.00 $123.05 $22,401.14
40 $22,401.14 $515.00 $0.00 $126.66 $23,042.80
41 $23,042.80 $515.00 $0.00 $130.29 $23,688.09
42 $23,688.09 $515.00 $0.00 $133.94 $24,337.03
43 $24,337.03 $515.00 $0.00 $137.61 $24,989.64
44 $24,989.64 $515.00 $0.00 $141.30 $25,645.94
45 $25,645.94 $515.00 $0.00 $145.01 $26,305.95
46 $26,305.95 $515.00 $0.00 $148.74 $26,969.69
47 $26,969.69 $515.00 $0.00 $152.49 $27,637.18
48 $27,637.18 $515.00 $0.00 $156.26 $28,308.44
49 $28,308.44 $515.00 $0.00 $160.06 $28,983.50
50 $28,983.50 $515.00 $0.00 $163.88 $29,662.38
51 $29,662.38 $515.00 $0.00 $167.72 $30,345.10
52 $30,345.10 $515.00 $0.00 $171.58 $31,031.68
53 $31,031.68 $515.00 $0.00 $175.46 $31,722.14
54 $31,722.14 $515.00 $0.00 $179.36 $32,416.50
55 $32,416.50 $515.00 $0.00 $183.29 $33,114.79
56 $33,114.79 $515.00 $0.00 $187.24 $33,817.03
57 $33,817.03 $515.00 $0.00 $191.21 $34,523.24
58 $34,523.24 $515.00 $0.00 $195.20 $35,233.44
59 $35,233.44 $515.00 $0.00 $199.21 $35,947.65
60 $35,947.65 $515.00 $0.00 $203.25 $36,665.90
61 $36,665.90 $515.00 $0.00 $207.31 $37,388.21
62 $37,388.21 $515.00 $0.00 $211.40 $38,114.61
63 $38,114.61 $515.00 $0.00 $215.51 $38,845.12
64 $38,845.12 $515.00 $0.00 $219.64 $39,579.76
65 $39,579.76 $515.00 $0.00 $223.79 $40,318.55
66 $40,318.55 $515.00 $0.00 $227.97 $41,061.52
67 $41,061.52 $515.00 $0.00 $232.17 $41,808.69
68 $41,808.69 $515.00 $0.00 $236.39 $42,560.08
69 $42,560.08 $515.00 $0.00 $240.64 $43,315.72
70 $43,315.72 $515.00 $0.00 $244.91 $44,075.63
71 $44,075.63 $515.00 $0.00 $249.21 $44,839.84
72 $44,839.84 $515.00 $0.00 $253.53 $45,608.37
73 $45,608.37 $515.00 $0.00 $257.88 $46,381.25
74 $46,381.25 $515.00 $0.00 $262.25 $47,158.50
75 $47,158.50 $515.00 $0.00 $266.64 $47,940.14
76 $47,940.14 $515.00 $0.00 $271.06 $48,726.20
77 $48,726.20 $515.00 $0.00 $275.51 $49,516.71
78 $49,516.71 $515.00 $0.00 $279.97 $50,311.68
79 $50,311.68 $515.00 $0.00 $284.47 $51,111.15
80 $51,111.15 $515.00 $0.00 $288.99 $51,915.14
81 $51,915.14 $515.00 $0.00 $293.54 $52,723.68
82 $52,723.68 $515.00 $0.00 $298.11 $53,536.79
83 $53,536.79 $515.00 $0.00 $302.70 $54,354.49
84 $54,354.49 $515.00 $0.00 $307.33 $55,176.82
85 $55,176.82 $515.00 $0.00 $311.98 $56,003.80
86 $56,003.80 $515.00 $0.00 $316.65 $56,835.45
87 $56,835.45 $515.00 $0.00 $321.36 $57,671.81
88 $57,671.81 $515.00 $0.00 $326.08 $58,512.89
89 $58,512.89 $515.00 $0.00 $330.84 $59,358.73
90 $59,358.73 $515.00 $0.00 $335.62 $60,209.35
91 $60,209.35 $515.00 $0.00 $340.43 $61,064.78
92 $61,064.78 $515.00 $0.00 $345.27 $61,925.05
93 $61,925.05 $515.00 $0.00 $350.13 $62,790.18
94 $62,790.18 $515.00 $0.00 $355.02 $63,660.20
