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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$55,781
Monthly savings required$248

How much will it cost to send your child to Normandale Community College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $111,562.81 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $247.91 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$22,613.00
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 $247.91 $0.00 $0.00 $247.91
2 $247.91 $247.91 $0.00 $1.40 $497.22
3 $497.22 $247.91 $0.00 $2.81 $747.94
4 $747.94 $247.91 $0.00 $4.23 $1,000.08
5 $1,000.08 $247.91 $0.00 $5.65 $1,253.64
6 $1,253.64 $247.91 $0.00 $7.09 $1,508.64
7 $1,508.64 $247.91 $0.00 $8.53 $1,765.08
8 $1,765.08 $247.91 $0.00 $9.98 $2,022.97
9 $2,022.97 $247.91 $0.00 $11.44 $2,282.32
10 $2,282.32 $247.91 $0.00 $12.90 $2,543.13
11 $2,543.13 $247.91 $0.00 $14.38 $2,805.42
12 $2,805.42 $247.91 $0.00 $15.86 $3,069.19
13 $3,069.19 $247.91 $0.00 $17.35 $3,334.45
14 $3,334.45 $247.91 $0.00 $18.85 $3,601.21
15 $3,601.21 $247.91 $0.00 $20.36 $3,869.48
16 $3,869.48 $247.91 $0.00 $21.88 $4,139.27
17 $4,139.27 $247.91 $0.00 $23.40 $4,410.58
18 $4,410.58 $247.91 $0.00 $24.94 $4,683.43
19 $4,683.43 $247.91 $0.00 $26.48 $4,957.82
20 $4,957.82 $247.91 $0.00 $28.03 $5,233.76
21 $5,233.76 $247.91 $0.00 $29.59 $5,511.26
22 $5,511.26 $247.91 $0.00 $31.16 $5,790.33
23 $5,790.33 $247.91 $0.00 $32.74 $6,070.98
24 $6,070.98 $247.91 $0.00 $34.33 $6,353.22
25 $6,353.22 $247.91 $0.00 $35.92 $6,637.05
26 $6,637.05 $247.91 $0.00 $37.53 $6,922.49
27 $6,922.49 $247.91 $0.00 $39.14 $7,209.54
28 $7,209.54 $247.91 $0.00 $40.76 $7,498.21
29 $7,498.21 $247.91 $0.00 $42.40 $7,788.52
30 $7,788.52 $247.91 $0.00 $44.04 $8,080.47
31 $8,080.47 $247.91 $0.00 $45.69 $8,374.07
32 $8,374.07 $247.91 $0.00 $47.35 $8,669.33
33 $8,669.33 $247.91 $0.00 $49.02 $8,966.26
34 $8,966.26 $247.91 $0.00 $50.70 $9,264.87
35 $9,264.87 $247.91 $0.00 $52.38 $9,565.16
36 $9,565.16 $247.91 $0.00 $54.08 $9,867.15
37 $9,867.15 $247.91 $0.00 $55.79 $10,170.85
38 $10,170.85 $247.91 $0.00 $57.51 $10,476.27
39 $10,476.27 $247.91 $0.00 $59.23 $10,783.41
40 $10,783.41 $247.91 $0.00 $60.97 $11,092.29
41 $11,092.29 $247.91 $0.00 $62.72 $11,402.92
42 $11,402.92 $247.91 $0.00 $64.47 $11,715.30
43 $11,715.30 $247.91 $0.00 $66.24 $12,029.45
44 $12,029.45 $247.91 $0.00 $68.02 $12,345.38
45 $12,345.38 $247.91 $0.00 $69.80 $12,663.09
46 $12,663.09 $247.91 $0.00 $71.60 $12,982.60
47 $12,982.60 $247.91 $0.00 $73.41 $13,303.92
48 $13,303.92 $247.91 $0.00 $75.22 $13,627.05
49 $13,627.05 $247.91 $0.00 $77.05 $13,952.01
50 $13,952.01 $247.91 $0.00 $78.89 $14,278.81
51 $14,278.81 $247.91 $0.00 $80.73 $14,607.45
52 $14,607.45 $247.91 $0.00 $82.59 $14,937.95
53 $14,937.95 $247.91 $0.00 $84.46 $15,270.32
