Savings Plan and Future Cost Estimation for Inver Hills Community College

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2041$49,518
Monthly savings required$220

How much will it cost to send your child to Inver Hills Community College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $99,036.47 for students enrolling in 2041 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $220.08 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$20,074.00
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 $220.08 $0.00 $0.00 $220.08
2 $220.08 $220.08 $0.00 $1.24 $441.40
3 $441.40 $220.08 $0.00 $2.50 $663.98
4 $663.98 $220.08 $0.00 $3.75 $887.81
5 $887.81 $220.08 $0.00 $5.02 $1,112.91
6 $1,112.91 $220.08 $0.00 $6.29 $1,339.28
7 $1,339.28 $220.08 $0.00 $7.57 $1,566.93
8 $1,566.93 $220.08 $0.00 $8.86 $1,795.87
9 $1,795.87 $220.08 $0.00 $10.15 $2,026.10
10 $2,026.10 $220.08 $0.00 $11.46 $2,257.64
11 $2,257.64 $220.08 $0.00 $12.77 $2,490.49
12 $2,490.49 $220.08 $0.00 $14.08 $2,724.65
13 $2,724.65 $220.08 $0.00 $15.41 $2,960.14
14 $2,960.14 $220.08 $0.00 $16.74 $3,196.96
15 $3,196.96 $220.08 $0.00 $18.08 $3,435.12
16 $3,435.12 $220.08 $0.00 $19.42 $3,674.62
17 $3,674.62 $220.08 $0.00 $20.78 $3,915.48
18 $3,915.48 $220.08 $0.00 $22.14 $4,157.70
19 $4,157.70 $220.08 $0.00 $23.51 $4,401.29
20 $4,401.29 $220.08 $0.00 $24.89 $4,646.26
21 $4,646.26 $220.08 $0.00 $26.27 $4,892.61
22 $4,892.61 $220.08 $0.00 $27.66 $5,140.35
23 $5,140.35 $220.08 $0.00 $29.06 $5,389.49
24 $5,389.49 $220.08 $0.00 $30.47 $5,640.04
25 $5,640.04 $220.08 $0.00 $31.89 $5,892.01
26 $5,892.01 $220.08 $0.00 $33.31 $6,145.40
27 $6,145.40 $220.08 $0.00 $34.75 $6,400.23
28 $6,400.23 $220.08 $0.00 $36.19 $6,656.50
29 $6,656.50 $220.08 $0.00 $37.64 $6,914.22
30 $6,914.22 $220.08 $0.00 $39.09 $7,173.39
31 $7,173.39 $220.08 $0.00 $40.56 $7,434.03
32 $7,434.03 $220.08 $0.00 $42.03 $7,696.14
33 $7,696.14 $220.08 $0.00 $43.52 $7,959.74
34 $7,959.74 $220.08 $0.00 $45.01 $8,224.83
35 $8,224.83 $220.08 $0.00 $46.50 $8,491.41
36 $8,491.41 $220.08 $0.00 $48.01 $8,759.50
37 $8,759.50 $220.08 $0.00 $49.53 $9,029.11
38 $9,029.11 $220.08 $0.00 $51.05 $9,300.24
39 $9,300.24 $220.08 $0.00 $52.58 $9,572.90
40 $9,572.90 $220.08 $0.00 $54.13 $9,847.11
41 $9,847.11 $220.08 $0.00 $55.68 $10,122.87
42 $10,122.87 $220.08 $0.00 $57.24 $10,400.19
43 $10,400.19 $220.08 $0.00 $58.80 $10,679.07
44 $10,679.07 $220.08 $0.00 $60.38 $10,959.53
45 $10,959.53 $220.08 $0.00 $61.97 $11,241.58
46 $11,241.58 $220.08 $0.00 $63.56 $11,525.22
47 $11,525.22 $220.08 $0.00 $65.17 $11,810.47
48 $11,810.47 $220.08 $0.00 $66.78 $12,097.33
49 $12,097.33 $220.08 $0.00 $68.40 $12,385.81
50 $12,385.81 $220.08 $0.00 $70.03 $12,675.92
51 $12,675.92 $220.08 $0.00 $71.67 $12,967.67
52 $12,967.67 $220.08 $0.00 $73.32 $13,261.07