95 $63,660.20 $515.00 $0.00 $359.94 $64,535.14
96 $64,535.14 $515.00 $0.00 $364.89 $65,415.03
97 $65,415.03 $515.00 $0.00 $369.87 $66,299.90
98 $66,299.90 $515.00 $0.00 $374.87 $67,189.77
99 $67,189.77 $515.00 $0.00 $379.90 $68,084.67
100 $68,084.67 $515.00 $0.00 $384.96 $68,984.63
101 $68,984.63 $515.00 $0.00 $390.05 $69,889.68
102 $69,889.68 $515.00 $0.00 $395.17 $70,799.85
103 $70,799.85 $515.00 $0.00 $400.31 $71,715.16
104 $71,715.16 $515.00 $0.00 $405.49 $72,635.65
105 $72,635.65 $515.00 $0.00 $410.69 $73,561.34
106 $73,561.34 $515.00 $0.00 $415.93 $74,492.27
107 $74,492.27 $515.00 $0.00 $421.19 $75,428.46
108 $75,428.46 $515.00 $0.00 $426.48 $76,369.94
109 $76,369.94 $515.00 $0.00 $431.81 $77,316.75
110 $77,316.75 $515.00 $0.00 $437.16 $78,268.91
111 $78,268.91 $515.00 $0.00 $442.54 $79,226.45
112 $79,226.45 $515.00 $0.00 $447.96 $80,189.41
113 $80,189.41 $515.00 $0.00 $453.40 $81,157.81
114 $81,157.81 $515.00 $0.00 $458.88 $82,131.69
115 $82,131.69 $515.00 $0.00 $464.38 $83,111.07
116 $83,111.07 $515.00 $0.00 $469.92 $84,095.99
117 $84,095.99 $515.00 $0.00 $475.49 $85,086.48
118 $85,086.48 $515.00 $0.00 $481.09 $86,082.57
119 $86,082.57 $515.00 $0.00 $486.72 $87,084.29
120 $87,084.29 $515.00 $0.00 $492.39 $88,091.68
121 $88,091.68 $515.00 $0.00 $498.08 $89,104.76
122 $89,104.76 $515.00 $0.00 $503.81 $90,123.57
123 $90,123.57 $515.00 $0.00 $509.57 $91,148.14
124 $91,148.14 $515.00 $0.00 $515.36 $92,178.50
125 $92,178.50 $515.00 $0.00 $521.19 $93,214.69
126 $93,214.69 $515.00 $0.00 $527.05 $94,256.74
127 $94,256.74 $515.00 $0.00 $532.94 $95,304.68
128 $95,304.68 $515.00 $0.00 $538.87 $96,358.55
129 $96,358.55 $515.00 $0.00 $544.83 $97,418.38
130 $97,418.38 $515.00 $0.00 $550.82 $98,484.20
131 $98,484.20 $515.00 $0.00 $556.84 $99,556.04
132 $99,556.04 $515.00 $0.00 $562.90 $100,633.94
133 $100,633.94 $515.00 $0.00 $569.00 $101,717.94
134 $101,717.94 $515.00 $0.00 $575.13 $102,808.07
135 $102,808.07 $515.00 $0.00 $581.29 $103,904.36
136 $103,904.36 $515.00 $0.00 $587.49 $105,006.85
137 $105,006.85 $515.00 $0.00 $593.72 $106,115.57
138 $106,115.57 $515.00 $0.00 $599.99 $107,230.56
139 $107,230.56 $515.00 $0.00 $606.30 $108,351.86
140 $108,351.86 $515.00 $0.00 $612.64 $109,479.50
141 $109,479.50 $515.00 $0.00 $619.01 $110,613.51
142 $110,613.51 $515.00 $0.00 $625.42 $111,753.93
143 $111,753.93 $515.00 $0.00 $631.87 $112,900.80
144 $112,900.80 $515.00 $0.00 $638.36 $114,054.16
145 $114,054.16 $515.00 $0.00 $644.88 $115,214.04
146 $115,214.04 $515.00 $0.00 $651.44 $116,380.48
147 $116,380.48 $515.00 $0.00 $658.03 $117,553.51
148 $117,553.51 $515.00 $0.00 $664.66 $118,733.17
149 $118,733.17 $515.00 $0.00 $671.33 $119,919.50
