Savings Plan and Future Cost Estimation for Maryland Institute College of Art

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2040$174,186
Monthly savings required$1,379

How much will it cost to send your child to Maryland Institute College of Art in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $696,742.97 for students enrolling in 2040 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $1,378.82 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$67,170.00
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 $1,378.82 $0.00 $0.00 $1,378.82
2 $1,378.82 $1,378.82 $0.00 $7.80 $2,765.44
3 $2,765.44 $1,378.82 $0.00 $15.64 $4,159.90
4 $4,159.90 $1,378.82 $0.00 $23.52 $5,562.24
5 $5,562.24 $1,378.82 $0.00 $31.45 $6,972.51
6 $6,972.51 $1,378.82 $0.00 $39.42 $8,390.75
7 $8,390.75 $1,378.82 $0.00 $47.44 $9,817.01
8 $9,817.01 $1,378.82 $0.00 $55.51 $11,251.34
9 $11,251.34 $1,378.82 $0.00 $63.62 $12,693.78
10 $12,693.78 $1,378.82 $0.00 $71.77 $14,144.37
11 $14,144.37 $1,378.82 $0.00 $79.97 $15,603.16
12 $15,603.16 $1,378.82 $0.00 $88.22 $17,070.20
13 $17,070.20 $1,378.82 $0.00 $96.52 $18,545.54
14 $18,545.54 $1,378.82 $0.00 $104.86 $20,029.22
15 $20,029.22 $1,378.82 $0.00 $113.25 $21,521.29
16 $21,521.29 $1,378.82 $0.00 $121.68 $23,021.79
17 $23,021.79 $1,378.82 $0.00 $130.17 $24,530.78
18 $24,530.78 $1,378.82 $0.00 $138.70 $26,048.30
19 $26,048.30 $1,378.82 $0.00 $147.28 $27,574.40
20 $27,574.40 $1,378.82 $0.00 $155.91 $29,109.13
21 $29,109.13 $1,378.82 $0.00 $164.59 $30,652.54
22 $30,652.54 $1,378.82 $0.00 $173.31 $32,204.67
23 $32,204.67 $1,378.82 $0.00 $182.09 $33,765.58
24 $33,765.58 $1,378.82 $0.00 $190.92 $35,335.32
25 $35,335.32 $1,378.82 $0.00 $199.79 $36,913.93
26 $36,913.93 $1,378.82 $0.00 $208.72 $38,501.47
27 $38,501.47 $1,378.82 $0.00 $217.69 $40,097.98
28 $40,097.98 $1,378.82 $0.00 $226.72 $41,703.52
29 $41,703.52 $1,378.82 $0.00 $235.80 $43,318.14
30 $43,318.14 $1,378.82 $0.00 $244.93 $44,941.89
31 $44,941.89 $1,378.82 $0.00 $254.11 $46,574.82
32 $46,574.82 $1,378.82 $0.00 $263.34 $48,216.98
33 $48,216.98 $1,378.82 $0.00 $272.63 $49,868.43
34 $49,868.43 $1,378.82 $0.00 $281.96 $51,529.21
35 $51,529.21 $1,378.82 $0.00 $291.35 $53,199.38
36 $53,199.38 $1,378.82 $0.00 $300.80 $54,879.00
37 $54,879.00 $1,378.82 $0.00 $310.29 $56,568.11
38 $56,568.11 $1,378.82 $0.00 $319.84 $58,266.77
39 $58,266.77 $1,378.82 $0.00 $329.45 $59,975.04
40 $59,975.04 $1,378.82 $0.00 $339.11 $61,692.97
41 $61,692.97 $1,378.82 $0.00 $348.82 $63,420.61
42 $63,420.61 $1,378.82 $0.00 $358.59 $65,158.02
43 $65,158.02 $1,378.82 $0.00 $368.41 $66,905.25
44 $66,905.25 $1,378.82 $0.00 $378.29 $68,662.36
45 $68,662.36 $1,378.82 $0.00 $388.23 $70,429.41
46 $70,429.41 $1,378.82 $0.00 $398.22 $72,206.45
