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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$48,046
Monthly savings required$214

How much will it cost to send your child to Mohawk Valley Community College Utica Branch in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $96,091.13 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $213.53 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$19,477.00
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 $213.53 $0.00 $0.00 $213.53
2 $213.53 $213.53 $0.00 $1.21 $428.27
3 $428.27 $213.53 $0.00 $2.42 $644.22
4 $644.22 $213.53 $0.00 $3.64 $861.39
5 $861.39 $213.53 $0.00 $4.87 $1,079.79
6 $1,079.79 $213.53 $0.00 $6.11 $1,299.43
7 $1,299.43 $213.53 $0.00 $7.35 $1,520.31
8 $1,520.31 $213.53 $0.00 $8.60 $1,742.44
9 $1,742.44 $213.53 $0.00 $9.85 $1,965.82
10 $1,965.82 $213.53 $0.00 $11.12 $2,190.47
11 $2,190.47 $213.53 $0.00 $12.39 $2,416.39
12 $2,416.39 $213.53 $0.00 $13.66 $2,643.58
13 $2,643.58 $213.53 $0.00 $14.95 $2,872.06
14 $2,872.06 $213.53 $0.00 $16.24 $3,101.83
15 $3,101.83 $213.53 $0.00 $17.54 $3,332.90
16 $3,332.90 $213.53 $0.00 $18.84 $3,565.27
17 $3,565.27 $213.53 $0.00 $20.16 $3,798.96
18 $3,798.96 $213.53 $0.00 $21.48 $4,033.97
19 $4,033.97 $213.53 $0.00 $22.81 $4,270.31
20 $4,270.31 $213.53 $0.00 $24.14 $4,507.98
21 $4,507.98 $213.53 $0.00 $25.49 $4,747.00
22 $4,747.00 $213.53 $0.00 $26.84 $4,987.37
23 $4,987.37 $213.53 $0.00 $28.20 $5,229.10
24 $5,229.10 $213.53 $0.00 $29.57 $5,472.20
25 $5,472.20 $213.53 $0.00 $30.94 $5,716.67
26 $5,716.67 $213.53 $0.00 $32.32 $5,962.52
27 $5,962.52 $213.53 $0.00 $33.71 $6,209.76
28 $6,209.76 $213.53 $0.00 $35.11 $6,458.40
29 $6,458.40 $213.53 $0.00 $36.52 $6,708.45
30 $6,708.45 $213.53 $0.00 $37.93 $6,959.91
31 $6,959.91 $213.53 $0.00 $39.35 $7,212.79
32 $7,212.79 $213.53 $0.00 $40.78 $7,467.10
33 $7,467.10 $213.53 $0.00 $42.22 $7,722.85
34 $7,722.85 $213.53 $0.00 $43.67 $7,980.05
35 $7,980.05 $213.53 $0.00 $45.12 $8,238.70
36 $8,238.70 $213.53 $0.00 $46.58 $8,498.81
37 $8,498.81 $213.53 $0.00 $48.05 $8,760.39
38 $8,760.39 $213.53 $0.00 $49.53 $9,023.45
39 $9,023.45 $213.53 $0.00 $51.02 $9,288.00
40 $9,288.00 $213.53 $0.00 $52.52 $9,554.05
41 $9,554.05 $213.53 $0.00 $54.02 $9,821.60
42 $9,821.60 $213.53 $0.00 $55.53 $10,090.66
43 $10,090.66 $213.53 $0.00 $57.05 $10,361.24
44 $10,361.24 $213.53 $0.00 $58.58 $10,633.35
45 $10,633.35 $213.53 $0.00 $60.12 $10,907.00
46 $10,907.00 $213.53 $0.00 $61.67 $11,182.20
47 $11,182.20 $213.53 $0.00 $63.23 $11,458.96
48 $11,458.96 $213.53 $0.00 $64.79 $11,737.28
49 $11,737.28 $213.53 $0.00 $66.36 $12,017.17
50 $12,017.17 $213.53 $0.00 $67.95 $12,298.65
51 $12,298.65 $213.53 $0.00 $69.54 $12,581.72
52 $12,581.72 $213.53 $0.00 $71.14 $12,866.39
53 $12,866.39 $213.53 $0.00 $72.75 $13,152.67
54 $13,152.67 $213.53 $0.00 $74.37 $13,440.57
55 $13,440.57 $213.53 $0.00 $75.99 $13,730.09
56 $13,730.09 $213.53 $0.00 $77.63 $14,021.25
57 $14,021.25 $213.53 $0.00 $79.28 $14,314.06
58 $14,314.06 $213.53 $0.00 $80.93 $14,608.52
59 $14,608.52 $213.53 $0.00 $82.60 $14,904.65
60 $14,904.65 $213.53 $0.00 $84.27 $15,202.45
61 $15,202.45 $213.53 $0.00 $85.96 $15,501.94
62 $15,501.94 $213.53 $0.00 $87.65 $15,803.12
63 $15,803.12 $213.53 $0.00 $89.35 $16,106.00
64 $16,106.00 $213.53 $0.00 $91.07 $16,410.60
65 $16,410.60 $213.53 $0.00 $92.79 $16,716.92
66 $16,716.92 $213.53 $0.00 $94.52 $17,024.97
67 $17,024.97 $213.53 $0.00 $96.26 $17,334.76
