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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$175,430
Monthly savings required$1,389

How much will it cost to send your child to The New England Conservatory of Music in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $701,721.93 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $1,388.68 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$67,650.00
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 $1,388.68 $0.00 $0.00 $1,388.68
2 $1,388.68 $1,388.68 $0.00 $7.85 $2,785.21
3 $2,785.21 $1,388.68 $0.00 $15.75 $4,189.64
4 $4,189.64 $1,388.68 $0.00 $23.69 $5,602.01
5 $5,602.01 $1,388.68 $0.00 $31.67 $7,022.36
6 $7,022.36 $1,388.68 $0.00 $39.71 $8,450.75
7 $8,450.75 $1,388.68 $0.00 $47.78 $9,887.21
8 $9,887.21 $1,388.68 $0.00 $55.90 $11,331.79
9 $11,331.79 $1,388.68 $0.00 $64.07 $12,784.54
10 $12,784.54 $1,388.68 $0.00 $72.29 $14,245.51
11 $14,245.51 $1,388.68 $0.00 $80.55 $15,714.74
12 $15,714.74 $1,388.68 $0.00 $88.85 $17,192.27
13 $17,192.27 $1,388.68 $0.00 $97.21 $18,678.16
14 $18,678.16 $1,388.68 $0.00 $105.61 $20,172.45
15 $20,172.45 $1,388.68 $0.00 $114.06 $21,675.19
16 $21,675.19 $1,388.68 $0.00 $122.55 $23,186.42
17 $23,186.42 $1,388.68 $0.00 $131.10 $24,706.20
18 $24,706.20 $1,388.68 $0.00 $139.69 $26,234.57
19 $26,234.57 $1,388.68 $0.00 $148.33 $27,771.58
20 $27,771.58 $1,388.68 $0.00 $157.02 $29,317.28
21 $29,317.28 $1,388.68 $0.00 $165.76 $30,871.72
22 $30,871.72 $1,388.68 $0.00 $174.55 $32,434.95
23 $32,434.95 $1,388.68 $0.00 $183.39 $34,007.02
24 $34,007.02 $1,388.68 $0.00 $192.28 $35,587.98
25 $35,587.98 $1,388.68 $0.00 $201.22 $37,177.88
26 $37,177.88 $1,388.68 $0.00 $210.21 $38,776.77
27 $38,776.77 $1,388.68 $0.00 $219.25 $40,384.70
28 $40,384.70 $1,388.68 $0.00 $228.34 $42,001.72
29 $42,001.72 $1,388.68 $0.00 $237.48 $43,627.88
30 $43,627.88 $1,388.68 $0.00 $246.68 $45,263.24
31 $45,263.24 $1,388.68 $0.00 $255.92 $46,907.84
32 $46,907.84 $1,388.68 $0.00 $265.22 $48,561.74
33 $48,561.74 $1,388.68 $0.00 $274.58 $50,225.00
34 $50,225.00 $1,388.68 $0.00 $283.98 $51,897.66
35 $51,897.66 $1,388.68 $0.00 $293.44 $53,579.78
36 $53,579.78 $1,388.68 $0.00 $302.95 $55,271.41
37 $55,271.41 $1,388.68 $0.00 $312.51 $56,972.60
38 $56,972.60 $1,388.68 $0.00 $322.13 $58,683.41
39 $58,683.41 $1,388.68 $0.00 $331.80 $60,403.89
40 $60,403.89 $1,388.68 $0.00 $341.53 $62,134.10
41 $62,134.10 $1,388.68 $0.00 $351.32 $63,874.10
42 $63,874.10 $1,388.68 $0.00 $361.15 $65,623.93
43 $65,623.93 $1,388.68 $0.00 $371.05 $67,383.66
44 $67,383.66 $1,388.68 $0.00 $381.00 $69,153.34
45 $69,153.34 $1,388.68 $0.00 $391.00 $70,933.02
46 $70,933.02 $1,388.68 $0.00 $401.07 $72,722.77
47 $72,722.77 $1,388.68 $0.00 $411.19 $74,522.64
