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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2037$62,854
Monthly savings required$498

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 $251,416.65 for students enrolling in 2037 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $497.55 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$24,238.00
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 $497.55 $0.00 $0.00 $497.55
2 $497.55 $497.55 $0.00 $2.81 $997.91
3 $997.91 $497.55 $0.00 $5.64 $1,501.10
4 $1,501.10 $497.55 $0.00 $8.49 $2,007.14
5 $2,007.14 $497.55 $0.00 $11.35 $2,516.04
6 $2,516.04 $497.55 $0.00 $14.23 $3,027.82
7 $3,027.82 $497.55 $0.00 $17.12 $3,542.49
8 $3,542.49 $497.55 $0.00 $20.03 $4,060.07
9 $4,060.07 $497.55 $0.00 $22.96 $4,580.58
10 $4,580.58 $497.55 $0.00 $25.90 $5,104.03
11 $5,104.03 $497.55 $0.00 $28.86 $5,630.44
12 $5,630.44 $497.55 $0.00 $31.84 $6,159.83
13 $6,159.83 $497.55 $0.00 $34.83 $6,692.21
14 $6,692.21 $497.55 $0.00 $37.84 $7,227.60
15 $7,227.60 $497.55 $0.00 $40.87 $7,766.02
16 $7,766.02 $497.55 $0.00 $43.91 $8,307.48
17 $8,307.48 $497.55 $0.00 $46.97 $8,852.00
18 $8,852.00 $497.55 $0.00 $50.05 $9,399.60
19 $9,399.60 $497.55 $0.00 $53.15 $9,950.30
20 $9,950.30 $497.55 $0.00 $56.26 $10,504.11
21 $10,504.11 $497.55 $0.00 $59.39 $11,061.05
22 $11,061.05 $497.55 $0.00 $62.54 $11,621.14
23 $11,621.14 $497.55 $0.00 $65.71 $12,184.40
24 $12,184.40 $497.55 $0.00 $68.89 $12,750.84
25 $12,750.84 $497.55 $0.00 $72.10 $13,320.49
26 $13,320.49 $497.55 $0.00 $75.32 $13,893.36
27 $13,893.36 $497.55 $0.00 $78.56 $14,469.47
28 $14,469.47 $497.55 $0.00 $81.81 $15,048.83
29 $15,048.83 $497.55 $0.00 $85.09 $15,631.47
30 $15,631.47 $497.55 $0.00 $88.38 $16,217.40
31 $16,217.40 $497.55 $0.00 $91.70 $16,806.65
32 $16,806.65 $497.55 $0.00 $95.03 $17,399.23
33 $17,399.23 $497.55 $0.00 $98.38 $17,995.16
34 $17,995.16 $497.55 $0.00 $101.75 $18,594.46
35 $18,594.46 $497.55 $0.00 $105.14 $19,197.15
36 $19,197.15 $497.55 $0.00 $108.54 $19,803.24
37 $19,803.24 $497.55 $0.00 $111.97 $20,412.76
38 $20,412.76 $497.55 $0.00 $115.42 $21,025.73
39 $21,025.73 $497.55 $0.00 $118.88 $21,642.16
40 $21,642.16 $497.55 $0.00 $122.37 $22,262.08
41 $22,262.08 $497.55 $0.00 $125.87 $22,885.50
42 $22,885.50 $497.55 $0.00 $129.40 $23,512.45
43 $23,512.45 $497.55 $0.00 $132.94 $24,142.94
44 $24,142.94 $497.55 $0.00 $136.51 $24,777.00
45 $24,777.00 $497.55 $0.00 $140.09 $25,414.64
46 $25,414.64 $497.55 $0.00 $143.70 $26,055.89
47 $26,055.89 $497.55 $0.00 $147.32 $26,700.76