47 $72,206.45 $1,378.82 $0.00 $408.27 $73,993.54
48 $73,993.54 $1,378.82 $0.00 $418.37 $75,790.73
49 $75,790.73 $1,378.82 $0.00 $428.53 $77,598.08
50 $77,598.08 $1,378.82 $0.00 $438.75 $79,415.65
51 $79,415.65 $1,378.82 $0.00 $449.03 $81,243.50
52 $81,243.50 $1,378.82 $0.00 $459.36 $83,081.68
53 $83,081.68 $1,378.82 $0.00 $469.76 $84,930.26
54 $84,930.26 $1,378.82 $0.00 $480.21 $86,789.29
55 $86,789.29 $1,378.82 $0.00 $490.72 $88,658.83
56 $88,658.83 $1,378.82 $0.00 $501.29 $90,538.94
57 $90,538.94 $1,378.82 $0.00 $511.92 $92,429.68
58 $92,429.68 $1,378.82 $0.00 $522.61 $94,331.11
59 $94,331.11 $1,378.82 $0.00 $533.36 $96,243.29
60 $96,243.29 $1,378.82 $0.00 $544.17 $98,166.28
61 $98,166.28 $1,378.82 $0.00 $555.05 $100,100.15
62 $100,100.15 $1,378.82 $0.00 $565.98 $102,044.95
63 $102,044.95 $1,378.82 $0.00 $576.98 $104,000.75
64 $104,000.75 $1,378.82 $0.00 $588.04 $105,967.61
65 $105,967.61 $1,378.82 $0.00 $599.16 $107,945.59
66 $107,945.59 $1,378.82 $0.00 $610.34 $109,934.75
67 $109,934.75 $1,378.82 $0.00 $621.59 $111,935.16
68 $111,935.16 $1,378.82 $0.00 $632.90 $113,946.88
69 $113,946.88 $1,378.82 $0.00 $644.27 $115,969.97
70 $115,969.97 $1,378.82 $0.00 $655.71 $118,004.50
71 $118,004.50 $1,378.82 $0.00 $667.21 $120,050.53
72 $120,050.53 $1,378.82 $0.00 $678.78 $122,108.13
73 $122,108.13 $1,378.82 $0.00 $690.42 $124,177.37
74 $124,177.37 $1,378.82 $0.00 $702.12 $126,258.31
75 $126,258.31 $1,378.82 $0.00 $713.88 $128,351.01
76 $128,351.01 $1,378.82 $0.00 $725.72 $130,455.55
77 $130,455.55 $1,378.82 $0.00 $737.61 $132,571.98
78 $132,571.98 $1,378.82 $0.00 $749.58 $134,700.38
79 $134,700.38 $1,378.82 $0.00 $761.62 $136,840.82
80 $136,840.82 $1,378.82 $0.00 $773.72 $138,993.36
81 $138,993.36 $1,378.82 $0.00 $785.89 $141,158.07
82 $141,158.07 $1,378.82 $0.00 $798.13 $143,335.02
83 $143,335.02 $1,378.82 $0.00 $810.44 $145,524.28
84 $145,524.28 $1,378.82 $0.00 $822.82 $147,725.92
85 $147,725.92 $1,378.82 $0.00 $835.26 $149,940.00
86 $149,940.00 $1,378.82 $0.00 $847.78 $152,166.60
87 $152,166.60 $1,378.82 $0.00 $860.37 $154,405.79
88 $154,405.79 $1,378.82 $0.00 $873.03 $156,657.64
89 $156,657.64 $1,378.82 $0.00 $885.77 $158,922.23
90 $158,922.23 $1,378.82 $0.00 $898.57 $161,199.62
91 $161,199.62 $1,378.82 $0.00 $911.45 $163,489.89
92 $163,489.89 $1,378.82 $0.00 $924.40 $165,793.11
93 $165,793.11 $1,378.82 $0.00 $937.42 $168,109.35
94 $168,109.35 $1,378.82 $0.00 $950.51 $170,438.68
95 $170,438.68 $1,378.82 $0.00 $963.69 $172,781.19
96 $172,781.19 $1,378.82 $0.00 $976.93 $175,136.94
97 $175,136.94 $1,378.82 $0.00 $990.25 $177,506.01
98 $177,506.01 $1,378.82 $0.00 $1,003.64 $179,888.47
99 $179,888.47 $1,378.82 $0.00 $1,017.12 $182,284.41
100 $182,284.41 $1,378.82 $0.00 $1,030.66 $184,693.89
