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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$55,004
Monthly savings required$244

How much will it cost to send your child to College of Southern Maryland in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $110,008.73 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $244.46 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$22,298.00
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 $244.46 $0.00 $0.00 $244.46
2 $244.46 $244.46 $0.00 $1.38 $490.30
3 $490.30 $244.46 $0.00 $2.77 $737.53
4 $737.53 $244.46 $0.00 $4.17 $986.16
5 $986.16 $244.46 $0.00 $5.58 $1,236.20
6 $1,236.20 $244.46 $0.00 $6.99 $1,487.65
7 $1,487.65 $244.46 $0.00 $8.41 $1,740.52
8 $1,740.52 $244.46 $0.00 $9.84 $1,994.82
9 $1,994.82 $244.46 $0.00 $11.28 $2,250.56
10 $2,250.56 $244.46 $0.00 $12.72 $2,507.74
11 $2,507.74 $244.46 $0.00 $14.18 $2,766.38
12 $2,766.38 $244.46 $0.00 $15.64 $3,026.48
13 $3,026.48 $244.46 $0.00 $17.11 $3,288.05
14 $3,288.05 $244.46 $0.00 $18.59 $3,551.10
15 $3,551.10 $244.46 $0.00 $20.08 $3,815.64
16 $3,815.64 $244.46 $0.00 $21.57 $4,081.67
17 $4,081.67 $244.46 $0.00 $23.08 $4,349.21
18 $4,349.21 $244.46 $0.00 $24.59 $4,618.26
19 $4,618.26 $244.46 $0.00 $26.11 $4,888.83
20 $4,888.83 $244.46 $0.00 $27.64 $5,160.93
21 $5,160.93 $244.46 $0.00 $29.18 $5,434.57
22 $5,434.57 $244.46 $0.00 $30.73 $5,709.76
23 $5,709.76 $244.46 $0.00 $32.28 $5,986.50
24 $5,986.50 $244.46 $0.00 $33.85 $6,264.81
25 $6,264.81 $244.46 $0.00 $35.42 $6,544.69
26 $6,544.69 $244.46 $0.00 $37.00 $6,826.15
27 $6,826.15 $244.46 $0.00 $38.60 $7,109.21
28 $7,109.21 $244.46 $0.00 $40.20 $7,393.87
29 $7,393.87 $244.46 $0.00 $41.81 $7,680.14
30 $7,680.14 $244.46 $0.00 $43.42 $7,968.02
31 $7,968.02 $244.46 $0.00 $45.05 $8,257.53
32 $8,257.53 $244.46 $0.00 $46.69 $8,548.68
33 $8,548.68 $244.46 $0.00 $48.34 $8,841.48
34 $8,841.48 $244.46 $0.00 $49.99 $9,135.93
35 $9,135.93 $244.46 $0.00 $51.66 $9,432.05
36 $9,432.05 $244.46 $0.00 $53.33 $9,729.84
37 $9,729.84 $244.46 $0.00 $55.01 $10,029.31
38 $10,029.31 $244.46 $0.00 $56.71 $10,330.48
39 $10,330.48 $244.46 $0.00 $58.41 $10,633.35
40 $10,633.35 $244.46 $0.00 $60.12 $10,937.93
41 $10,937.93 $244.46 $0.00 $61.84 $11,244.23
42 $11,244.23 $244.46 $0.00 $63.58 $11,552.27
43 $11,552.27 $244.46 $0.00 $65.32 $11,862.05
44 $11,862.05 $244.46 $0.00 $67.07 $12,173.58
45 $12,173.58 $244.46 $0.00 $68.83 $12,486.87
46 $12,486.87 $244.46 $0.00 $70.60 $12,801.93
47 $12,801.93 $244.46 $0.00 $72.38 $13,118.77
48 $13,118.77 $244.46 $0.00 $74.18 $13,437.41
49 $13,437.41 $244.46 $0.00 $75.98 $13,757.85
50 $13,757.85 $244.46 $0.00 $77.79 $14,080.10
51 $14,080.10 $244.46 $0.00 $79.61 $14,404.17
52 $14,404.17 $244.46 $0.00 $81.44 $14,730.07
53 $14,730.07 $244.46 $0.00 $83.29 $15,057.82
