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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2037$54,200
Monthly savings required$241

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 $108,400.39 for students enrolling in 2037 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $240.89 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$21,972.00
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 $240.89 $0.00 $0.00 $240.89
2 $240.89 $240.89 $0.00 $1.36 $483.14
3 $483.14 $240.89 $0.00 $2.73 $726.76
4 $726.76 $240.89 $0.00 $4.11 $971.76
5 $971.76 $240.89 $0.00 $5.49 $1,218.14
6 $1,218.14 $240.89 $0.00 $6.89 $1,465.92
7 $1,465.92 $240.89 $0.00 $8.29 $1,715.10
8 $1,715.10 $240.89 $0.00 $9.70 $1,965.69
9 $1,965.69 $240.89 $0.00 $11.11 $2,217.69
10 $2,217.69 $240.89 $0.00 $12.54 $2,471.12
11 $2,471.12 $240.89 $0.00 $13.97 $2,725.98
12 $2,725.98 $240.89 $0.00 $15.41 $2,982.28
13 $2,982.28 $240.89 $0.00 $16.86 $3,240.03
14 $3,240.03 $240.89 $0.00 $18.32 $3,499.24
15 $3,499.24 $240.89 $0.00 $19.79 $3,759.92
16 $3,759.92 $240.89 $0.00 $21.26 $4,022.07
17 $4,022.07 $240.89 $0.00 $22.74 $4,285.70
18 $4,285.70 $240.89 $0.00 $24.23 $4,550.82
19 $4,550.82 $240.89 $0.00 $25.73 $4,817.44
20 $4,817.44 $240.89 $0.00 $27.24 $5,085.57
21 $5,085.57 $240.89 $0.00 $28.75 $5,355.21
22 $5,355.21 $240.89 $0.00 $30.28 $5,626.38
23 $5,626.38 $240.89 $0.00 $31.81 $5,899.08
24 $5,899.08 $240.89 $0.00 $33.35 $6,173.32
25 $6,173.32 $240.89 $0.00 $34.90 $6,449.11
26 $6,449.11 $240.89 $0.00 $36.46 $6,726.46
27 $6,726.46 $240.89 $0.00 $38.03 $7,005.38
28 $7,005.38 $240.89 $0.00 $39.61 $7,285.88
29 $7,285.88 $240.89 $0.00 $41.20 $7,567.97
30 $7,567.97 $240.89 $0.00 $42.79 $7,851.65
31 $7,851.65 $240.89 $0.00 $44.39 $8,136.93
32 $8,136.93 $240.89 $0.00 $46.01 $8,423.83
33 $8,423.83 $240.89 $0.00 $47.63 $8,712.35
34 $8,712.35 $240.89 $0.00 $49.26 $9,002.50
35 $9,002.50 $240.89 $0.00 $50.90 $9,294.29
36 $9,294.29 $240.89 $0.00 $52.55 $9,587.73
37 $9,587.73 $240.89 $0.00 $54.21 $9,882.83
38 $9,882.83 $240.89 $0.00 $55.88 $10,179.60
39 $10,179.60 $240.89 $0.00 $57.56 $10,478.05
40 $10,478.05 $240.89 $0.00 $59.24 $10,778.18
41 $10,778.18 $240.89 $0.00 $60.94 $11,080.01
42 $11,080.01 $240.89 $0.00 $62.65 $11,383.55
43 $11,383.55 $240.89 $0.00 $64.36 $11,688.80
44 $11,688.80 $240.89 $0.00 $66.09 $11,995.78
45 $11,995.78 $240.89 $0.00 $67.83 $12,304.50
46 $12,304.50 $240.89 $0.00 $69.57 $12,614.96
47 $12,614.96 $240.89 $0.00 $71.33 $12,927.18
48 $12,927.18 $240.89 $0.00 $73.09 $13,241.16
49 $13,241.16 $240.89 $0.00 $74.87 $13,556.92
50 $13,556.92 $240.89 $0.00 $76.65 $13,874.46
51 $13,874.46 $240.89 $0.00 $78.45 $14,193.80
52 $14,193.80 $240.89 $0.00 $80.25 $14,514.94
53 $14,514.94 $240.89 $0.00 $82.07 $14,837.90
54 $14,837.90 $240.89 $0.00 $83.90 $15,162.69