101 $184,693.89 $1,378.82 $0.00 $1,044.29 $187,117.00
102 $187,117.00 $1,378.82 $0.00 $1,057.99 $189,553.81
103 $189,553.81 $1,378.82 $0.00 $1,071.76 $192,004.39
104 $192,004.39 $1,378.82 $0.00 $1,085.62 $194,468.83
105 $194,468.83 $1,378.82 $0.00 $1,099.56 $196,947.21
106 $196,947.21 $1,378.82 $0.00 $1,113.57 $199,439.60
107 $199,439.60 $1,378.82 $0.00 $1,127.66 $201,946.08
108 $201,946.08 $1,378.82 $0.00 $1,141.83 $204,466.73
109 $204,466.73 $1,378.82 $0.00 $1,156.08 $207,001.63
110 $207,001.63 $1,378.82 $0.00 $1,170.42 $209,550.87
111 $209,550.87 $1,378.82 $0.00 $1,184.83 $212,114.52
112 $212,114.52 $1,378.82 $0.00 $1,199.33 $214,692.67
113 $214,692.67 $1,378.82 $0.00 $1,213.90 $217,285.39
114 $217,285.39 $1,378.82 $0.00 $1,228.56 $219,892.77
115 $219,892.77 $1,378.82 $0.00 $1,243.31 $222,514.90
116 $222,514.90 $1,378.82 $0.00 $1,258.13 $225,151.85
117 $225,151.85 $1,378.82 $0.00 $1,273.04 $227,803.71
118 $227,803.71 $1,378.82 $0.00 $1,288.04 $230,470.57
119 $230,470.57 $1,378.82 $0.00 $1,303.11 $233,152.50
120 $233,152.50 $1,378.82 $0.00 $1,318.28 $235,849.60
121 $235,849.60 $1,378.82 $0.00 $1,333.53 $238,561.95
122 $238,561.95 $1,378.82 $0.00 $1,348.86 $241,289.63
123 $241,289.63 $1,378.82 $0.00 $1,364.29 $244,032.74
124 $244,032.74 $1,378.82 $0.00 $1,379.80 $246,791.36
125 $246,791.36 $1,378.82 $0.00 $1,395.39 $249,565.57
126 $249,565.57 $1,378.82 $0.00 $1,411.08 $252,355.47
127 $252,355.47 $1,378.82 $0.00 $1,426.85 $255,161.14
128 $255,161.14 $1,378.82 $0.00 $1,442.72 $257,982.68
129 $257,982.68 $1,378.82 $0.00 $1,458.67 $260,820.17
130 $260,820.17 $1,378.82 $0.00 $1,474.72 $263,673.71
131 $263,673.71 $1,378.82 $0.00 $1,490.85 $266,543.38
132 $266,543.38 $1,378.82 $0.00 $1,507.08 $269,429.28
133 $269,429.28 $1,378.82 $0.00 $1,523.39 $272,331.49
134 $272,331.49 $1,378.82 $0.00 $1,539.80 $275,250.11
135 $275,250.11 $1,378.82 $0.00 $1,556.30 $278,185.23
136 $278,185.23 $1,378.82 $0.00 $1,572.90 $281,136.95
137 $281,136.95 $1,378.82 $0.00 $1,589.59 $284,105.36
138 $284,105.36 $1,378.82 $0.00 $1,606.37 $287,090.55
139 $287,090.55 $1,378.82 $0.00 $1,623.25 $290,092.62
140 $290,092.62 $1,378.82 $0.00 $1,640.23 $293,111.67
141 $293,111.67 $1,378.82 $0.00 $1,657.30 $296,147.79
142 $296,147.79 $1,378.82 $0.00 $1,674.46 $299,201.07
143 $299,201.07 $1,378.82 $0.00 $1,691.73 $302,271.62
144 $302,271.62 $1,378.82 $0.00 $1,709.09 $305,359.53
145 $305,359.53 $1,378.82 $0.00 $1,726.55 $308,464.90
146 $308,464.90 $1,378.82 $0.00 $1,744.11 $311,587.83
147 $311,587.83 $1,378.82 $0.00 $1,761.76 $314,728.41
148 $314,728.41 $1,378.82 $0.00 $1,779.52 $317,886.75
149 $317,886.75 $1,378.82 $0.00 $1,797.38 $321,062.95
150 $321,062.95 $1,378.82 $0.00 $1,815.34 $324,257.11
151 $324,257.11 $1,378.82 $0.00 $1,833.40 $327,469.33
