Savings Plan and Future Cost Estimation for Longy School of Music

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2042$253,895
Monthly savings required$2,007

How much will it cost to send your child to Longy School of Music in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $1,015,578.87 for students enrolling in 2042 if tuition increases average 7% per year until then.   Assuming you have no current college savings, monthly deposits of $2,006.59 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$67,675.00
Years until enrollment18
Annual Tuition Increase7%
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 $2,006.59 $0.00 $0.00 $2,006.59
2 $2,006.59 $2,006.59 $0.00 $11.35 $4,024.53
3 $4,024.53 $2,006.59 $0.00 $22.76 $6,053.88
4 $6,053.88 $2,006.59 $0.00 $34.23 $8,094.70
5 $8,094.70 $2,006.59 $0.00 $45.77 $10,147.06
6 $10,147.06 $2,006.59 $0.00 $57.37 $12,211.02
7 $12,211.02 $2,006.59 $0.00 $69.04 $14,286.65
8 $14,286.65 $2,006.59 $0.00 $80.78 $16,374.02
9 $16,374.02 $2,006.59 $0.00 $92.58 $18,473.19
10 $18,473.19 $2,006.59 $0.00 $104.45 $20,584.23
11 $20,584.23 $2,006.59 $0.00 $116.39 $22,707.21
12 $22,707.21 $2,006.59 $0.00 $128.39 $24,842.19
13 $24,842.19 $2,006.59 $0.00 $140.46 $26,989.24
14 $26,989.24 $2,006.59 $0.00 $152.60 $29,148.43
15 $29,148.43 $2,006.59 $0.00 $164.81 $31,319.83
16 $31,319.83 $2,006.59 $0.00 $177.09 $33,503.51
17 $33,503.51 $2,006.59 $0.00 $189.43 $35,699.53
18 $35,699.53 $2,006.59 $0.00 $201.85 $37,907.97
19 $37,907.97 $2,006.59 $0.00 $214.34 $40,128.90
20 $40,128.90 $2,006.59 $0.00 $226.89 $42,362.38
21 $42,362.38 $2,006.59 $0.00 $239.52 $44,608.49
22 $44,608.49 $2,006.59 $0.00 $252.22 $46,867.30
23 $46,867.30 $2,006.59 $0.00 $264.99 $49,138.88
24 $49,138.88 $2,006.59 $0.00 $277.84 $51,423.31
25 $51,423.31 $2,006.59 $0.00 $290.75 $53,720.65
26 $53,720.65 $2,006.59 $0.00 $303.74 $56,030.98
27 $56,030.98 $2,006.59 $0.00 $316.81 $58,354.38
28 $58,354.38 $2,006.59 $0.00 $329.94 $60,690.91
29 $60,690.91 $2,006.59 $0.00 $343.16 $63,040.66
30 $63,040.66 $2,006.59 $0.00 $356.44 $65,403.69
31 $65,403.69 $2,006.59 $0.00 $369.80 $67,780.08
32 $67,780.08 $2,006.59 $0.00 $383.24 $70,169.91
33 $70,169.91 $2,006.59 $0.00 $396.75 $72,573.25
34 $72,573.25 $2,006.59 $0.00 $410.34 $74,990.18
35 $74,990.18 $2,006.59 $0.00 $424.01 $77,420.78
36 $77,420.78 $2,006.59 $0.00 $437.75 $79,865.12
37 $79,865.12 $2,006.59 $0.00 $451.57 $82,323.28
38 $82,323.28 $2,006.59 $0.00 $465.47 $84,795.34
39 $84,795.34 $2,006.59 $0.00 $479.45 $87,281.38
40 $87,281.38 $2,006.59 $0.00 $493.50 $89,781.47
41 $89,781.47 $2,006.59 $0.00 $507.64 $92,295.70
42 $92,295.70 $2,006.59 $0.00 $521.85 $94,824.14
43 $94,824.14 $2,006.59 $0.00 $536.15 $97,366.88
44 $97,366.88 $2,006.59 $0.00 $550.53 $99,924.00
45 $99,924.00 $2,006.59 $0.00 $564.98 $102,495.57