54 $15,057.82 $244.46 $0.00 $85.14 $15,387.42
55 $15,387.42 $244.46 $0.00 $87.00 $15,718.88
56 $15,718.88 $244.46 $0.00 $88.88 $16,052.22
57 $16,052.22 $244.46 $0.00 $90.76 $16,387.44
58 $16,387.44 $244.46 $0.00 $92.66 $16,724.56
59 $16,724.56 $244.46 $0.00 $94.56 $17,063.58
60 $17,063.58 $244.46 $0.00 $96.48 $17,404.52
61 $17,404.52 $244.46 $0.00 $98.41 $17,747.39
62 $17,747.39 $244.46 $0.00 $100.35 $18,092.20
63 $18,092.20 $244.46 $0.00 $102.30 $18,438.96
64 $18,438.96 $244.46 $0.00 $104.26 $18,787.68
65 $18,787.68 $244.46 $0.00 $106.23 $19,138.37
66 $19,138.37 $244.46 $0.00 $108.21 $19,491.04
67 $19,491.04 $244.46 $0.00 $110.21 $19,845.71
68 $19,845.71 $244.46 $0.00 $112.21 $20,202.38
69 $20,202.38 $244.46 $0.00 $114.23 $20,561.07
70 $20,561.07 $244.46 $0.00 $116.26 $20,921.79
71 $20,921.79 $244.46 $0.00 $118.29 $21,284.54
72 $21,284.54 $244.46 $0.00 $120.35 $21,649.35
73 $21,649.35 $244.46 $0.00 $122.41 $22,016.22
74 $22,016.22 $244.46 $0.00 $124.48 $22,385.16
75 $22,385.16 $244.46 $0.00 $126.57 $22,756.19
76 $22,756.19 $244.46 $0.00 $128.67 $23,129.32
77 $23,129.32 $244.46 $0.00 $130.78 $23,504.56
78 $23,504.56 $244.46 $0.00 $132.90 $23,881.92
79 $23,881.92 $244.46 $0.00 $135.03 $24,261.41
80 $24,261.41 $244.46 $0.00 $137.18 $24,643.05
81 $24,643.05 $244.46 $0.00 $139.34 $25,026.85
82 $25,026.85 $244.46 $0.00 $141.51 $25,412.82
83 $25,412.82 $244.46 $0.00 $143.69 $25,800.97
84 $25,800.97 $244.46 $0.00 $145.88 $26,191.31
85 $26,191.31 $244.46 $0.00 $148.09 $26,583.86
86 $26,583.86 $244.46 $0.00 $150.31 $26,978.63
87 $26,978.63 $244.46 $0.00 $152.54 $27,375.63
88 $27,375.63 $244.46 $0.00 $154.79 $27,774.88
89 $27,774.88 $244.46 $0.00 $157.04 $28,176.38
90 $28,176.38 $244.46 $0.00 $159.31 $28,580.15
91 $28,580.15 $244.46 $0.00 $161.60 $28,986.21
92 $28,986.21 $244.46 $0.00 $163.89 $29,394.56
93 $29,394.56 $244.46 $0.00 $166.20 $29,805.22
94 $29,805.22 $244.46 $0.00 $168.52 $30,218.20
95 $30,218.20 $244.46 $0.00 $170.86 $30,633.52
96 $30,633.52 $244.46 $0.00 $173.21 $31,051.19
97 $31,051.19 $244.46 $0.00 $175.57 $31,471.22
98 $31,471.22 $244.46 $0.00 $177.94 $31,893.62
99 $31,893.62 $244.46 $0.00 $180.33 $32,318.41
100 $32,318.41 $244.46 $0.00 $182.73 $32,745.60
101 $32,745.60 $244.46 $0.00 $185.15 $33,175.21
102 $33,175.21 $244.46 $0.00 $187.58 $33,607.25
103 $33,607.25 $244.46 $0.00 $190.02 $34,041.73
104 $34,041.73 $244.46 $0.00 $192.48 $34,478.67
105 $34,478.67 $244.46 $0.00 $194.95 $34,918.08
106 $34,918.08 $244.46 $0.00 $197.43 $35,359.97
107 $35,359.97 $244.46 $0.00 $199.93 $35,804.36
108 $35,804.36 $244.46 $0.00 $202.44 $36,251.26
109 $36,251.26 $244.46 $0.00 $204.97 $36,700.69
110 $36,700.69 $244.46 $0.00 $207.51 $37,152.66
111 $37,152.66 $244.46 $0.00 $210.07 $37,607.19
112 $37,607.19 $244.46 $0.00 $212.64 $38,064.29
113 $38,064.29 $244.46 $0.00 $215.22 $38,523.97