150 $119,919.50 $515.00 $0.00 $678.04 $121,112.54
151 $121,112.54 $515.00 $0.00 $684.79 $122,312.33
152 $122,312.33 $515.00 $0.00 $691.57 $123,518.90
153 $123,518.90 $515.00 $0.00 $698.39 $124,732.29
154 $124,732.29 $515.00 $0.00 $705.25 $125,952.54
155 $125,952.54 $515.00 $0.00 $712.15 $127,179.69
156 $127,179.69 $515.00 $0.00 $719.09 $128,413.78
157 $128,413.78 $515.00 $0.00 $726.07 $129,654.85
158 $129,654.85 $515.00 $0.00 $733.09 $130,902.94
159 $130,902.94 $515.00 $0.00 $740.14 $132,158.08
160 $132,158.08 $515.00 $0.00 $747.24 $133,420.32
161 $133,420.32 $515.00 $0.00 $754.38 $134,689.70
162 $134,689.70 $515.00 $0.00 $761.56 $135,966.26
163 $135,966.26 $515.00 $0.00 $768.77 $137,250.03
164 $137,250.03 $515.00 $0.00 $776.03 $138,541.06
165 $138,541.06 $515.00 $0.00 $783.33 $139,839.39
166 $139,839.39 $515.00 $0.00 $790.67 $141,145.06
167 $141,145.06 $515.00 $0.00 $798.05 $142,458.11
168 $142,458.11 $515.00 $0.00 $805.48 $143,778.59
169 $143,778.59 $515.00 $0.00 $812.95 $145,106.54
170 $145,106.54 $515.00 $0.00 $820.45 $146,441.99
171 $146,441.99 $515.00 $0.00 $828.00 $147,784.99
172 $147,784.99 $515.00 $0.00 $835.60 $149,135.59
173 $149,135.59 $515.00 $0.00 $843.23 $150,493.82
174 $150,493.82 $515.00 $0.00 $850.91 $151,859.73
175 $151,859.73 $515.00 $0.00 $858.64 $153,233.37
176 $153,233.37 $515.00 $0.00 $866.40 $154,614.77
177 $154,614.77 $515.00 $0.00 $874.21 $156,003.98
178 $156,003.98 $515.00 $0.00 $882.07 $157,401.05
179 $157,401.05 $515.00 $0.00 $889.97 $158,806.02
180 $158,806.02 $515.00 $0.00 $897.91 $160,218.93
181 $160,218.93 $515.00 $0.00 $905.90 $161,639.83
182 $161,639.83 $515.00 $0.00 $913.94 $163,068.77
183 $163,068.77 $515.00 $0.00 $922.01 $164,505.78
184 $164,505.78 $515.00 $0.00 $930.14 $165,950.92
185 $165,950.92 $515.00 $0.00 $938.31 $167,404.23
186 $167,404.23 $515.00 $0.00 $946.53 $168,865.76
187 $168,865.76 $515.00 $0.00 $954.79 $170,335.55
188 $170,335.55 $515.00 $0.00 $963.10 $171,813.65
189 $171,813.65 $515.00 $0.00 $971.46 $173,300.11
190 $173,300.11 $515.00 $0.00 $979.86 $174,794.97
191 $174,794.97 $515.00 $0.00 $988.32 $176,298.29
192 $176,298.29 $515.00 $0.00 $996.82 $177,810.11
193 $177,810.11 $515.00 $0.00 $1,005.36 $179,330.47
194 $179,330.47 $515.00 $0.00 $1,013.96 $180,859.43
195 $180,859.43 $515.00 $0.00 $1,022.61 $182,397.04
196 $182,397.04 $515.00 $0.00 $1,031.30 $183,943.34
197 $183,943.34 $515.00 $0.00 $1,040.04 $185,498.38
198 $185,498.38 $515.00 $0.00 $1,048.83 $187,062.21
199 $187,062.21 $515.00 $0.00 $1,057.68 $188,634.89
200 $188,634.89 $515.00 $0.00 $1,066.57 $190,216.46
201 $190,216.46 $515.00 $0.00 $1,075.51 $191,806.97