53 $13,261.07 $220.08 $0.00 $74.98 $13,556.13
54 $13,556.13 $220.08 $0.00 $76.65 $13,852.86
55 $13,852.86 $220.08 $0.00 $78.33 $14,151.27
56 $14,151.27 $220.08 $0.00 $80.01 $14,451.36
57 $14,451.36 $220.08 $0.00 $81.71 $14,753.15
58 $14,753.15 $220.08 $0.00 $83.42 $15,056.65
59 $15,056.65 $220.08 $0.00 $85.13 $15,361.86
60 $15,361.86 $220.08 $0.00 $86.86 $15,668.80
61 $15,668.80 $220.08 $0.00 $88.59 $15,977.47
62 $15,977.47 $220.08 $0.00 $90.34 $16,287.89
63 $16,287.89 $220.08 $0.00 $92.09 $16,600.06
64 $16,600.06 $220.08 $0.00 $93.86 $16,914.00
65 $16,914.00 $220.08 $0.00 $95.63 $17,229.71
66 $17,229.71 $220.08 $0.00 $97.42 $17,547.21
67 $17,547.21 $220.08 $0.00 $99.21 $17,866.50
68 $17,866.50 $220.08 $0.00 $101.02 $18,187.60
69 $18,187.60 $220.08 $0.00 $102.84 $18,510.52
70 $18,510.52 $220.08 $0.00 $104.66 $18,835.26
71 $18,835.26 $220.08 $0.00 $106.50 $19,161.84
72 $19,161.84 $220.08 $0.00 $108.34 $19,490.26
73 $19,490.26 $220.08 $0.00 $110.20 $19,820.54
74 $19,820.54 $220.08 $0.00 $112.07 $20,152.69
75 $20,152.69 $220.08 $0.00 $113.95 $20,486.72
76 $20,486.72 $220.08 $0.00 $115.83 $20,822.63
77 $20,822.63 $220.08 $0.00 $117.73 $21,160.44
78 $21,160.44 $220.08 $0.00 $119.64 $21,500.16
79 $21,500.16 $220.08 $0.00 $121.57 $21,841.81
80 $21,841.81 $220.08 $0.00 $123.50 $22,185.39
81 $22,185.39 $220.08 $0.00 $125.44 $22,530.91
82 $22,530.91 $220.08 $0.00 $127.39 $22,878.38
83 $22,878.38 $220.08 $0.00 $129.36 $23,227.82
84 $23,227.82 $220.08 $0.00 $131.33 $23,579.23
85 $23,579.23 $220.08 $0.00 $133.32 $23,932.63
86 $23,932.63 $220.08 $0.00 $135.32 $24,288.03
87 $24,288.03 $220.08 $0.00 $137.33 $24,645.44
88 $24,645.44 $220.08 $0.00 $139.35 $25,004.87
89 $25,004.87 $220.08 $0.00 $141.38 $25,366.33
90 $25,366.33 $220.08 $0.00 $143.42 $25,729.83
91 $25,729.83 $220.08 $0.00 $145.48 $26,095.39
92 $26,095.39 $220.08 $0.00 $147.55 $26,463.02
93 $26,463.02 $220.08 $0.00 $149.63 $26,832.73
94 $26,832.73 $220.08 $0.00 $151.72 $27,204.53
95 $27,204.53 $220.08 $0.00 $153.82 $27,578.43
96 $27,578.43 $220.08 $0.00 $155.93 $27,954.44
97 $27,954.44 $220.08 $0.00 $158.06 $28,332.58
98 $28,332.58 $220.08 $0.00 $160.20 $28,712.86
99 $28,712.86 $220.08 $0.00 $162.35 $29,095.29
100 $29,095.29 $220.08 $0.00 $164.51 $29,479.88
101 $29,479.88 $220.08 $0.00 $166.68 $29,866.64
102 $29,866.64 $220.08 $0.00 $168.87 $30,255.59
103 $30,255.59 $220.08 $0.00 $171.07 $30,646.74
104 $30,646.74 $220.08 $0.00 $173.28 $31,040.10
105 $31,040.10 $220.08 $0.00 $175.51 $31,435.69
106 $31,435.69 $220.08 $0.00 $177.74 $31,833.51
107 $31,833.51 $220.08 $0.00 $179.99 $32,233.58
108 $32,233.58 $220.08 $0.00 $182.25 $32,635.91
109 $32,635.91 $220.08 $0.00 $184.53 $33,040.52
110 $33,040.52 $220.08 $0.00 $186.82 $33,447.42
111 $33,447.42 $220.08 $0.00 $189.12 $33,856.62
112 $33,856.62 $220.08 $0.00 $191.43 $34,268.13