48 $26,700.76 $497.55 $0.00 $150.97 $27,349.28
49 $27,349.28 $497.55 $0.00 $154.64 $28,001.47
50 $28,001.47 $497.55 $0.00 $158.32 $28,657.34
51 $28,657.34 $497.55 $0.00 $162.03 $29,316.92
52 $29,316.92 $497.55 $0.00 $165.76 $29,980.23
53 $29,980.23 $497.55 $0.00 $169.51 $30,647.29
54 $30,647.29 $497.55 $0.00 $173.28 $31,318.12
55 $31,318.12 $497.55 $0.00 $177.08 $31,992.75
56 $31,992.75 $497.55 $0.00 $180.89 $32,671.19
57 $32,671.19 $497.55 $0.00 $184.73 $33,353.47
58 $33,353.47 $497.55 $0.00 $188.59 $34,039.61
59 $34,039.61 $497.55 $0.00 $192.46 $34,729.62
60 $34,729.62 $497.55 $0.00 $196.37 $35,423.54
61 $35,423.54 $497.55 $0.00 $200.29 $36,121.38
62 $36,121.38 $497.55 $0.00 $204.24 $36,823.17
63 $36,823.17 $497.55 $0.00 $208.20 $37,528.92
64 $37,528.92 $497.55 $0.00 $212.19 $38,238.66
65 $38,238.66 $497.55 $0.00 $216.21 $38,952.42
66 $38,952.42 $497.55 $0.00 $220.24 $39,670.21
67 $39,670.21 $497.55 $0.00 $224.30 $40,392.06
68 $40,392.06 $497.55 $0.00 $228.38 $41,117.99
69 $41,117.99 $497.55 $0.00 $232.49 $41,848.03
70 $41,848.03 $497.55 $0.00 $236.61 $42,582.19
71 $42,582.19 $497.55 $0.00 $240.77 $43,320.51
72 $43,320.51 $497.55 $0.00 $244.94 $44,063.00
73 $44,063.00 $497.55 $0.00 $249.14 $44,809.69
74 $44,809.69 $497.55 $0.00 $253.36 $45,560.60
75 $45,560.60 $497.55 $0.00 $257.61 $46,315.76
76 $46,315.76 $497.55 $0.00 $261.88 $47,075.19
77 $47,075.19 $497.55 $0.00 $266.17 $47,838.91
78 $47,838.91 $497.55 $0.00 $270.49 $48,606.95
79 $48,606.95 $497.55 $0.00 $274.83 $49,379.33
80 $49,379.33 $497.55 $0.00 $279.20 $50,156.08
81 $50,156.08 $497.55 $0.00 $283.59 $50,937.22
82 $50,937.22 $497.55 $0.00 $288.01 $51,722.78
83 $51,722.78 $497.55 $0.00 $292.45 $52,512.78
84 $52,512.78 $497.55 $0.00 $296.91 $53,307.24
85 $53,307.24 $497.55 $0.00 $301.41 $54,106.20
86 $54,106.20 $497.55 $0.00 $305.92 $54,909.67
87 $54,909.67 $497.55 $0.00 $310.47 $55,717.69
88 $55,717.69 $497.55 $0.00 $315.04 $56,530.28
89 $56,530.28 $497.55 $0.00 $319.63 $57,347.46
90 $57,347.46 $497.55 $0.00 $324.25 $58,169.26
91 $58,169.26 $497.55 $0.00 $328.90 $58,995.71
92 $58,995.71 $497.55 $0.00 $333.57 $59,826.83
93 $59,826.83 $497.55 $0.00 $338.27 $60,662.65
94 $60,662.65 $497.55 $0.00 $343.00 $61,503.20
95 $61,503.20 $497.55 $0.00 $347.75 $62,348.50
96 $62,348.50 $497.55 $0.00 $352.53 $63,198.58
97 $63,198.58 $497.55 $0.00 $357.33 $64,053.46
98 $64,053.46 $497.55 $0.00 $362.17 $64,913.18
99 $64,913.18 $497.55 $0.00 $367.03 $65,777.76
100 $65,777.76 $497.55 $0.00 $371.92 $66,647.23
101 $66,647.23 $497.55 $0.00 $376.83 $67,521.61