202 $191,806.97 $515.00 $0.00 $1,084.50 $193,406.47
203 $193,406.47 $515.00 $0.00 $1,093.55 $195,015.02
204 $195,015.02 $515.00 $0.00 $1,102.64 $196,632.66
205 $196,632.66 $515.00 $0.00 $1,111.79 $198,259.45
206 $198,259.45 $515.00 $0.00 $1,120.99 $199,895.44
207 $199,895.44 $515.00 $0.00 $1,130.24 $201,540.68
208 $201,540.68 $515.00 $0.00 $1,139.54 $203,195.22
209 $203,195.22 $515.00 $0.00 $1,148.90 $204,859.12
210 $204,859.12 $515.00 $0.00 $1,158.30 $206,532.42
211 $206,532.42 $515.00 $0.00 $1,167.76 $208,215.18
212 $208,215.18 $515.00 $0.00 $1,177.28 $209,907.46
213 $209,907.46 $515.00 $0.00 $1,186.85 $211,609.31
214 $211,609.31 $515.00 $0.00 $1,196.47 $213,320.78
215 $213,320.78 $515.00 $0.00 $1,206.15 $215,041.93
216 $215,041.93 $515.00 $0.00 $1,215.88 $216,772.81
217 $216,772.81 $515.00 $60,377.26 $1,225.66 $158,136.21
218 $158,136.21 $515.00 $0.00 $894.13 $159,545.34
219 $159,545.34 $515.00 $0.00 $902.09 $160,962.43
220 $160,962.43 $515.00 $0.00 $910.10 $162,387.53
221 $162,387.53 $515.00 $0.00 $918.16 $163,820.69
222 $163,820.69 $515.00 $0.00 $926.27 $165,261.96
223 $165,261.96 $515.00 $0.00 $934.42 $166,711.38
224 $166,711.38 $515.00 $0.00 $942.61 $168,168.99
225 $168,168.99 $515.00 $0.00 $950.85 $169,634.84
226 $169,634.84 $515.00 $0.00 $959.14 $171,108.98
227 $171,108.98 $515.00 $0.00 $967.48 $172,591.46
228 $172,591.46 $515.00 $0.00 $975.86 $174,082.32
229 $174,082.32 $515.00 $63,396.13 $984.29 $112,185.48
230 $112,185.48 $515.00 $0.00 $634.31 $113,334.79
231 $113,334.79 $515.00 $0.00 $640.81 $114,490.60
232 $114,490.60 $515.00 $0.00 $647.35 $115,652.95
233 $115,652.95 $515.00 $0.00 $653.92 $116,821.87
234 $116,821.87 $515.00 $0.00 $660.53 $117,997.40
235 $117,997.40 $515.00 $0.00 $667.17 $119,179.57
236 $119,179.57 $515.00 $0.00 $673.86 $120,368.43
237 $120,368.43 $515.00 $0.00 $680.58 $121,564.01
238 $121,564.01 $515.00 $0.00 $687.34 $122,766.35
239 $122,766.35 $515.00 $0.00 $694.14 $123,975.49
240 $123,975.49 $515.00 $0.00 $700.98 $125,191.47
241 $125,191.47 $515.00 $66,565.93 $707.85 $59,848.39
242 $59,848.39 $515.00 $0.00 $338.39 $60,701.78
243 $60,701.78 $515.00 $0.00 $343.22 $61,560.00
244 $61,560.00 $515.00 $0.00 $348.07 $62,423.07
245 $62,423.07 $515.00 $0.00 $352.95 $63,291.02
246 $63,291.02 $515.00 $0.00 $357.86 $64,163.88
247 $64,163.88 $515.00 $0.00 $362.79 $65,041.67
248 $65,041.67 $515.00 $0.00 $367.76 $65,924.43
249 $65,924.43 $515.00 $0.00 $372.75 $66,812.18
250 $66,812.18 $515.00 $0.00 $377.77 $67,704.95
251 $67,704.95 $515.00 $0.00 $382.81 $68,602.76
252 $68,602.76 $515.00 $0.00 $387.89 $69,505.65
253 $69,505.65 $0.00 $69,894.23 $393.00 $4.42