46 $102,495.57 $2,006.59 $0.00 $579.52 $105,081.68
47 $105,081.68 $2,006.59 $0.00 $594.15 $107,682.42
48 $107,682.42 $2,006.59 $0.00 $608.85 $110,297.86
49 $110,297.86 $2,006.59 $0.00 $623.64 $112,928.09
50 $112,928.09 $2,006.59 $0.00 $638.51 $115,573.19
51 $115,573.19 $2,006.59 $0.00 $653.47 $118,233.25
52 $118,233.25 $2,006.59 $0.00 $668.51 $120,908.35
53 $120,908.35 $2,006.59 $0.00 $683.63 $123,598.57
54 $123,598.57 $2,006.59 $0.00 $698.84 $126,304.00
55 $126,304.00 $2,006.59 $0.00 $714.14 $129,024.73
56 $129,024.73 $2,006.59 $0.00 $729.52 $131,760.84
57 $131,760.84 $2,006.59 $0.00 $744.99 $134,512.42
58 $134,512.42 $2,006.59 $0.00 $760.55 $137,279.56
59 $137,279.56 $2,006.59 $0.00 $776.20 $140,062.35
60 $140,062.35 $2,006.59 $0.00 $791.93 $142,860.87
61 $142,860.87 $2,006.59 $0.00 $807.76 $145,675.22
62 $145,675.22 $2,006.59 $0.00 $823.67 $148,505.48
63 $148,505.48 $2,006.59 $0.00 $839.67 $151,351.74
64 $151,351.74 $2,006.59 $0.00 $855.76 $154,214.09
65 $154,214.09 $2,006.59 $0.00 $871.95 $157,092.63
66 $157,092.63 $2,006.59 $0.00 $888.22 $159,987.44
67 $159,987.44 $2,006.59 $0.00 $904.59 $162,898.62
68 $162,898.62 $2,006.59 $0.00 $921.05 $165,826.26
69 $165,826.26 $2,006.59 $0.00 $937.61 $168,770.46
70 $168,770.46 $2,006.59 $0.00 $954.25 $171,731.30
71 $171,731.30 $2,006.59 $0.00 $970.99 $174,708.88
72 $174,708.88 $2,006.59 $0.00 $987.83 $177,703.30
73 $177,703.30 $2,006.59 $0.00 $1,004.76 $180,714.65
74 $180,714.65 $2,006.59 $0.00 $1,021.79 $183,743.03
75 $183,743.03 $2,006.59 $0.00 $1,038.91 $186,788.53
76 $186,788.53 $2,006.59 $0.00 $1,056.13 $189,851.25
77 $189,851.25 $2,006.59 $0.00 $1,073.45 $192,931.29
78 $192,931.29 $2,006.59 $0.00 $1,090.86 $196,028.74
79 $196,028.74 $2,006.59 $0.00 $1,108.37 $199,143.70
80 $199,143.70 $2,006.59 $0.00 $1,125.99 $202,276.28
81 $202,276.28 $2,006.59 $0.00 $1,143.70 $205,426.57
82 $205,426.57 $2,006.59 $0.00 $1,161.51 $208,594.67
83 $208,594.67 $2,006.59 $0.00 $1,179.42 $211,780.68
84 $211,780.68 $2,006.59 $0.00 $1,197.44 $214,984.71
85 $214,984.71 $2,006.59 $0.00 $1,215.55 $218,206.85
86 $218,206.85 $2,006.59 $0.00 $1,233.77 $221,447.21
87 $221,447.21 $2,006.59 $0.00 $1,252.09 $224,705.89
88 $224,705.89 $2,006.59 $0.00 $1,270.52 $227,983.00
89 $227,983.00 $2,006.59 $0.00 $1,289.05 $231,278.64
90 $231,278.64 $2,006.59 $0.00 $1,307.68 $234,592.91
91 $234,592.91 $2,006.59 $0.00 $1,326.42 $237,925.92
92 $237,925.92 $2,006.59 $0.00 $1,345.27 $241,277.78
93 $241,277.78 $2,006.59 $0.00 $1,364.22 $244,648.59
94 $244,648.59 $2,006.59 $0.00 $1,383.28 $248,038.46
95 $248,038.46 $2,006.59 $0.00 $1,402.45 $251,447.50
96 $251,447.50 $2,006.59 $0.00 $1,421.72 $254,875.81
97 $254,875.81 $2,006.59 $0.00 $1,441.10 $258,323.50
98 $258,323.50 $2,006.59 $0.00 $1,460.60 $261,790.69