152 $327,469.33 $1,378.82 $0.00 $1,851.56 $330,699.71
153 $330,699.71 $1,378.82 $0.00 $1,869.82 $333,948.35
154 $333,948.35 $1,378.82 $0.00 $1,888.19 $337,215.36
155 $337,215.36 $1,378.82 $0.00 $1,906.66 $340,500.84
156 $340,500.84 $1,378.82 $0.00 $1,925.24 $343,804.90
157 $343,804.90 $1,378.82 $0.00 $1,943.92 $347,127.64
158 $347,127.64 $1,378.82 $0.00 $1,962.71 $350,469.17
159 $350,469.17 $1,378.82 $0.00 $1,981.60 $353,829.59
160 $353,829.59 $1,378.82 $0.00 $2,000.60 $357,209.01
161 $357,209.01 $1,378.82 $0.00 $2,019.71 $360,607.54
162 $360,607.54 $1,378.82 $0.00 $2,038.93 $364,025.29
163 $364,025.29 $1,378.82 $0.00 $2,058.25 $367,462.36
164 $367,462.36 $1,378.82 $0.00 $2,077.69 $370,918.87
165 $370,918.87 $1,378.82 $0.00 $2,097.23 $374,394.92
166 $374,394.92 $1,378.82 $0.00 $2,116.88 $377,890.62
167 $377,890.62 $1,378.82 $0.00 $2,136.65 $381,406.09
168 $381,406.09 $1,378.82 $0.00 $2,156.53 $384,941.44
169 $384,941.44 $1,378.82 $0.00 $2,176.51 $388,496.77
170 $388,496.77 $1,378.82 $0.00 $2,196.62 $392,072.21
171 $392,072.21 $1,378.82 $0.00 $2,216.83 $395,667.86
172 $395,667.86 $1,378.82 $0.00 $2,237.16 $399,283.84
173 $399,283.84 $1,378.82 $0.00 $2,257.61 $402,920.27
174 $402,920.27 $1,378.82 $0.00 $2,278.17 $406,577.26
175 $406,577.26 $1,378.82 $0.00 $2,298.85 $410,254.93
176 $410,254.93 $1,378.82 $0.00 $2,319.64 $413,953.39
177 $413,953.39 $1,378.82 $0.00 $2,340.55 $417,672.76
178 $417,672.76 $1,378.82 $0.00 $2,361.58 $421,413.16
179 $421,413.16 $1,378.82 $0.00 $2,382.73 $425,174.71
180 $425,174.71 $1,378.82 $0.00 $2,404.00 $428,957.53
181 $428,957.53 $1,378.82 $0.00 $2,425.39 $432,761.74
182 $432,761.74 $1,378.82 $0.00 $2,446.90 $436,587.46
183 $436,587.46 $1,378.82 $0.00 $2,468.53 $440,434.81
184 $440,434.81 $1,378.82 $0.00 $2,490.28 $444,303.91
185 $444,303.91 $1,378.82 $0.00 $2,512.16 $448,194.89
186 $448,194.89 $1,378.82 $0.00 $2,534.16 $452,107.87
187 $452,107.87 $1,378.82 $0.00 $2,556.28 $456,042.97
188 $456,042.97 $1,378.82 $0.00 $2,578.53 $460,000.32
189 $460,000.32 $1,378.82 $0.00 $2,600.91 $463,980.05
190 $463,980.05 $1,378.82 $0.00 $2,623.41 $467,982.28
191 $467,982.28 $1,378.82 $0.00 $2,646.04 $472,007.14
192 $472,007.14 $1,378.82 $0.00 $2,668.80 $476,054.76
193 $476,054.76 $1,378.82 $0.00 $2,691.68 $480,125.26
194 $480,125.26 $1,378.82 $0.00 $2,714.70 $484,218.78
195 $484,218.78 $1,378.82 $0.00 $2,737.84 $488,335.44
196 $488,335.44 $1,378.82 $0.00 $2,761.12 $492,475.38
197 $492,475.38 $1,378.82 $0.00 $2,784.53 $496,638.73
198 $496,638.73 $1,378.82 $0.00 $2,808.07 $500,825.62
199 $500,825.62 $1,378.82 $0.00 $2,831.74 $505,036.18
200 $505,036.18 $1,378.82 $0.00 $2,855.55 $509,270.55
201 $509,270.55 $1,378.82 $0.00 $2,879.49 $513,528.86
202 $513,528.86 $1,378.82 $0.00 $2,903.57 $517,811.25