102 $67,521.61 $497.55 $0.00 $381.78 $68,400.94
103 $68,400.94 $497.55 $0.00 $386.75 $69,285.24
104 $69,285.24 $497.55 $0.00 $391.75 $70,174.54
105 $70,174.54 $497.55 $0.00 $396.78 $71,068.87
106 $71,068.87 $497.55 $0.00 $401.83 $71,968.25
107 $71,968.25 $497.55 $0.00 $406.92 $72,872.72
108 $72,872.72 $497.55 $0.00 $412.03 $73,782.30
109 $73,782.30 $497.55 $0.00 $417.18 $74,697.03
110 $74,697.03 $497.55 $0.00 $422.35 $75,616.93
111 $75,616.93 $497.55 $0.00 $427.55 $76,542.03
112 $76,542.03 $497.55 $0.00 $432.78 $77,472.36
113 $77,472.36 $497.55 $0.00 $438.04 $78,407.95
114 $78,407.95 $497.55 $0.00 $443.33 $79,348.83
115 $79,348.83 $497.55 $0.00 $448.65 $80,295.03
116 $80,295.03 $497.55 $0.00 $454.00 $81,246.58
117 $81,246.58 $497.55 $0.00 $459.38 $82,203.51
118 $82,203.51 $497.55 $0.00 $464.79 $83,165.85
119 $83,165.85 $497.55 $0.00 $470.23 $84,133.63
120 $84,133.63 $497.55 $0.00 $475.70 $85,106.88
121 $85,106.88 $497.55 $0.00 $481.21 $86,085.64
122 $86,085.64 $497.55 $0.00 $486.74 $87,069.93
123 $87,069.93 $497.55 $0.00 $492.31 $88,059.79
124 $88,059.79 $497.55 $0.00 $497.90 $89,055.24
125 $89,055.24 $497.55 $0.00 $503.53 $90,056.32
126 $90,056.32 $497.55 $0.00 $509.19 $91,063.06
127 $91,063.06 $497.55 $0.00 $514.88 $92,075.49
128 $92,075.49 $497.55 $0.00 $520.61 $93,093.65
129 $93,093.65 $497.55 $0.00 $526.37 $94,117.57
130 $94,117.57 $497.55 $0.00 $532.15 $95,147.27
131 $95,147.27 $497.55 $0.00 $537.98 $96,182.80
132 $96,182.80 $497.55 $0.00 $543.83 $97,224.18
133 $97,224.18 $497.55 $0.00 $549.72 $98,271.45
134 $98,271.45 $497.55 $0.00 $555.64 $99,324.64
135 $99,324.64 $497.55 $0.00 $561.60 $100,383.79
136 $100,383.79 $497.55 $0.00 $567.58 $101,448.92
137 $101,448.92 $497.55 $0.00 $573.61 $102,520.08
138 $102,520.08 $497.55 $0.00 $579.66 $103,597.29
139 $103,597.29 $497.55 $0.00 $585.75 $104,680.59
140 $104,680.59 $497.55 $0.00 $591.88 $105,770.02
141 $105,770.02 $497.55 $0.00 $598.04 $106,865.61
142 $106,865.61 $497.55 $0.00 $604.23 $107,967.39
143 $107,967.39 $497.55 $0.00 $610.46 $109,075.40
144 $109,075.40 $497.55 $0.00 $616.73 $110,189.68
145 $110,189.68 $497.55 $0.00 $623.03 $111,310.26
146 $111,310.26 $497.55 $0.00 $629.36 $112,437.17
147 $112,437.17 $497.55 $0.00 $635.74 $113,570.46
148 $113,570.46 $497.55 $0.00 $642.14 $114,710.15
149 $114,710.15 $497.55 $0.00 $648.59 $115,856.29
150 $115,856.29 $497.55 $0.00 $655.07 $117,008.91
151 $117,008.91 $497.55 $0.00 $661.59 $118,168.05
152 $118,168.05 $497.55 $0.00 $668.14 $119,333.74
153 $119,333.74 $497.55 $0.00 $674.73 $120,506.02