99 $261,790.69 $2,006.59 $0.00 $1,480.20 $265,277.48
100 $265,277.48 $2,006.59 $0.00 $1,499.92 $268,783.99
101 $268,783.99 $2,006.59 $0.00 $1,519.74 $272,310.32
102 $272,310.32 $2,006.59 $0.00 $1,539.68 $275,856.59
103 $275,856.59 $2,006.59 $0.00 $1,559.73 $279,422.91
104 $279,422.91 $2,006.59 $0.00 $1,579.90 $283,009.40
105 $283,009.40 $2,006.59 $0.00 $1,600.18 $286,616.17
106 $286,616.17 $2,006.59 $0.00 $1,620.57 $290,243.33
107 $290,243.33 $2,006.59 $0.00 $1,641.08 $293,891.00
108 $293,891.00 $2,006.59 $0.00 $1,661.70 $297,559.29
109 $297,559.29 $2,006.59 $0.00 $1,682.44 $301,248.32
110 $301,248.32 $2,006.59 $0.00 $1,703.30 $304,958.21
111 $304,958.21 $2,006.59 $0.00 $1,724.28 $308,689.08
112 $308,689.08 $2,006.59 $0.00 $1,745.37 $312,441.04
113 $312,441.04 $2,006.59 $0.00 $1,766.59 $316,214.22
114 $316,214.22 $2,006.59 $0.00 $1,787.92 $320,008.73
115 $320,008.73 $2,006.59 $0.00 $1,809.38 $323,824.70
116 $323,824.70 $2,006.59 $0.00 $1,830.95 $327,662.24
117 $327,662.24 $2,006.59 $0.00 $1,852.65 $331,521.48
118 $331,521.48 $2,006.59 $0.00 $1,874.47 $335,402.54
119 $335,402.54 $2,006.59 $0.00 $1,896.41 $339,305.54
120 $339,305.54 $2,006.59 $0.00 $1,918.48 $343,230.61
121 $343,230.61 $2,006.59 $0.00 $1,940.68 $347,177.88
122 $347,177.88 $2,006.59 $0.00 $1,962.99 $351,147.46
123 $351,147.46 $2,006.59 $0.00 $1,985.44 $355,139.49
124 $355,139.49 $2,006.59 $0.00 $2,008.01 $359,154.09
125 $359,154.09 $2,006.59 $0.00 $2,030.71 $363,191.39
126 $363,191.39 $2,006.59 $0.00 $2,053.54 $367,251.52
127 $367,251.52 $2,006.59 $0.00 $2,076.49 $371,334.60
128 $371,334.60 $2,006.59 $0.00 $2,099.58 $375,440.77
129 $375,440.77 $2,006.59 $0.00 $2,122.80 $379,570.16
130 $379,570.16 $2,006.59 $0.00 $2,146.14 $383,722.89
131 $383,722.89 $2,006.59 $0.00 $2,169.63 $387,899.11
132 $387,899.11 $2,006.59 $0.00 $2,193.24 $392,098.94
133 $392,098.94 $2,006.59 $0.00 $2,216.98 $396,322.51
134 $396,322.51 $2,006.59 $0.00 $2,240.87 $400,569.97
135 $400,569.97 $2,006.59 $0.00 $2,264.88 $404,841.44
136 $404,841.44 $2,006.59 $0.00 $2,289.03 $409,137.06
137 $409,137.06 $2,006.59 $0.00 $2,313.32 $413,456.97
138 $413,456.97 $2,006.59 $0.00 $2,337.75 $417,801.31
139 $417,801.31 $2,006.59 $0.00 $2,362.31 $422,170.21
140 $422,170.21 $2,006.59 $0.00 $2,387.01 $426,563.81
141 $426,563.81 $2,006.59 $0.00 $2,411.85 $430,982.25
142 $430,982.25 $2,006.59 $0.00 $2,436.84 $435,425.68
143 $435,425.68 $2,006.59 $0.00 $2,461.96 $439,894.23
144 $439,894.23 $2,006.59 $0.00 $2,487.23 $444,388.05
145 $444,388.05 $2,006.59 $0.00 $2,512.63 $448,907.27
146 $448,907.27 $2,006.59 $0.00 $2,538.19 $453,452.05
147 $453,452.05 $2,006.59 $0.00 $2,563.88 $458,022.52
148 $458,022.52 $2,006.59 $0.00 $2,589.73 $462,618.84
149 $462,618.84 $2,006.59 $0.00 $2,615.71 $467,241.14
150 $467,241.14 $2,006.59 $0.00 $2,641.85 $471,889.58