54 $15,270.32 $247.91 $0.00 $86.34 $15,604.57
55 $15,604.57 $247.91 $0.00 $88.23 $15,940.71
56 $15,940.71 $247.91 $0.00 $90.13 $16,278.75
57 $16,278.75 $247.91 $0.00 $92.04 $16,618.70
58 $16,618.70 $247.91 $0.00 $93.96 $16,960.57
59 $16,960.57 $247.91 $0.00 $95.90 $17,304.38
60 $17,304.38 $247.91 $0.00 $97.84 $17,650.13
61 $17,650.13 $247.91 $0.00 $99.80 $17,997.84
62 $17,997.84 $247.91 $0.00 $101.76 $18,347.51
63 $18,347.51 $247.91 $0.00 $103.74 $18,699.16
64 $18,699.16 $247.91 $0.00 $105.73 $19,052.80
65 $19,052.80 $247.91 $0.00 $107.73 $19,408.44
66 $19,408.44 $247.91 $0.00 $109.74 $19,766.09
67 $19,766.09 $247.91 $0.00 $111.76 $20,125.76
68 $20,125.76 $247.91 $0.00 $113.79 $20,487.46
69 $20,487.46 $247.91 $0.00 $115.84 $20,851.21
70 $20,851.21 $247.91 $0.00 $117.90 $21,217.02
71 $21,217.02 $247.91 $0.00 $119.96 $21,584.89
72 $21,584.89 $247.91 $0.00 $122.04 $21,954.84
73 $21,954.84 $247.91 $0.00 $124.14 $22,326.89
74 $22,326.89 $247.91 $0.00 $126.24 $22,701.04
75 $22,701.04 $247.91 $0.00 $128.35 $23,077.30
76 $23,077.30 $247.91 $0.00 $130.48 $23,455.69
77 $23,455.69 $247.91 $0.00 $132.62 $23,836.22
78 $23,836.22 $247.91 $0.00 $134.77 $24,218.90
79 $24,218.90 $247.91 $0.00 $136.94 $24,603.75
80 $24,603.75 $247.91 $0.00 $139.11 $24,990.77
81 $24,990.77 $247.91 $0.00 $141.30 $25,379.98
82 $25,379.98 $247.91 $0.00 $143.50 $25,771.39
83 $25,771.39 $247.91 $0.00 $145.72 $26,165.02
84 $26,165.02 $247.91 $0.00 $147.94 $26,560.87
85 $26,560.87 $247.91 $0.00 $150.18 $26,958.96
86 $26,958.96 $247.91 $0.00 $152.43 $27,359.30
87 $27,359.30 $247.91 $0.00 $154.69 $27,761.90
88 $27,761.90 $247.91 $0.00 $156.97 $28,166.78
89 $28,166.78 $247.91 $0.00 $159.26 $28,573.95
90 $28,573.95 $247.91 $0.00 $161.56 $28,983.42
91 $28,983.42 $247.91 $0.00 $163.88 $29,395.21
92 $29,395.21 $247.91 $0.00 $166.20 $29,809.32
93 $29,809.32 $247.91 $0.00 $168.55 $30,225.78
94 $30,225.78 $247.91 $0.00 $170.90 $30,644.59
95 $30,644.59 $247.91 $0.00 $173.27 $31,065.77
96 $31,065.77 $247.91 $0.00 $175.65 $31,489.33
97 $31,489.33 $247.91 $0.00 $178.05 $31,915.29
98 $31,915.29 $247.91 $0.00 $180.45 $32,343.65
99 $32,343.65 $247.91 $0.00 $182.88 $32,774.44
100 $32,774.44 $247.91 $0.00 $185.31 $33,207.66
101 $33,207.66 $247.91 $0.00 $187.76 $33,643.33
102 $33,643.33 $247.91 $0.00 $190.22 $34,081.46
103 $34,081.46 $247.91 $0.00 $192.70 $34,522.07
104 $34,522.07 $247.91 $0.00 $195.19 $34,965.17
105 $34,965.17 $247.91 $0.00 $197.70 $35,410.78
106 $35,410.78 $247.91 $0.00 $200.22 $35,858.91
107 $35,858.91 $247.91 $0.00 $202.75 $36,309.57
108 $36,309.57 $247.91 $0.00 $205.30 $36,762.78
109 $36,762.78 $247.91 $0.00 $207.86 $37,218.55
110 $37,218.55 $247.91 $0.00 $210.44 $37,676.90
111 $37,676.90 $247.91 $0.00 $213.03 $38,137.84
112 $38,137.84 $247.91 $0.00 $215.64 $38,601.39
113 $38,601.39 $247.91 $0.00 $218.26 $39,067.56