113 $34,268.13 $220.08 $0.00 $193.76 $34,681.97
114 $34,681.97 $220.08 $0.00 $196.10 $35,098.15
115 $35,098.15 $220.08 $0.00 $198.45 $35,516.68
116 $35,516.68 $220.08 $0.00 $200.82 $35,937.58
117 $35,937.58 $220.08 $0.00 $203.20 $36,360.86
118 $36,360.86 $220.08 $0.00 $205.59 $36,786.53
119 $36,786.53 $220.08 $0.00 $208.00 $37,214.61
120 $37,214.61 $220.08 $0.00 $210.42 $37,645.11
121 $37,645.11 $220.08 $0.00 $212.85 $38,078.04
122 $38,078.04 $220.08 $0.00 $215.30 $38,513.42
123 $38,513.42 $220.08 $0.00 $217.76 $38,951.26
124 $38,951.26 $220.08 $0.00 $220.24 $39,391.58
125 $39,391.58 $220.08 $0.00 $222.73 $39,834.39
126 $39,834.39 $220.08 $0.00 $225.23 $40,279.70
127 $40,279.70 $220.08 $0.00 $227.75 $40,727.53
128 $40,727.53 $220.08 $0.00 $230.28 $41,177.89
129 $41,177.89 $220.08 $0.00 $232.83 $41,630.80
130 $41,630.80 $220.08 $0.00 $235.39 $42,086.27
131 $42,086.27 $220.08 $0.00 $237.96 $42,544.31
132 $42,544.31 $220.08 $0.00 $240.55 $43,004.94
133 $43,004.94 $220.08 $0.00 $243.16 $43,468.18
134 $43,468.18 $220.08 $0.00 $245.78 $43,934.04
135 $43,934.04 $220.08 $0.00 $248.41 $44,402.53
136 $44,402.53 $220.08 $0.00 $251.06 $44,873.67
137 $44,873.67 $220.08 $0.00 $253.72 $45,347.47
138 $45,347.47 $220.08 $0.00 $256.40 $45,823.95
139 $45,823.95 $220.08 $0.00 $259.10 $46,303.13
140 $46,303.13 $220.08 $0.00 $261.80 $46,785.01
141 $46,785.01 $220.08 $0.00 $264.53 $47,269.62
142 $47,269.62 $220.08 $0.00 $267.27 $47,756.97
143 $47,756.97 $220.08 $0.00 $270.02 $48,247.07
144 $48,247.07 $220.08 $0.00 $272.80 $48,739.95
145 $48,739.95 $220.08 $0.00 $275.58 $49,235.61
146 $49,235.61 $220.08 $0.00 $278.39 $49,734.08
147 $49,734.08 $220.08 $0.00 $281.20 $50,235.36
148 $50,235.36 $220.08 $0.00 $284.04 $50,739.48
149 $50,739.48 $220.08 $0.00 $286.89 $51,246.45
150 $51,246.45 $220.08 $0.00 $289.75 $51,756.28
151 $51,756.28 $220.08 $0.00 $292.64 $52,269.00
152 $52,269.00 $220.08 $0.00 $295.54 $52,784.62
153 $52,784.62 $220.08 $0.00 $298.45 $53,303.15
154 $53,303.15 $220.08 $0.00 $301.38 $53,824.61
155 $53,824.61 $220.08 $0.00 $304.33 $54,349.02
156 $54,349.02 $220.08 $0.00 $307.30 $54,876.40
157 $54,876.40 $220.08 $0.00 $310.28 $55,406.76
158 $55,406.76 $220.08 $0.00 $313.28 $55,940.12
159 $55,940.12 $220.08 $0.00 $316.29 $56,476.49
160 $56,476.49 $220.08 $0.00 $319.33 $57,015.90
161 $57,015.90 $220.08 $0.00 $322.38 $57,558.36
162 $57,558.36 $220.08 $0.00 $325.44 $58,103.88
163 $58,103.88 $220.08 $0.00 $328.53 $58,652.49
164 $58,652.49 $220.08 $0.00 $331.63 $59,204.20
165 $59,204.20 $220.08 $0.00 $334.75 $59,759.03
166 $59,759.03 $220.08 $0.00 $337.89 $60,317.00
167 $60,317.00 $220.08 $0.00 $341.04 $60,878.12
168 $60,878.12 $220.08 $0.00 $344.21 $61,442.41
169 $61,442.41 $220.08 $0.00 $347.40 $62,009.89
170 $62,009.89 $220.08 $0.00 $350.61 $62,580.58
171 $62,580.58 $220.08 $0.00 $353.84 $63,154.50