151 $471,889.58 $2,006.59 $0.00 $2,668.13 $476,564.30
152 $476,564.30 $2,006.59 $0.00 $2,694.56 $481,265.45
153 $481,265.45 $2,006.59 $0.00 $2,721.14 $485,993.18
154 $485,993.18 $2,006.59 $0.00 $2,747.88 $490,747.65
155 $490,747.65 $2,006.59 $0.00 $2,774.76 $495,529.00
156 $495,529.00 $2,006.59 $0.00 $2,801.79 $500,337.38
157 $500,337.38 $2,006.59 $0.00 $2,828.98 $505,172.95
158 $505,172.95 $2,006.59 $0.00 $2,856.32 $510,035.86
159 $510,035.86 $2,006.59 $0.00 $2,883.82 $514,926.27
160 $514,926.27 $2,006.59 $0.00 $2,911.47 $519,844.33
161 $519,844.33 $2,006.59 $0.00 $2,939.28 $524,790.20
162 $524,790.20 $2,006.59 $0.00 $2,967.24 $529,764.03
163 $529,764.03 $2,006.59 $0.00 $2,995.36 $534,765.98
164 $534,765.98 $2,006.59 $0.00 $3,023.64 $539,796.21
165 $539,796.21 $2,006.59 $0.00 $3,052.09 $544,854.89
166 $544,854.89 $2,006.59 $0.00 $3,080.69 $549,942.17
167 $549,942.17 $2,006.59 $0.00 $3,109.45 $555,058.21
168 $555,058.21 $2,006.59 $0.00 $3,138.38 $560,203.18
169 $560,203.18 $2,006.59 $0.00 $3,167.47 $565,377.24
170 $565,377.24 $2,006.59 $0.00 $3,196.73 $570,580.56
171 $570,580.56 $2,006.59 $0.00 $3,226.15 $575,813.30
172 $575,813.30 $2,006.59 $0.00 $3,255.73 $581,075.62
173 $581,075.62 $2,006.59 $0.00 $3,285.49 $586,367.70
174 $586,367.70 $2,006.59 $0.00 $3,315.41 $591,689.70
175 $591,689.70 $2,006.59 $0.00 $3,345.50 $597,041.79
176 $597,041.79 $2,006.59 $0.00 $3,375.76 $602,424.14
177 $602,424.14 $2,006.59 $0.00 $3,406.19 $607,836.92
178 $607,836.92 $2,006.59 $0.00 $3,436.80 $613,280.31
179 $613,280.31 $2,006.59 $0.00 $3,467.58 $618,754.48
180 $618,754.48 $2,006.59 $0.00 $3,498.53 $624,259.60
181 $624,259.60 $2,006.59 $0.00 $3,529.65 $629,795.84
182 $629,795.84 $2,006.59 $0.00 $3,560.96 $635,363.39
183 $635,363.39 $2,006.59 $0.00 $3,592.44 $640,962.42
184 $640,962.42 $2,006.59 $0.00 $3,624.09 $646,593.10
185 $646,593.10 $2,006.59 $0.00 $3,655.93 $652,255.62
186 $652,255.62 $2,006.59 $0.00 $3,687.95 $657,950.16
187 $657,950.16 $2,006.59 $0.00 $3,720.15 $663,676.90
188 $663,676.90 $2,006.59 $0.00 $3,752.53 $669,436.02
189 $669,436.02 $2,006.59 $0.00 $3,785.09 $675,227.70
190 $675,227.70 $2,006.59 $0.00 $3,817.84 $681,052.13
191 $681,052.13 $2,006.59 $0.00 $3,850.77 $686,909.49
192 $686,909.49 $2,006.59 $0.00 $3,883.89 $692,799.97
193 $692,799.97 $2,006.59 $0.00 $3,917.19 $698,723.75
194 $698,723.75 $2,006.59 $0.00 $3,950.69 $704,681.03
195 $704,681.03 $2,006.59 $0.00 $3,984.37 $710,671.99
196 $710,671.99 $2,006.59 $0.00 $4,018.24 $716,696.82
197 $716,696.82 $2,006.59 $0.00 $4,052.31 $722,755.72
198 $722,755.72 $2,006.59 $0.00 $4,086.57 $728,848.88
199 $728,848.88 $2,006.59 $0.00 $4,121.02 $734,976.49
200 $734,976.49 $2,006.59 $0.00 $4,155.66 $741,138.74
201 $741,138.74 $2,006.59 $0.00 $4,190.51 $747,335.84
202 $747,335.84 $2,006.59 $0.00 $4,225.55 $753,567.98