154 $120,506.02 $497.55 $0.00 $681.36 $121,684.93
155 $121,684.93 $497.55 $0.00 $688.02 $122,870.50
156 $122,870.50 $497.55 $0.00 $694.73 $124,062.78
157 $124,062.78 $497.55 $0.00 $701.47 $125,261.80
158 $125,261.80 $497.55 $0.00 $708.25 $126,467.60
159 $126,467.60 $497.55 $0.00 $715.07 $127,680.22
160 $127,680.22 $497.55 $0.00 $721.92 $128,899.69
161 $128,899.69 $497.55 $0.00 $728.82 $130,126.06
162 $130,126.06 $497.55 $0.00 $735.75 $131,359.36
163 $131,359.36 $497.55 $0.00 $742.72 $132,599.63
164 $132,599.63 $497.55 $0.00 $749.74 $133,846.92
165 $133,846.92 $497.55 $0.00 $756.79 $135,101.26
166 $135,101.26 $497.55 $0.00 $763.88 $136,362.69
167 $136,362.69 $497.55 $0.00 $771.01 $137,631.25
168 $137,631.25 $497.55 $0.00 $778.19 $138,906.99
169 $138,906.99 $497.55 $0.00 $785.40 $140,189.94
170 $140,189.94 $497.55 $0.00 $792.65 $141,480.14
171 $141,480.14 $497.55 $0.00 $799.95 $142,777.64
172 $142,777.64 $497.55 $0.00 $807.29 $144,082.48
173 $144,082.48 $497.55 $0.00 $814.66 $145,394.69
174 $145,394.69 $497.55 $0.00 $822.08 $146,714.32
175 $146,714.32 $497.55 $0.00 $829.54 $148,041.41
176 $148,041.41 $497.55 $0.00 $837.05 $149,376.01
177 $149,376.01 $497.55 $0.00 $844.59 $150,718.15
178 $150,718.15 $497.55 $0.00 $852.18 $152,067.88
179 $152,067.88 $497.55 $0.00 $859.81 $153,425.24
180 $153,425.24 $497.55 $0.00 $867.49 $154,790.28
181 $154,790.28 $497.55 $0.00 $875.21 $156,163.04
182 $156,163.04 $497.55 $0.00 $882.97 $157,543.56
183 $157,543.56 $497.55 $0.00 $890.77 $158,931.88
184 $158,931.88 $497.55 $0.00 $898.62 $160,328.05
185 $160,328.05 $497.55 $0.00 $906.52 $161,732.12
186 $161,732.12 $497.55 $0.00 $914.46 $163,144.13
187 $163,144.13 $497.55 $0.00 $922.44 $164,564.12
188 $164,564.12 $497.55 $0.00 $930.47 $165,992.14
189 $165,992.14 $497.55 $0.00 $938.54 $167,428.23
190 $167,428.23 $497.55 $0.00 $946.66 $168,872.44
191 $168,872.44 $497.55 $0.00 $954.83 $170,324.82
192 $170,324.82 $497.55 $0.00 $963.04 $171,785.41
193 $171,785.41 $497.55 $0.00 $971.30 $173,254.26
194 $173,254.26 $497.55 $0.00 $979.60 $174,731.41
195 $174,731.41 $497.55 $0.00 $987.96 $176,216.92
196 $176,216.92 $497.55 $0.00 $996.36 $177,710.83
197 $177,710.83 $497.55 $0.00 $1,004.80 $179,213.18
198 $179,213.18 $497.55 $0.00 $1,013.30 $180,724.03
199 $180,724.03 $497.55 $0.00 $1,021.84 $182,243.42
200 $182,243.42 $497.55 $0.00 $1,030.43 $183,771.40
201 $183,771.40 $497.55 $0.00 $1,039.07 $185,308.02
202 $185,308.02 $497.55 $0.00 $1,047.76 $186,853.33
203 $186,853.33 $497.55 $0.00 $1,056.50 $188,407.38