48 $74,522.64 $1,388.68 $0.00 $421.36 $76,332.68
49 $76,332.68 $1,388.68 $0.00 $431.60 $78,152.96
50 $78,152.96 $1,388.68 $0.00 $441.89 $79,983.53
51 $79,983.53 $1,388.68 $0.00 $452.24 $81,824.45
52 $81,824.45 $1,388.68 $0.00 $462.65 $83,675.78
53 $83,675.78 $1,388.68 $0.00 $473.12 $85,537.58
54 $85,537.58 $1,388.68 $0.00 $483.64 $87,409.90
55 $87,409.90 $1,388.68 $0.00 $494.23 $89,292.81
56 $89,292.81 $1,388.68 $0.00 $504.87 $91,186.36
57 $91,186.36 $1,388.68 $0.00 $515.58 $93,090.62
58 $93,090.62 $1,388.68 $0.00 $526.35 $95,005.65
59 $95,005.65 $1,388.68 $0.00 $537.18 $96,931.51
60 $96,931.51 $1,388.68 $0.00 $548.06 $98,868.25
61 $98,868.25 $1,388.68 $0.00 $559.02 $100,815.95
62 $100,815.95 $1,388.68 $0.00 $570.03 $102,774.66
63 $102,774.66 $1,388.68 $0.00 $581.10 $104,744.44
64 $104,744.44 $1,388.68 $0.00 $592.24 $106,725.36
65 $106,725.36 $1,388.68 $0.00 $603.44 $108,717.48
66 $108,717.48 $1,388.68 $0.00 $614.70 $110,720.86
67 $110,720.86 $1,388.68 $0.00 $626.03 $112,735.57
68 $112,735.57 $1,388.68 $0.00 $637.42 $114,761.67
69 $114,761.67 $1,388.68 $0.00 $648.88 $116,799.23
70 $116,799.23 $1,388.68 $0.00 $660.40 $118,848.31
71 $118,848.31 $1,388.68 $0.00 $671.99 $120,908.98
72 $120,908.98 $1,388.68 $0.00 $683.64 $122,981.30
73 $122,981.30 $1,388.68 $0.00 $695.35 $125,065.33
74 $125,065.33 $1,388.68 $0.00 $707.14 $127,161.15
75 $127,161.15 $1,388.68 $0.00 $718.99 $129,268.82
76 $129,268.82 $1,388.68 $0.00 $730.90 $131,388.40
77 $131,388.40 $1,388.68 $0.00 $742.89 $133,519.97
78 $133,519.97 $1,388.68 $0.00 $754.94 $135,663.59
79 $135,663.59 $1,388.68 $0.00 $767.06 $137,819.33
80 $137,819.33 $1,388.68 $0.00 $779.25 $139,987.26
81 $139,987.26 $1,388.68 $0.00 $791.51 $142,167.45
82 $142,167.45 $1,388.68 $0.00 $803.84 $144,359.97
83 $144,359.97 $1,388.68 $0.00 $816.23 $146,564.88
84 $146,564.88 $1,388.68 $0.00 $828.70 $148,782.26
85 $148,782.26 $1,388.68 $0.00 $841.24 $151,012.18
86 $151,012.18 $1,388.68 $0.00 $853.84 $153,254.70
87 $153,254.70 $1,388.68 $0.00 $866.52 $155,509.90
88 $155,509.90 $1,388.68 $0.00 $879.28 $157,777.86
89 $157,777.86 $1,388.68 $0.00 $892.10 $160,058.64
90 $160,058.64 $1,388.68 $0.00 $904.99 $162,352.31
91 $162,352.31 $1,388.68 $0.00 $917.96 $164,658.95
92 $164,658.95 $1,388.68 $0.00 $931.01 $166,978.64
93 $166,978.64 $1,388.68 $0.00 $944.12 $169,311.44
94 $169,311.44 $1,388.68 $0.00 $957.31 $171,657.43
95 $171,657.43 $1,388.68 $0.00 $970.58 $174,016.69
96 $174,016.69 $1,388.68 $0.00 $983.92 $176,389.29
97 $176,389.29 $1,388.68 $0.00 $997.33 $178,775.30
98 $178,775.30 $1,388.68 $0.00 $1,010.82 $181,174.80
99 $181,174.80 $1,388.68 $0.00 $1,024.39 $183,587.87
100 $183,587.87 $1,388.68 $0.00 $1,038.03 $186,014.58
101 $186,014.58 $1,388.68 $0.00 $1,051.75 $188,455.01