55 $15,162.69 $240.89 $0.00 $85.73 $15,489.31
56 $15,489.31 $240.89 $0.00 $87.58 $15,817.78
57 $15,817.78 $240.89 $0.00 $89.44 $16,148.11
58 $16,148.11 $240.89 $0.00 $91.30 $16,480.30
59 $16,480.30 $240.89 $0.00 $93.18 $16,814.37
60 $16,814.37 $240.89 $0.00 $95.07 $17,150.33
61 $17,150.33 $240.89 $0.00 $96.97 $17,488.19
62 $17,488.19 $240.89 $0.00 $98.88 $17,827.96
63 $17,827.96 $240.89 $0.00 $100.80 $18,169.65
64 $18,169.65 $240.89 $0.00 $102.73 $18,513.27
65 $18,513.27 $240.89 $0.00 $104.68 $18,858.84
66 $18,858.84 $240.89 $0.00 $106.63 $19,206.36
67 $19,206.36 $240.89 $0.00 $108.60 $19,555.85
68 $19,555.85 $240.89 $0.00 $110.57 $19,907.31
69 $19,907.31 $240.89 $0.00 $112.56 $20,260.76
70 $20,260.76 $240.89 $0.00 $114.56 $20,616.21
71 $20,616.21 $240.89 $0.00 $116.57 $20,973.67
72 $20,973.67 $240.89 $0.00 $118.59 $21,333.15
73 $21,333.15 $240.89 $0.00 $120.62 $21,694.66
74 $21,694.66 $240.89 $0.00 $122.66 $22,058.21
75 $22,058.21 $240.89 $0.00 $124.72 $22,423.82
76 $22,423.82 $240.89 $0.00 $126.79 $22,791.50
77 $22,791.50 $240.89 $0.00 $128.87 $23,161.26
78 $23,161.26 $240.89 $0.00 $130.96 $23,533.11
79 $23,533.11 $240.89 $0.00 $133.06 $23,907.06
80 $23,907.06 $240.89 $0.00 $135.17 $24,283.12
81 $24,283.12 $240.89 $0.00 $137.30 $24,661.31
82 $24,661.31 $240.89 $0.00 $139.44 $25,041.64
83 $25,041.64 $240.89 $0.00 $141.59 $25,424.12
84 $25,424.12 $240.89 $0.00 $143.75 $25,808.76
85 $25,808.76 $240.89 $0.00 $145.93 $26,195.58
86 $26,195.58 $240.89 $0.00 $148.11 $26,584.58
87 $26,584.58 $240.89 $0.00 $150.31 $26,975.78
88 $26,975.78 $240.89 $0.00 $152.52 $27,369.19
89 $27,369.19 $240.89 $0.00 $154.75 $27,764.83
90 $27,764.83 $240.89 $0.00 $156.99 $28,162.71
91 $28,162.71 $240.89 $0.00 $159.24 $28,562.84
92 $28,562.84 $240.89 $0.00 $161.50 $28,965.23
93 $28,965.23 $240.89 $0.00 $163.77 $29,369.89
94 $29,369.89 $240.89 $0.00 $166.06 $29,776.84
95 $29,776.84 $240.89 $0.00 $168.36 $30,186.09
96 $30,186.09 $240.89 $0.00 $170.68 $30,597.66
97 $30,597.66 $240.89 $0.00 $173.00 $31,011.55
98 $31,011.55 $240.89 $0.00 $175.34 $31,427.78
99 $31,427.78 $240.89 $0.00 $177.70 $31,846.37
100 $31,846.37 $240.89 $0.00 $180.06 $32,267.32
101 $32,267.32 $240.89 $0.00 $182.44 $32,690.65
102 $32,690.65 $240.89 $0.00 $184.84 $33,116.38
103 $33,116.38 $240.89 $0.00 $187.24 $33,544.51
104 $33,544.51 $240.89 $0.00 $189.67 $33,975.07
105 $33,975.07 $240.89 $0.00 $192.10 $34,408.06
106 $34,408.06 $240.89 $0.00 $194.55 $34,843.50
107 $34,843.50 $240.89 $0.00 $197.01 $35,281.40
108 $35,281.40 $240.89 $0.00 $199.49 $35,721.78
109 $35,721.78 $240.89 $0.00 $201.98 $36,164.65
110 $36,164.65 $240.89 $0.00 $204.48 $36,610.02
111 $36,610.02 $240.89 $0.00 $207.00 $37,057.91
112 $37,057.91 $240.89 $0.00 $209.53 $37,508.33
113 $37,508.33 $240.89 $0.00 $212.08 $37,961.30