203 $753,567.98 $2,006.59 $0.00 $4,260.78 $759,835.35
204 $759,835.35 $2,006.59 $0.00 $4,296.22 $766,138.16
205 $766,138.16 $2,006.59 $0.00 $4,331.86 $772,476.61
206 $772,476.61 $2,006.59 $0.00 $4,367.70 $778,850.90
207 $778,850.90 $2,006.59 $0.00 $4,403.74 $785,261.23
208 $785,261.23 $2,006.59 $0.00 $4,439.98 $791,707.80
209 $791,707.80 $2,006.59 $0.00 $4,476.43 $798,190.82
210 $798,190.82 $2,006.59 $0.00 $4,513.09 $804,710.50
211 $804,710.50 $2,006.59 $0.00 $4,549.95 $811,267.04
212 $811,267.04 $2,006.59 $0.00 $4,587.02 $817,860.65
213 $817,860.65 $2,006.59 $0.00 $4,624.30 $824,491.54
214 $824,491.54 $2,006.59 $0.00 $4,661.80 $831,159.93
215 $831,159.93 $2,006.59 $0.00 $4,699.50 $837,866.02
216 $837,866.02 $2,006.59 $0.00 $4,737.42 $844,610.03
217 $844,610.03 $2,006.59 $228,736.92 $4,775.55 $622,655.25
218 $622,655.25 $2,006.59 $0.00 $3,520.58 $628,182.42
219 $628,182.42 $2,006.59 $0.00 $3,551.83 $633,740.84
220 $633,740.84 $2,006.59 $0.00 $3,583.26 $639,330.69
221 $639,330.69 $2,006.59 $0.00 $3,614.87 $644,952.15
222 $644,952.15 $2,006.59 $0.00 $3,646.65 $650,605.39
223 $650,605.39 $2,006.59 $0.00 $3,678.62 $656,290.60
224 $656,290.60 $2,006.59 $0.00 $3,710.76 $662,007.95
225 $662,007.95 $2,006.59 $0.00 $3,743.09 $667,757.63
226 $667,757.63 $2,006.59 $0.00 $3,775.60 $673,539.82
227 $673,539.82 $2,006.59 $0.00 $3,808.29 $679,354.70
228 $679,354.70 $2,006.59 $0.00 $3,841.17 $685,202.46
229 $685,202.46 $2,006.59 $244,748.50 $3,874.23 $446,334.78
230 $446,334.78 $2,006.59 $0.00 $2,523.64 $450,865.01
231 $450,865.01 $2,006.59 $0.00 $2,549.26 $455,420.86
232 $455,420.86 $2,006.59 $0.00 $2,575.02 $460,002.47
233 $460,002.47 $2,006.59 $0.00 $2,600.92 $464,609.98
234 $464,609.98 $2,006.59 $0.00 $2,626.97 $469,243.54
235 $469,243.54 $2,006.59 $0.00 $2,653.17 $473,903.30
236 $473,903.30 $2,006.59 $0.00 $2,679.52 $478,589.41
237 $478,589.41 $2,006.59 $0.00 $2,706.01 $483,302.01
238 $483,302.01 $2,006.59 $0.00 $2,732.66 $488,041.26
239 $488,041.26 $2,006.59 $0.00 $2,759.46 $492,807.31
240 $492,807.31 $2,006.59 $0.00 $2,786.40 $497,600.30
241 $497,600.30 $2,006.59 $261,880.90 $2,813.50 $240,539.49
242 $240,539.49 $2,006.59 $0.00 $1,360.05 $243,906.13
243 $243,906.13 $2,006.59 $0.00 $1,379.08 $247,291.80
244 $247,291.80 $2,006.59 $0.00 $1,398.22 $250,696.61
245 $250,696.61 $2,006.59 $0.00 $1,417.48 $254,120.68
246 $254,120.68 $2,006.59 $0.00 $1,436.84 $257,564.11
247 $257,564.11 $2,006.59 $0.00 $1,456.30 $261,027.00
248 $261,027.00 $2,006.59 $0.00 $1,475.88 $264,509.47
249 $264,509.47 $2,006.59 $0.00 $1,495.57 $268,011.63
250 $268,011.63 $2,006.59 $0.00 $1,515.38 $271,533.60
251 $271,533.60 $2,006.59 $0.00 $1,535.29 $275,075.48
252 $275,075.48 $2,006.59 $0.00 $1,555.32 $278,637.39
253 $278,637.39 $0.00 $280,212.56 $1,575.46 $0.29