172 $63,154.50 $220.08 $0.00 $357.08 $63,731.66
173 $63,731.66 $220.08 $0.00 $360.35 $64,312.09
174 $64,312.09 $220.08 $0.00 $363.63 $64,895.80
175 $64,895.80 $220.08 $0.00 $366.93 $65,482.81
176 $65,482.81 $220.08 $0.00 $370.25 $66,073.14
177 $66,073.14 $220.08 $0.00 $373.59 $66,666.81
178 $66,666.81 $220.08 $0.00 $376.94 $67,263.83
179 $67,263.83 $220.08 $0.00 $380.32 $67,864.23
180 $67,864.23 $220.08 $0.00 $383.71 $68,468.02
181 $68,468.02 $220.08 $0.00 $387.13 $69,075.23
182 $69,075.23 $220.08 $0.00 $390.56 $69,685.87
183 $69,685.87 $220.08 $0.00 $394.01 $70,299.96
184 $70,299.96 $220.08 $0.00 $397.49 $70,917.53
185 $70,917.53 $220.08 $0.00 $400.98 $71,538.59
186 $71,538.59 $220.08 $0.00 $404.49 $72,163.16
187 $72,163.16 $220.08 $0.00 $408.02 $72,791.26
188 $72,791.26 $220.08 $0.00 $411.57 $73,422.91
189 $73,422.91 $220.08 $0.00 $415.14 $74,058.13
190 $74,058.13 $220.08 $0.00 $418.74 $74,696.95
191 $74,696.95 $220.08 $0.00 $422.35 $75,339.38
192 $75,339.38 $220.08 $0.00 $425.98 $75,985.44
193 $75,985.44 $220.08 $0.00 $429.63 $76,635.15
194 $76,635.15 $220.08 $0.00 $433.31 $77,288.54
195 $77,288.54 $220.08 $0.00 $437.00 $77,945.62
196 $77,945.62 $220.08 $0.00 $440.72 $78,606.42
197 $78,606.42 $220.08 $0.00 $444.45 $79,270.95
198 $79,270.95 $220.08 $0.00 $448.21 $79,939.24
199 $79,939.24 $220.08 $0.00 $451.99 $80,611.31
200 $80,611.31 $220.08 $0.00 $455.79 $81,287.18
201 $81,287.18 $220.08 $0.00 $459.61 $81,966.87
202 $81,966.87 $220.08 $0.00 $463.45 $82,650.40
203 $82,650.40 $220.08 $0.00 $467.32 $83,337.80
204 $83,337.80 $220.08 $0.00 $471.20 $84,029.08
205 $84,029.08 $220.08 $0.00 $475.11 $84,724.27
206 $84,724.27 $220.08 $0.00 $479.04 $85,423.39
207 $85,423.39 $220.08 $0.00 $483.00 $86,126.47
208 $86,126.47 $220.08 $0.00 $486.97 $86,833.52
209 $86,833.52 $220.08 $0.00 $490.97 $87,544.57
210 $87,544.57 $220.08 $0.00 $494.99 $88,259.64
211 $88,259.64 $220.08 $0.00 $499.03 $88,978.75
212 $88,978.75 $220.08 $0.00 $503.10 $89,701.93
213 $89,701.93 $220.08 $0.00 $507.19 $90,429.20
214 $90,429.20 $220.08 $0.00 $511.30 $91,160.58
215 $91,160.58 $220.08 $0.00 $515.44 $91,896.10
216 $91,896.10 $220.08 $0.00 $519.59 $92,635.77
217 $92,635.77 $220.08 $48,310.47 $523.78 $45,069.16
218 $45,069.16 $220.08 $0.00 $254.83 $45,544.07
219 $45,544.07 $220.08 $0.00 $257.51 $46,021.66
220 $46,021.66 $220.08 $0.00 $260.21 $46,501.95
221 $46,501.95 $220.08 $0.00 $262.93 $46,984.96
222 $46,984.96 $220.08 $0.00 $265.66 $47,470.70
223 $47,470.70 $220.08 $0.00 $268.41 $47,959.19
224 $47,959.19 $220.08 $0.00 $271.17 $48,450.44
225 $48,450.44 $220.08 $0.00 $273.95 $48,944.47
226 $48,944.47 $220.08 $0.00 $276.74 $49,441.29
227 $49,441.29 $220.08 $0.00 $279.55 $49,940.92
228 $49,940.92 $220.08 $0.00 $282.37 $50,443.37
229 $50,443.37 $0.00 $50,726.00 $285.21 $2.58