114 $38,523.97 $244.46 $0.00 $217.82 $38,986.25
115 $38,986.25 $244.46 $0.00 $220.43 $39,451.14
116 $39,451.14 $244.46 $0.00 $223.06 $39,918.66
117 $39,918.66 $244.46 $0.00 $225.71 $40,388.83
118 $40,388.83 $244.46 $0.00 $228.36 $40,861.65
119 $40,861.65 $244.46 $0.00 $231.04 $41,337.15
120 $41,337.15 $244.46 $0.00 $233.73 $41,815.34
121 $41,815.34 $244.46 $0.00 $236.43 $42,296.23
122 $42,296.23 $244.46 $0.00 $239.15 $42,779.84
123 $42,779.84 $244.46 $0.00 $241.88 $43,266.18
124 $43,266.18 $244.46 $0.00 $244.63 $43,755.27
125 $43,755.27 $244.46 $0.00 $247.40 $44,247.13
126 $44,247.13 $244.46 $0.00 $250.18 $44,741.77
127 $44,741.77 $244.46 $0.00 $252.98 $45,239.21
128 $45,239.21 $244.46 $0.00 $255.79 $45,739.46
129 $45,739.46 $244.46 $0.00 $258.62 $46,242.54
130 $46,242.54 $244.46 $0.00 $261.46 $46,748.46
131 $46,748.46 $244.46 $0.00 $264.32 $47,257.24
132 $47,257.24 $244.46 $0.00 $267.20 $47,768.90
133 $47,768.90 $244.46 $0.00 $270.09 $48,283.45
134 $48,283.45 $244.46 $0.00 $273.00 $48,800.91
135 $48,800.91 $244.46 $0.00 $275.93 $49,321.30
136 $49,321.30 $244.46 $0.00 $278.87 $49,844.63
137 $49,844.63 $244.46 $0.00 $281.83 $50,370.92
138 $50,370.92 $244.46 $0.00 $284.80 $50,900.18
139 $50,900.18 $244.46 $0.00 $287.80 $51,432.44
140 $51,432.44 $244.46 $0.00 $290.81 $51,967.71
141 $51,967.71 $244.46 $0.00 $293.83 $52,506.00
142 $52,506.00 $244.46 $0.00 $296.88 $53,047.34
143 $53,047.34 $244.46 $0.00 $299.94 $53,591.74
144 $53,591.74 $244.46 $0.00 $303.02 $54,139.22
145 $54,139.22 $244.46 $0.00 $306.11 $54,689.79
146 $54,689.79 $244.46 $0.00 $309.22 $55,243.47
147 $55,243.47 $244.46 $0.00 $312.35 $55,800.28
148 $55,800.28 $244.46 $0.00 $315.50 $56,360.24
149 $56,360.24 $244.46 $0.00 $318.67 $56,923.37
150 $56,923.37 $244.46 $0.00 $321.85 $57,489.68
151 $57,489.68 $244.46 $0.00 $325.06 $58,059.20
152 $58,059.20 $244.46 $0.00 $328.28 $58,631.94
153 $58,631.94 $244.46 $0.00 $331.51 $59,207.91
154 $59,207.91 $244.46 $0.00 $334.77 $59,787.14
155 $59,787.14 $244.46 $0.00 $338.05 $60,369.65
156 $60,369.65 $244.46 $0.00 $341.34 $60,955.45
157 $60,955.45 $244.46 $0.00 $344.65 $61,544.56
158 $61,544.56 $244.46 $0.00 $347.98 $62,137.00
159 $62,137.00 $244.46 $0.00 $351.33 $62,732.79
160 $62,732.79 $244.46 $0.00 $354.70 $63,331.95
161 $63,331.95 $244.46 $0.00 $358.09 $63,934.50
162 $63,934.50 $244.46 $0.00 $361.49 $64,540.45
163 $64,540.45 $244.46 $0.00 $364.92 $65,149.83
164 $65,149.83 $244.46 $0.00 $368.37 $65,762.66
165 $65,762.66 $244.46 $0.00 $371.83 $66,378.95
166 $66,378.95 $244.46 $0.00 $375.32 $66,998.73
167 $66,998.73 $244.46 $0.00 $378.82 $67,622.01
168 $67,622.01 $244.46 $0.00 $382.34 $68,248.81
169 $68,248.81 $244.46 $0.00 $385.89 $68,879.16
170 $68,879.16 $244.46 $0.00 $389.45 $69,513.07
171 $69,513.07 $244.46 $0.00 $393.04 $70,150.57