114 $39,067.56 $247.91 $0.00 $220.89 $39,536.36
115 $39,536.36 $247.91 $0.00 $223.54 $40,007.81
116 $40,007.81 $247.91 $0.00 $226.21 $40,481.93
117 $40,481.93 $247.91 $0.00 $228.89 $40,958.73
118 $40,958.73 $247.91 $0.00 $231.59 $41,438.23
119 $41,438.23 $247.91 $0.00 $234.30 $41,920.44
120 $41,920.44 $247.91 $0.00 $237.02 $42,405.37
121 $42,405.37 $247.91 $0.00 $239.77 $42,893.05
122 $42,893.05 $247.91 $0.00 $242.52 $43,383.48
123 $43,383.48 $247.91 $0.00 $245.30 $43,876.69
124 $43,876.69 $247.91 $0.00 $248.09 $44,372.69
125 $44,372.69 $247.91 $0.00 $250.89 $44,871.49
126 $44,871.49 $247.91 $0.00 $253.71 $45,373.11
127 $45,373.11 $247.91 $0.00 $256.55 $45,877.57
128 $45,877.57 $247.91 $0.00 $259.40 $46,384.88
129 $46,384.88 $247.91 $0.00 $262.27 $46,895.06
130 $46,895.06 $247.91 $0.00 $265.15 $47,408.12
131 $47,408.12 $247.91 $0.00 $268.05 $47,924.08
132 $47,924.08 $247.91 $0.00 $270.97 $48,442.96
133 $48,442.96 $247.91 $0.00 $273.90 $48,964.77
134 $48,964.77 $247.91 $0.00 $276.85 $49,489.53
135 $49,489.53 $247.91 $0.00 $279.82 $50,017.26
136 $50,017.26 $247.91 $0.00 $282.80 $50,547.97
137 $50,547.97 $247.91 $0.00 $285.81 $51,081.69
138 $51,081.69 $247.91 $0.00 $288.82 $51,618.42
139 $51,618.42 $247.91 $0.00 $291.86 $52,158.19
140 $52,158.19 $247.91 $0.00 $294.91 $52,701.01
141 $52,701.01 $247.91 $0.00 $297.98 $53,246.90
142 $53,246.90 $247.91 $0.00 $301.07 $53,795.88
143 $53,795.88 $247.91 $0.00 $304.17 $54,347.96
144 $54,347.96 $247.91 $0.00 $307.29 $54,903.16
145 $54,903.16 $247.91 $0.00 $310.43 $55,461.50
146 $55,461.50 $247.91 $0.00 $313.59 $56,023.00
147 $56,023.00 $247.91 $0.00 $316.76 $56,587.67
148 $56,587.67 $247.91 $0.00 $319.95 $57,155.53
149 $57,155.53 $247.91 $0.00 $323.17 $57,726.61
150 $57,726.61 $247.91 $0.00 $326.39 $58,300.91
151 $58,300.91 $247.91 $0.00 $329.64 $58,878.46
152 $58,878.46 $247.91 $0.00 $332.91 $59,459.28
153 $59,459.28 $247.91 $0.00 $336.19 $60,043.38
154 $60,043.38 $247.91 $0.00 $339.49 $60,630.78
155 $60,630.78 $247.91 $0.00 $342.82 $61,221.51
156 $61,221.51 $247.91 $0.00 $346.16 $61,815.58
157 $61,815.58 $247.91 $0.00 $349.51 $62,413.00
158 $62,413.00 $247.91 $0.00 $352.89 $63,013.80
159 $63,013.80 $247.91 $0.00 $356.29 $63,618.00
160 $63,618.00 $247.91 $0.00 $359.71 $64,225.62
161 $64,225.62 $247.91 $0.00 $363.14 $64,836.67
162 $64,836.67 $247.91 $0.00 $366.60 $65,451.18
163 $65,451.18 $247.91 $0.00 $370.07 $66,069.16
164 $66,069.16 $247.91 $0.00 $373.56 $66,690.63
165 $66,690.63 $247.91 $0.00 $377.08 $67,315.62
166 $67,315.62 $247.91 $0.00 $380.61 $67,944.14
167 $67,944.14 $247.91 $0.00 $384.17 $68,576.22
168 $68,576.22 $247.91 $0.00 $387.74 $69,211.87
169 $69,211.87 $247.91 $0.00 $391.33 $69,851.11
170 $69,851.11 $247.91 $0.00 $394.95 $70,493.97
171 $70,493.97 $247.91 $0.00 $398.58 $71,140.46