102 $188,455.01 $1,388.68 $0.00 $1,065.55 $190,909.24
103 $190,909.24 $1,388.68 $0.00 $1,079.43 $193,377.35
104 $193,377.35 $1,388.68 $0.00 $1,093.38 $195,859.41
105 $195,859.41 $1,388.68 $0.00 $1,107.42 $198,355.51
106 $198,355.51 $1,388.68 $0.00 $1,121.53 $200,865.72
107 $200,865.72 $1,388.68 $0.00 $1,135.72 $203,390.12
108 $203,390.12 $1,388.68 $0.00 $1,150.00 $205,928.80
109 $205,928.80 $1,388.68 $0.00 $1,164.35 $208,481.83
110 $208,481.83 $1,388.68 $0.00 $1,178.79 $211,049.30
111 $211,049.30 $1,388.68 $0.00 $1,193.30 $213,631.28
112 $213,631.28 $1,388.68 $0.00 $1,207.90 $216,227.86
113 $216,227.86 $1,388.68 $0.00 $1,222.58 $218,839.12
114 $218,839.12 $1,388.68 $0.00 $1,237.35 $221,465.15
115 $221,465.15 $1,388.68 $0.00 $1,252.20 $224,106.03
116 $224,106.03 $1,388.68 $0.00 $1,267.13 $226,761.84
117 $226,761.84 $1,388.68 $0.00 $1,282.14 $229,432.66
118 $229,432.66 $1,388.68 $0.00 $1,297.25 $232,118.59
119 $232,118.59 $1,388.68 $0.00 $1,312.43 $234,819.70
120 $234,819.70 $1,388.68 $0.00 $1,327.70 $237,536.08
121 $237,536.08 $1,388.68 $0.00 $1,343.06 $240,267.82
122 $240,267.82 $1,388.68 $0.00 $1,358.51 $243,015.01
123 $243,015.01 $1,388.68 $0.00 $1,374.04 $245,777.73
124 $245,777.73 $1,388.68 $0.00 $1,389.66 $248,556.07
125 $248,556.07 $1,388.68 $0.00 $1,405.37 $251,350.12
126 $251,350.12 $1,388.68 $0.00 $1,421.17 $254,159.97
127 $254,159.97 $1,388.68 $0.00 $1,437.06 $256,985.71
128 $256,985.71 $1,388.68 $0.00 $1,453.03 $259,827.42
129 $259,827.42 $1,388.68 $0.00 $1,469.10 $262,685.20
130 $262,685.20 $1,388.68 $0.00 $1,485.26 $265,559.14
131 $265,559.14 $1,388.68 $0.00 $1,501.51 $268,449.33
132 $268,449.33 $1,388.68 $0.00 $1,517.85 $271,355.86
133 $271,355.86 $1,388.68 $0.00 $1,534.29 $274,278.83
134 $274,278.83 $1,388.68 $0.00 $1,550.81 $277,218.32
135 $277,218.32 $1,388.68 $0.00 $1,567.43 $280,174.43
136 $280,174.43 $1,388.68 $0.00 $1,584.15 $283,147.26
137 $283,147.26 $1,388.68 $0.00 $1,600.96 $286,136.90
138 $286,136.90 $1,388.68 $0.00 $1,617.86 $289,143.44
139 $289,143.44 $1,388.68 $0.00 $1,634.86 $292,166.98
140 $292,166.98 $1,388.68 $0.00 $1,651.95 $295,207.61
141 $295,207.61 $1,388.68 $0.00 $1,669.15 $298,265.44
142 $298,265.44 $1,388.68 $0.00 $1,686.44 $301,340.56
143 $301,340.56 $1,388.68 $0.00 $1,703.82 $304,433.06
144 $304,433.06 $1,388.68 $0.00 $1,721.31 $307,543.05
145 $307,543.05 $1,388.68 $0.00 $1,738.89 $310,670.62
146 $310,670.62 $1,388.68 $0.00 $1,756.58 $313,815.88
147 $313,815.88 $1,388.68 $0.00 $1,774.36 $316,978.92
148 $316,978.92 $1,388.68 $0.00 $1,792.24 $320,159.84
149 $320,159.84 $1,388.68 $0.00 $1,810.23 $323,358.75
150 $323,358.75 $1,388.68 $0.00 $1,828.32 $326,575.75
151 $326,575.75 $1,388.68 $0.00 $1,846.51 $329,810.94
152 $329,810.94 $1,388.68 $0.00 $1,864.80 $333,064.42