172 $70,150.57 $244.46 $0.00 $396.64 $70,791.67
173 $70,791.67 $244.46 $0.00 $400.27 $71,436.40
174 $71,436.40 $244.46 $0.00 $403.91 $72,084.77
175 $72,084.77 $244.46 $0.00 $407.58 $72,736.81
176 $72,736.81 $244.46 $0.00 $411.26 $73,392.53
177 $73,392.53 $244.46 $0.00 $414.97 $74,051.96
178 $74,051.96 $244.46 $0.00 $418.70 $74,715.12
179 $74,715.12 $244.46 $0.00 $422.45 $75,382.03
180 $75,382.03 $244.46 $0.00 $426.22 $76,052.71
181 $76,052.71 $244.46 $0.00 $430.01 $76,727.18
182 $76,727.18 $244.46 $0.00 $433.83 $77,405.47
183 $77,405.47 $244.46 $0.00 $437.66 $78,087.59
184 $78,087.59 $244.46 $0.00 $441.52 $78,773.57
185 $78,773.57 $244.46 $0.00 $445.40 $79,463.43
186 $79,463.43 $244.46 $0.00 $449.30 $80,157.19
187 $80,157.19 $244.46 $0.00 $453.22 $80,854.87
188 $80,854.87 $244.46 $0.00 $457.17 $81,556.50
189 $81,556.50 $244.46 $0.00 $461.13 $82,262.09
190 $82,262.09 $244.46 $0.00 $465.12 $82,971.67
191 $82,971.67 $244.46 $0.00 $469.13 $83,685.26
192 $83,685.26 $244.46 $0.00 $473.17 $84,402.89
193 $84,402.89 $244.46 $0.00 $477.23 $85,124.58
194 $85,124.58 $244.46 $0.00 $481.31 $85,850.35
195 $85,850.35 $244.46 $0.00 $485.41 $86,580.22
196 $86,580.22 $244.46 $0.00 $489.54 $87,314.22
197 $87,314.22 $244.46 $0.00 $493.69 $88,052.37
198 $88,052.37 $244.46 $0.00 $497.86 $88,794.69
199 $88,794.69 $244.46 $0.00 $502.06 $89,541.21
200 $89,541.21 $244.46 $0.00 $506.28 $90,291.95
201 $90,291.95 $244.46 $0.00 $510.52 $91,046.93
202 $91,046.93 $244.46 $0.00 $514.79 $91,806.18
203 $91,806.18 $244.46 $0.00 $519.09 $92,569.73
204 $92,569.73 $244.46 $0.00 $523.40 $93,337.59
205 $93,337.59 $244.46 $0.00 $527.74 $94,109.79
206 $94,109.79 $244.46 $0.00 $532.11 $94,886.36
207 $94,886.36 $244.46 $0.00 $536.50 $95,667.32
208 $95,667.32 $244.46 $0.00 $540.92 $96,452.70
209 $96,452.70 $244.46 $0.00 $545.36 $97,242.52
210 $97,242.52 $244.46 $0.00 $549.82 $98,036.80
211 $98,036.80 $244.46 $0.00 $554.31 $98,835.57
212 $98,835.57 $244.46 $0.00 $558.83 $99,638.86
213 $99,638.86 $244.46 $0.00 $563.37 $100,446.69
214 $100,446.69 $244.46 $0.00 $567.94 $101,259.09
215 $101,259.09 $244.46 $0.00 $572.53 $102,076.08
216 $102,076.08 $244.46 $0.00 $577.15 $102,897.69
217 $102,897.69 $244.46 $53,662.80 $581.80 $50,061.15
218 $50,061.15 $244.46 $0.00 $283.05 $50,588.66
219 $50,588.66 $244.46 $0.00 $286.04 $51,119.16
220 $51,119.16 $244.46 $0.00 $289.04 $51,652.66
221 $51,652.66 $244.46 $0.00 $292.05 $52,189.17
222 $52,189.17 $244.46 $0.00 $295.09 $52,728.72
223 $52,728.72 $244.46 $0.00 $298.14 $53,271.32
224 $53,271.32 $244.46 $0.00 $301.20 $53,816.98
225 $53,816.98 $244.46 $0.00 $304.29 $54,365.73
226 $54,365.73 $244.46 $0.00 $307.39 $54,917.58
227 $54,917.58 $244.46 $0.00 $310.51 $55,472.55
228 $55,472.55 $244.46 $0.00 $313.65 $56,030.66
229 $56,030.66 $0.00 $56,345.94 $316.81 $1.53