203 $517,811.25 $1,378.82 $0.00 $2,927.78 $522,117.85
204 $522,117.85 $1,378.82 $0.00 $2,952.13 $526,448.80
205 $526,448.80 $1,378.82 $0.00 $2,976.62 $530,804.24
206 $530,804.24 $1,378.82 $0.00 $3,001.24 $535,184.30
207 $535,184.30 $1,378.82 $0.00 $3,026.01 $539,589.13
208 $539,589.13 $1,378.82 $0.00 $3,050.92 $544,018.87
209 $544,018.87 $1,378.82 $0.00 $3,075.96 $548,473.65
210 $548,473.65 $1,378.82 $0.00 $3,101.15 $552,953.62
211 $552,953.62 $1,378.82 $0.00 $3,126.48 $557,458.92
212 $557,458.92 $1,378.82 $0.00 $3,151.95 $561,989.69
213 $561,989.69 $1,378.82 $0.00 $3,177.57 $566,546.08
214 $566,546.08 $1,378.82 $0.00 $3,203.33 $571,128.23
215 $571,128.23 $1,378.82 $0.00 $3,229.24 $575,736.29
216 $575,736.29 $1,378.82 $0.00 $3,255.30 $580,370.41
217 $580,370.41 $1,378.82 $161,652.61 $3,281.50 $423,378.12
218 $423,378.12 $1,378.82 $0.00 $2,393.84 $427,150.78
219 $427,150.78 $1,378.82 $0.00 $2,415.17 $430,944.77
220 $430,944.77 $1,378.82 $0.00 $2,436.62 $434,760.21
221 $434,760.21 $1,378.82 $0.00 $2,458.20 $438,597.23
222 $438,597.23 $1,378.82 $0.00 $2,479.89 $442,455.94
223 $442,455.94 $1,378.82 $0.00 $2,501.71 $446,336.47
224 $446,336.47 $1,378.82 $0.00 $2,523.65 $450,238.94
225 $450,238.94 $1,378.82 $0.00 $2,545.72 $454,163.48
226 $454,163.48 $1,378.82 $0.00 $2,567.91 $458,110.21
227 $458,110.21 $1,378.82 $0.00 $2,590.22 $462,079.25
228 $462,079.25 $1,378.82 $0.00 $2,612.66 $466,070.73
229 $466,070.73 $1,378.82 $169,735.24 $2,635.23 $300,349.54
230 $300,349.54 $1,378.82 $0.00 $1,698.22 $303,426.58
231 $303,426.58 $1,378.82 $0.00 $1,715.62 $306,521.02
232 $306,521.02 $1,378.82 $0.00 $1,733.11 $309,632.95
233 $309,632.95 $1,378.82 $0.00 $1,750.71 $312,762.48
234 $312,762.48 $1,378.82 $0.00 $1,768.40 $315,909.70
235 $315,909.70 $1,378.82 $0.00 $1,786.20 $319,074.72
236 $319,074.72 $1,378.82 $0.00 $1,804.09 $322,257.63
237 $322,257.63 $1,378.82 $0.00 $1,822.09 $325,458.54
238 $325,458.54 $1,378.82 $0.00 $1,840.19 $328,677.55
239 $328,677.55 $1,378.82 $0.00 $1,858.39 $331,914.76
240 $331,914.76 $1,378.82 $0.00 $1,876.69 $335,170.27
241 $335,170.27 $1,378.82 $178,222.01 $1,895.10 $160,222.18
242 $160,222.18 $1,378.82 $0.00 $905.92 $162,506.92
243 $162,506.92 $1,378.82 $0.00 $918.84 $164,804.58
244 $164,804.58 $1,378.82 $0.00 $931.83 $167,115.23
245 $167,115.23 $1,378.82 $0.00 $944.89 $169,438.94
246 $169,438.94 $1,378.82 $0.00 $958.03 $171,775.79
247 $171,775.79 $1,378.82 $0.00 $971.25 $174,125.86
248 $174,125.86 $1,378.82 $0.00 $984.53 $176,489.21
249 $176,489.21 $1,378.82 $0.00 $997.90 $178,865.93
250 $178,865.93 $1,378.82 $0.00 $1,011.33 $181,256.08
251 $181,256.08 $1,378.82 $0.00 $1,024.85 $183,659.75
252 $183,659.75 $1,378.82 $0.00 $1,038.44 $186,077.01
253 $186,077.01 $0.00 $187,133.11 $1,052.11 ($3.99)