204 $188,407.38 $497.55 $0.00 $1,065.28 $189,970.21
205 $189,970.21 $497.55 $0.00 $1,074.12 $191,541.88
206 $191,541.88 $497.55 $0.00 $1,083.01 $193,122.44
207 $193,122.44 $497.55 $0.00 $1,091.94 $194,711.93
208 $194,711.93 $497.55 $0.00 $1,100.93 $196,310.41
209 $196,310.41 $497.55 $0.00 $1,109.97 $197,917.93
210 $197,917.93 $497.55 $0.00 $1,119.06 $199,534.54
211 $199,534.54 $497.55 $0.00 $1,128.20 $201,160.29
212 $201,160.29 $497.55 $0.00 $1,137.39 $202,795.23
213 $202,795.23 $497.55 $0.00 $1,146.63 $204,439.41
214 $204,439.41 $497.55 $0.00 $1,155.93 $206,092.89
215 $206,092.89 $497.55 $0.00 $1,165.28 $207,755.72
216 $207,755.72 $497.55 $0.00 $1,174.68 $209,427.95
217 $209,427.95 $497.55 $58,331.64 $1,184.14 $152,778.00
218 $152,778.00 $497.55 $0.00 $863.83 $154,139.38
219 $154,139.38 $497.55 $0.00 $871.53 $155,508.46
220 $155,508.46 $497.55 $0.00 $879.27 $156,885.28
221 $156,885.28 $497.55 $0.00 $887.05 $158,269.88
222 $158,269.88 $497.55 $0.00 $894.88 $159,662.31
223 $159,662.31 $497.55 $0.00 $902.75 $161,062.61
224 $161,062.61 $497.55 $0.00 $910.67 $162,470.83
225 $162,470.83 $497.55 $0.00 $918.63 $163,887.01
226 $163,887.01 $497.55 $0.00 $926.64 $165,311.20
227 $165,311.20 $497.55 $0.00 $934.69 $166,743.44
228 $166,743.44 $497.55 $0.00 $942.79 $168,183.78
229 $168,183.78 $497.55 $61,248.22 $950.94 $108,384.05
230 $108,384.05 $497.55 $0.00 $612.82 $109,494.42
231 $109,494.42 $497.55 $0.00 $619.10 $110,611.07
232 $110,611.07 $497.55 $0.00 $625.41 $111,734.03
233 $111,734.03 $497.55 $0.00 $631.76 $112,863.34
234 $112,863.34 $497.55 $0.00 $638.15 $113,999.04
235 $113,999.04 $497.55 $0.00 $644.57 $115,141.16
236 $115,141.16 $497.55 $0.00 $651.02 $116,289.73
237 $116,289.73 $497.55 $0.00 $657.52 $117,444.80
238 $117,444.80 $497.55 $0.00 $664.05 $118,606.40
239 $118,606.40 $497.55 $0.00 $670.62 $119,774.57
240 $119,774.57 $497.55 $0.00 $677.22 $120,949.34
241 $120,949.34 $497.55 $64,310.63 $683.87 $57,820.13
242 $57,820.13 $497.55 $0.00 $326.92 $58,644.60
243 $58,644.60 $497.55 $0.00 $331.59 $59,473.74
244 $59,473.74 $497.55 $0.00 $336.27 $60,307.56
245 $60,307.56 $497.55 $0.00 $340.99 $61,146.10
246 $61,146.10 $497.55 $0.00 $345.73 $61,989.38
247 $61,989.38 $497.55 $0.00 $350.50 $62,837.43
248 $62,837.43 $497.55 $0.00 $355.29 $63,690.27
249 $63,690.27 $497.55 $0.00 $360.11 $64,547.93
250 $64,547.93 $497.55 $0.00 $364.96 $65,410.44
251 $65,410.44 $497.55 $0.00 $369.84 $66,277.83
252 $66,277.83 $497.55 $0.00 $374.74 $67,150.12
253 $67,150.12 $0.00 $67,526.16 $379.68 $3.64