114 $37,961.30 $240.89 $0.00 $214.64 $38,416.83
115 $38,416.83 $240.89 $0.00 $217.21 $38,874.93
116 $38,874.93 $240.89 $0.00 $219.80 $39,335.62
117 $39,335.62 $240.89 $0.00 $222.41 $39,798.92
118 $39,798.92 $240.89 $0.00 $225.03 $40,264.84
119 $40,264.84 $240.89 $0.00 $227.66 $40,733.39
120 $40,733.39 $240.89 $0.00 $230.31 $41,204.59
121 $41,204.59 $240.89 $0.00 $232.98 $41,678.46
122 $41,678.46 $240.89 $0.00 $235.66 $42,155.01
123 $42,155.01 $240.89 $0.00 $238.35 $42,634.25
124 $42,634.25 $240.89 $0.00 $241.06 $43,116.20
125 $43,116.20 $240.89 $0.00 $243.79 $43,600.88
126 $43,600.88 $240.89 $0.00 $246.53 $44,088.30
127 $44,088.30 $240.89 $0.00 $249.28 $44,578.47
128 $44,578.47 $240.89 $0.00 $252.05 $45,071.41
129 $45,071.41 $240.89 $0.00 $254.84 $45,567.14
130 $45,567.14 $240.89 $0.00 $257.64 $46,065.67
131 $46,065.67 $240.89 $0.00 $260.46 $46,567.02
132 $46,567.02 $240.89 $0.00 $263.30 $47,071.21
133 $47,071.21 $240.89 $0.00 $266.15 $47,578.25
134 $47,578.25 $240.89 $0.00 $269.01 $48,088.15
135 $48,088.15 $240.89 $0.00 $271.90 $48,600.94
136 $48,600.94 $240.89 $0.00 $274.80 $49,116.63
137 $49,116.63 $240.89 $0.00 $277.71 $49,635.23
138 $49,635.23 $240.89 $0.00 $280.64 $50,156.76
139 $50,156.76 $240.89 $0.00 $283.59 $50,681.24
140 $50,681.24 $240.89 $0.00 $286.56 $51,208.69
141 $51,208.69 $240.89 $0.00 $289.54 $51,739.12
142 $51,739.12 $240.89 $0.00 $292.54 $52,272.55
143 $52,272.55 $240.89 $0.00 $295.56 $52,809.00
144 $52,809.00 $240.89 $0.00 $298.59 $53,348.48
145 $53,348.48 $240.89 $0.00 $301.64 $53,891.01
146 $53,891.01 $240.89 $0.00 $304.71 $54,436.61
147 $54,436.61 $240.89 $0.00 $307.79 $54,985.29
148 $54,985.29 $240.89 $0.00 $310.89 $55,537.07
149 $55,537.07 $240.89 $0.00 $314.01 $56,091.97
150 $56,091.97 $240.89 $0.00 $317.15 $56,650.01
151 $56,650.01 $240.89 $0.00 $320.31 $57,211.21
152 $57,211.21 $240.89 $0.00 $323.48 $57,775.58
153 $57,775.58 $240.89 $0.00 $326.67 $58,343.14
154 $58,343.14 $240.89 $0.00 $329.88 $58,913.91
155 $58,913.91 $240.89 $0.00 $333.11 $59,487.91
156 $59,487.91 $240.89 $0.00 $336.35 $60,065.15
157 $60,065.15 $240.89 $0.00 $339.62 $60,645.66
158 $60,645.66 $240.89 $0.00 $342.90 $61,229.45
159 $61,229.45 $240.89 $0.00 $346.20 $61,816.54
160 $61,816.54 $240.89 $0.00 $349.52 $62,406.95
161 $62,406.95 $240.89 $0.00 $352.86 $63,000.70
162 $63,000.70 $240.89 $0.00 $356.22 $63,597.81
163 $63,597.81 $240.89 $0.00 $359.59 $64,198.29
164 $64,198.29 $240.89 $0.00 $362.99 $64,802.17
165 $64,802.17 $240.89 $0.00 $366.40 $65,409.46
166 $65,409.46 $240.89 $0.00 $369.83 $66,020.18
167 $66,020.18 $240.89 $0.00 $373.29 $66,634.36
168 $66,634.36 $240.89 $0.00 $376.76 $67,252.01
169 $67,252.01 $240.89 $0.00 $380.25 $67,873.15
170 $67,873.15 $240.89 $0.00 $383.76 $68,497.80
171 $68,497.80 $240.89 $0.00 $387.30 $69,125.99