153 $333,064.42 $1,388.68 $0.00 $1,883.19 $336,336.29
154 $336,336.29 $1,388.68 $0.00 $1,901.69 $339,626.66
155 $339,626.66 $1,388.68 $0.00 $1,920.30 $342,935.64
156 $342,935.64 $1,388.68 $0.00 $1,939.01 $346,263.33
157 $346,263.33 $1,388.68 $0.00 $1,957.82 $349,609.83
158 $349,609.83 $1,388.68 $0.00 $1,976.74 $352,975.25
159 $352,975.25 $1,388.68 $0.00 $1,995.77 $356,359.70
160 $356,359.70 $1,388.68 $0.00 $2,014.91 $359,763.29
161 $359,763.29 $1,388.68 $0.00 $2,034.15 $363,186.12
162 $363,186.12 $1,388.68 $0.00 $2,053.51 $366,628.31
163 $366,628.31 $1,388.68 $0.00 $2,072.97 $370,089.96
164 $370,089.96 $1,388.68 $0.00 $2,092.54 $373,571.18
165 $373,571.18 $1,388.68 $0.00 $2,112.23 $377,072.09
166 $377,072.09 $1,388.68 $0.00 $2,132.02 $380,592.79
167 $380,592.79 $1,388.68 $0.00 $2,151.93 $384,133.40
168 $384,133.40 $1,388.68 $0.00 $2,171.95 $387,694.03
169 $387,694.03 $1,388.68 $0.00 $2,192.08 $391,274.79
170 $391,274.79 $1,388.68 $0.00 $2,212.32 $394,875.79
171 $394,875.79 $1,388.68 $0.00 $2,232.69 $398,497.16
172 $398,497.16 $1,388.68 $0.00 $2,253.16 $402,139.00
173 $402,139.00 $1,388.68 $0.00 $2,273.75 $405,801.43
174 $405,801.43 $1,388.68 $0.00 $2,294.46 $409,484.57
175 $409,484.57 $1,388.68 $0.00 $2,315.29 $413,188.54
176 $413,188.54 $1,388.68 $0.00 $2,336.23 $416,913.45
177 $416,913.45 $1,388.68 $0.00 $2,357.29 $420,659.42
178 $420,659.42 $1,388.68 $0.00 $2,378.47 $424,426.57
179 $424,426.57 $1,388.68 $0.00 $2,399.77 $428,215.02
180 $428,215.02 $1,388.68 $0.00 $2,421.19 $432,024.89
181 $432,024.89 $1,388.68 $0.00 $2,442.73 $435,856.30
182 $435,856.30 $1,388.68 $0.00 $2,464.39 $439,709.37
183 $439,709.37 $1,388.68 $0.00 $2,486.18 $443,584.23
184 $443,584.23 $1,388.68 $0.00 $2,508.09 $447,481.00
185 $447,481.00 $1,388.68 $0.00 $2,530.12 $451,399.80
186 $451,399.80 $1,388.68 $0.00 $2,552.28 $455,340.76
187 $455,340.76 $1,388.68 $0.00 $2,574.56 $459,304.00
188 $459,304.00 $1,388.68 $0.00 $2,596.97 $463,289.65
189 $463,289.65 $1,388.68 $0.00 $2,619.51 $467,297.84
190 $467,297.84 $1,388.68 $0.00 $2,642.17 $471,328.69
191 $471,328.69 $1,388.68 $0.00 $2,664.96 $475,382.33
192 $475,382.33 $1,388.68 $0.00 $2,687.88 $479,458.89
193 $479,458.89 $1,388.68 $0.00 $2,710.93 $483,558.50
194 $483,558.50 $1,388.68 $0.00 $2,734.11 $487,681.29
195 $487,681.29 $1,388.68 $0.00 $2,757.42 $491,827.39
196 $491,827.39 $1,388.68 $0.00 $2,780.86 $495,996.93
197 $495,996.93 $1,388.68 $0.00 $2,804.44 $500,190.05
198 $500,190.05 $1,388.68 $0.00 $2,828.15 $504,406.88
199 $504,406.88 $1,388.68 $0.00 $2,851.99 $508,647.55
200 $508,647.55 $1,388.68 $0.00 $2,875.97 $512,912.20
201 $512,912.20 $1,388.68 $0.00 $2,900.08 $517,200.96
202 $517,200.96 $1,388.68 $0.00 $2,924.33 $521,513.97