172 $71,140.46 $247.91 $0.00 $402.24 $71,790.61
173 $71,790.61 $247.91 $0.00 $405.91 $72,444.43
174 $72,444.43 $247.91 $0.00 $409.61 $73,101.95
175 $73,101.95 $247.91 $0.00 $413.33 $73,763.19
176 $73,763.19 $247.91 $0.00 $417.07 $74,428.17
177 $74,428.17 $247.91 $0.00 $420.83 $75,096.91
178 $75,096.91 $247.91 $0.00 $424.61 $75,769.43
179 $75,769.43 $247.91 $0.00 $428.41 $76,445.75
180 $76,445.75 $247.91 $0.00 $432.24 $77,125.90
181 $77,125.90 $247.91 $0.00 $436.08 $77,809.89
182 $77,809.89 $247.91 $0.00 $439.95 $78,497.75
183 $78,497.75 $247.91 $0.00 $443.84 $79,189.50
184 $79,189.50 $247.91 $0.00 $447.75 $79,885.16
185 $79,885.16 $247.91 $0.00 $451.68 $80,584.75
186 $80,584.75 $247.91 $0.00 $455.64 $81,288.30
187 $81,288.30 $247.91 $0.00 $459.62 $81,995.83
188 $81,995.83 $247.91 $0.00 $463.62 $82,707.36
189 $82,707.36 $247.91 $0.00 $467.64 $83,422.91
190 $83,422.91 $247.91 $0.00 $471.69 $84,142.51
191 $84,142.51 $247.91 $0.00 $475.75 $84,866.17
192 $84,866.17 $247.91 $0.00 $479.85 $85,593.93
193 $85,593.93 $247.91 $0.00 $483.96 $86,325.80
194 $86,325.80 $247.91 $0.00 $488.10 $87,061.81
195 $87,061.81 $247.91 $0.00 $492.26 $87,801.98
196 $87,801.98 $247.91 $0.00 $496.45 $88,546.34
197 $88,546.34 $247.91 $0.00 $500.65 $89,294.90
198 $89,294.90 $247.91 $0.00 $504.89 $90,047.70
199 $90,047.70 $247.91 $0.00 $509.14 $90,804.75
200 $90,804.75 $247.91 $0.00 $513.42 $91,566.08
201 $91,566.08 $247.91 $0.00 $517.73 $92,331.72
202 $92,331.72 $247.91 $0.00 $522.06 $93,101.69
203 $93,101.69 $247.91 $0.00 $526.41 $93,876.01
204 $93,876.01 $247.91 $0.00 $530.79 $94,654.71
205 $94,654.71 $247.91 $0.00 $535.19 $95,437.81
206 $95,437.81 $247.91 $0.00 $539.62 $96,225.34
207 $96,225.34 $247.91 $0.00 $544.07 $97,017.32
208 $97,017.32 $247.91 $0.00 $548.55 $97,813.78
209 $97,813.78 $247.91 $0.00 $553.05 $98,614.74
210 $98,614.74 $247.91 $0.00 $557.58 $99,420.23
211 $99,420.23 $247.91 $0.00 $562.14 $100,230.28
212 $100,230.28 $247.91 $0.00 $566.72 $101,044.91
213 $101,044.91 $247.91 $0.00 $571.32 $101,864.14
214 $101,864.14 $247.91 $0.00 $575.95 $102,688.00
215 $102,688.00 $247.91 $0.00 $580.61 $103,516.52
216 $103,516.52 $247.91 $0.00 $585.30 $104,349.73
217 $104,349.73 $247.91 $54,420.88 $590.01 $50,766.77
218 $50,766.77 $247.91 $0.00 $287.04 $51,301.72
219 $51,301.72 $247.91 $0.00 $290.07 $51,839.70
220 $51,839.70 $247.91 $0.00 $293.11 $52,380.72
221 $52,380.72 $247.91 $0.00 $296.17 $52,924.80
222 $52,924.80 $247.91 $0.00 $299.24 $53,471.95
223 $53,471.95 $247.91 $0.00 $302.34 $54,022.20
224 $54,022.20 $247.91 $0.00 $305.45 $54,575.56
225 $54,575.56 $247.91 $0.00 $308.58 $55,132.05
226 $55,132.05 $247.91 $0.00 $311.72 $55,691.68
227 $55,691.68 $247.91 $0.00 $314.89 $56,254.48
228 $56,254.48 $247.91 $0.00 $318.07 $56,820.46
229 $56,820.46 $0.00 $57,141.92 $321.27 ($0.19)