172 $69,125.99 $240.89 $0.00 $390.85 $69,757.73
173 $69,757.73 $240.89 $0.00 $394.42 $70,393.04
174 $70,393.04 $240.89 $0.00 $398.01 $71,031.94
175 $71,031.94 $240.89 $0.00 $401.62 $71,674.45
176 $71,674.45 $240.89 $0.00 $405.26 $72,320.60
177 $72,320.60 $240.89 $0.00 $408.91 $72,970.40
178 $72,970.40 $240.89 $0.00 $412.59 $73,623.88
179 $73,623.88 $240.89 $0.00 $416.28 $74,281.05
180 $74,281.05 $240.89 $0.00 $420.00 $74,941.94
181 $74,941.94 $240.89 $0.00 $423.73 $75,606.56
182 $75,606.56 $240.89 $0.00 $427.49 $76,274.94
183 $76,274.94 $240.89 $0.00 $431.27 $76,947.10
184 $76,947.10 $240.89 $0.00 $435.07 $77,623.06
185 $77,623.06 $240.89 $0.00 $438.89 $78,302.84
186 $78,302.84 $240.89 $0.00 $442.74 $78,986.47
187 $78,986.47 $240.89 $0.00 $446.60 $79,673.96
188 $79,673.96 $240.89 $0.00 $450.49 $80,365.34
189 $80,365.34 $240.89 $0.00 $454.40 $81,060.63
190 $81,060.63 $240.89 $0.00 $458.33 $81,759.85
191 $81,759.85 $240.89 $0.00 $462.28 $82,463.02
192 $82,463.02 $240.89 $0.00 $466.26 $83,170.17
193 $83,170.17 $240.89 $0.00 $470.26 $83,881.32
194 $83,881.32 $240.89 $0.00 $474.28 $84,596.49
195 $84,596.49 $240.89 $0.00 $478.32 $85,315.70
196 $85,315.70 $240.89 $0.00 $482.39 $86,038.98
197 $86,038.98 $240.89 $0.00 $486.48 $86,766.35
198 $86,766.35 $240.89 $0.00 $490.59 $87,497.83
199 $87,497.83 $240.89 $0.00 $494.73 $88,233.45
200 $88,233.45 $240.89 $0.00 $498.88 $88,973.22
201 $88,973.22 $240.89 $0.00 $503.07 $89,717.18
202 $89,717.18 $240.89 $0.00 $507.27 $90,465.34
203 $90,465.34 $240.89 $0.00 $511.50 $91,217.73
204 $91,217.73 $240.89 $0.00 $515.76 $91,974.38
205 $91,974.38 $240.89 $0.00 $520.04 $92,735.31
206 $92,735.31 $240.89 $0.00 $524.34 $93,500.54
207 $93,500.54 $240.89 $0.00 $528.67 $94,270.10
208 $94,270.10 $240.89 $0.00 $533.02 $95,044.01
209 $95,044.01 $240.89 $0.00 $537.39 $95,822.29
210 $95,822.29 $240.89 $0.00 $541.79 $96,604.97
211 $96,604.97 $240.89 $0.00 $546.22 $97,392.08
212 $97,392.08 $240.89 $0.00 $550.67 $98,183.64
213 $98,183.64 $240.89 $0.00 $555.14 $98,979.67
214 $98,979.67 $240.89 $0.00 $559.65 $99,780.21
215 $99,780.21 $240.89 $0.00 $564.17 $100,585.27
216 $100,585.27 $240.89 $0.00 $568.72 $101,394.88
217 $101,394.88 $240.89 $52,878.24 $573.30 $49,330.83
218 $49,330.83 $240.89 $0.00 $278.92 $49,850.64
219 $49,850.64 $240.89 $0.00 $281.86 $50,373.39
220 $50,373.39 $240.89 $0.00 $284.82 $50,899.10
221 $50,899.10 $240.89 $0.00 $287.79 $51,427.78
222 $51,427.78 $240.89 $0.00 $290.78 $51,959.45
223 $51,959.45 $240.89 $0.00 $293.79 $52,494.13
224 $52,494.13 $240.89 $0.00 $296.81 $53,031.83
225 $53,031.83 $240.89 $0.00 $299.85 $53,572.57
226 $53,572.57 $240.89 $0.00 $302.91 $54,116.37
227 $54,116.37 $240.89 $0.00 $305.98 $54,663.24
228 $54,663.24 $240.89 $0.00 $309.07 $55,213.20
229 $55,213.20 $0.00 $55,522.15 $312.18 $3.23