203 $521,513.97 $1,388.68 $0.00 $2,948.72 $525,851.37
204 $525,851.37 $1,388.68 $0.00 $2,973.24 $530,213.29
205 $530,213.29 $1,388.68 $0.00 $2,997.90 $534,599.87
206 $534,599.87 $1,388.68 $0.00 $3,022.71 $539,011.26
207 $539,011.26 $1,388.68 $0.00 $3,047.65 $543,447.59
208 $543,447.59 $1,388.68 $0.00 $3,072.73 $547,909.00
209 $547,909.00 $1,388.68 $0.00 $3,097.96 $552,395.64
210 $552,395.64 $1,388.68 $0.00 $3,123.33 $556,907.65
211 $556,907.65 $1,388.68 $0.00 $3,148.84 $561,445.17
212 $561,445.17 $1,388.68 $0.00 $3,174.49 $566,008.34
213 $566,008.34 $1,388.68 $0.00 $3,200.29 $570,597.31
214 $570,597.31 $1,388.68 $0.00 $3,226.24 $575,212.23
215 $575,212.23 $1,388.68 $0.00 $3,252.33 $579,853.24
216 $579,853.24 $1,388.68 $0.00 $3,278.57 $584,520.49
217 $584,520.49 $1,388.68 $162,807.79 $3,304.96 $426,406.34
218 $426,406.34 $1,388.68 $0.00 $2,410.96 $430,205.98
219 $430,205.98 $1,388.68 $0.00 $2,432.45 $434,027.11
220 $434,027.11 $1,388.68 $0.00 $2,454.05 $437,869.84
221 $437,869.84 $1,388.68 $0.00 $2,475.78 $441,734.30
222 $441,734.30 $1,388.68 $0.00 $2,497.63 $445,620.61
223 $445,620.61 $1,388.68 $0.00 $2,519.60 $449,528.89
224 $449,528.89 $1,388.68 $0.00 $2,541.70 $453,459.27
225 $453,459.27 $1,388.68 $0.00 $2,563.92 $457,411.87
226 $457,411.87 $1,388.68 $0.00 $2,586.27 $461,386.82
227 $461,386.82 $1,388.68 $0.00 $2,608.75 $465,384.25
228 $465,384.25 $1,388.68 $0.00 $2,631.35 $469,404.28
229 $469,404.28 $1,388.68 $170,948.18 $2,654.08 $302,498.86
230 $302,498.86 $1,388.68 $0.00 $1,710.37 $305,597.91
231 $305,597.91 $1,388.68 $0.00 $1,727.90 $308,714.49
232 $308,714.49 $1,388.68 $0.00 $1,745.52 $311,848.69
233 $311,848.69 $1,388.68 $0.00 $1,763.24 $315,000.61
234 $315,000.61 $1,388.68 $0.00 $1,781.06 $318,170.35
235 $318,170.35 $1,388.68 $0.00 $1,798.98 $321,358.01
236 $321,358.01 $1,388.68 $0.00 $1,817.00 $324,563.69
237 $324,563.69 $1,388.68 $0.00 $1,835.13 $327,787.50
238 $327,787.50 $1,388.68 $0.00 $1,853.36 $331,029.54
239 $331,029.54 $1,388.68 $0.00 $1,871.69 $334,289.91
240 $334,289.91 $1,388.68 $0.00 $1,890.12 $337,568.71
241 $337,568.71 $1,388.68 $179,495.59 $1,908.66 $161,370.46
242 $161,370.46 $1,388.68 $0.00 $912.41 $163,671.55
243 $163,671.55 $1,388.68 $0.00 $925.42 $165,985.65
244 $165,985.65 $1,388.68 $0.00 $938.51 $168,312.84
245 $168,312.84 $1,388.68 $0.00 $951.67 $170,653.19
246 $170,653.19 $1,388.68 $0.00 $964.90 $173,006.77
247 $173,006.77 $1,388.68 $0.00 $978.21 $175,373.66
248 $175,373.66 $1,388.68 $0.00 $991.59 $177,753.93
249 $177,753.93 $1,388.68 $0.00 $1,005.05 $180,147.66
250 $180,147.66 $1,388.68 $0.00 $1,018.58 $182,554.92
251 $182,554.92 $1,388.68 $0.00 $1,032.19 $184,975.79
252 $184,975.79 $1,388.68 $0.00 $1,045.88 $187,410.35
253 $187,410.35 $0.00 $188,470.37 $1,059.65 ($0.37)