68 $17,334.76 $213.53 $0.00 $98.01 $17,646.30
69 $17,646.30 $213.53 $0.00 $99.77 $17,959.60
70 $17,959.60 $213.53 $0.00 $101.55 $18,274.68
71 $18,274.68 $213.53 $0.00 $103.33 $18,591.54
72 $18,591.54 $213.53 $0.00 $105.12 $18,910.19
73 $18,910.19 $213.53 $0.00 $106.92 $19,230.64
74 $19,230.64 $213.53 $0.00 $108.73 $19,552.90
75 $19,552.90 $213.53 $0.00 $110.55 $19,876.98
76 $19,876.98 $213.53 $0.00 $112.39 $20,202.90
77 $20,202.90 $213.53 $0.00 $114.23 $20,530.66
78 $20,530.66 $213.53 $0.00 $116.08 $20,860.27
79 $20,860.27 $213.53 $0.00 $117.95 $21,191.75
80 $21,191.75 $213.53 $0.00 $119.82 $21,525.10
81 $21,525.10 $213.53 $0.00 $121.71 $21,860.34
82 $21,860.34 $213.53 $0.00 $123.60 $22,197.47
83 $22,197.47 $213.53 $0.00 $125.51 $22,536.51
84 $22,536.51 $213.53 $0.00 $127.42 $22,877.46
85 $22,877.46 $213.53 $0.00 $129.35 $23,220.34
86 $23,220.34 $213.53 $0.00 $131.29 $23,565.16
87 $23,565.16 $213.53 $0.00 $133.24 $23,911.93
88 $23,911.93 $213.53 $0.00 $135.20 $24,260.66
89 $24,260.66 $213.53 $0.00 $137.17 $24,611.36
90 $24,611.36 $213.53 $0.00 $139.16 $24,964.05
91 $24,964.05 $213.53 $0.00 $141.15 $25,318.73
92 $25,318.73 $213.53 $0.00 $143.16 $25,675.42
93 $25,675.42 $213.53 $0.00 $145.17 $26,034.12
94 $26,034.12 $213.53 $0.00 $147.20 $26,394.85
95 $26,394.85 $213.53 $0.00 $149.24 $26,757.62
96 $26,757.62 $213.53 $0.00 $151.29 $27,122.44
97 $27,122.44 $213.53 $0.00 $153.35 $27,489.32
98 $27,489.32 $213.53 $0.00 $155.43 $27,858.28
99 $27,858.28 $213.53 $0.00 $157.51 $28,229.32
100 $28,229.32 $213.53 $0.00 $159.61 $28,602.46
101 $28,602.46 $213.53 $0.00 $161.72 $28,977.71
102 $28,977.71 $213.53 $0.00 $163.84 $29,355.08
103 $29,355.08 $213.53 $0.00 $165.98 $29,734.59
104 $29,734.59 $213.53 $0.00 $168.12 $30,116.24
105 $30,116.24 $213.53 $0.00 $170.28 $30,500.05
106 $30,500.05 $213.53 $0.00 $172.45 $30,886.03
107 $30,886.03 $213.53 $0.00 $174.63 $31,274.19
108 $31,274.19 $213.53 $0.00 $176.83 $31,664.55
109 $31,664.55 $213.53 $0.00 $179.04 $32,057.12
110 $32,057.12 $213.53 $0.00 $181.26 $32,451.91
111 $32,451.91 $213.53 $0.00 $183.49 $32,848.93
112 $32,848.93 $213.53 $0.00 $185.73 $33,248.19
113 $33,248.19 $213.53 $0.00 $187.99 $33,649.71
114 $33,649.71 $213.53 $0.00 $190.26 $34,053.50
115 $34,053.50 $213.53 $0.00 $192.54 $34,459.57
116 $34,459.57 $213.53 $0.00 $194.84 $34,867.94
117 $34,867.94 $213.53 $0.00 $197.15 $35,278.62
118 $35,278.62 $213.53 $0.00 $199.47 $35,691.62
119 $35,691.62 $213.53 $0.00 $201.81 $36,106.96
120 $36,106.96 $213.53 $0.00 $204.15 $36,524.64
121 $36,524.64 $213.53 $0.00 $206.52 $36,944.69
122 $36,944.69 $213.53 $0.00 $208.89 $37,367.11
123 $37,367.11 $213.53 $0.00 $211.28 $37,791.92
124 $37,791.92 $213.53 $0.00 $213.68 $38,219.13
125 $38,219.13 $213.53 $0.00 $216.10 $38,648.76
126 $38,648.76 $213.53 $0.00 $218.53 $39,080.82
127 $39,080.82 $213.53 $0.00 $220.97 $39,515.32
128 $39,515.32 $213.53 $0.00 $223.43 $39,952.28
129 $39,952.28 $213.53 $0.00 $225.90 $40,391.71
130 $40,391.71 $213.53 $0.00 $228.38 $40,833.62
131 $40,833.62 $213.53 $0.00 $230.88 $41,278.03
132 $41,278.03 $213.53 $0.00 $233.39 $41,724.95
133 $41,724.95 $213.53 $0.00 $235.92 $42,174.40
134 $42,174.40 $213.53 $0.00 $238.46 $42,626.39
135 $42,626.39 $213.53 $0.00 $241.02 $43,080.94
136 $43,080.94 $213.53 $0.00 $243.59 $43,538.06
137 $43,538.06 $213.53 $0.00 $246.17 $43,997.76
138 $43,997.76 $213.53 $0.00 $248.77 $44,460.06
139 $44,460.06 $213.53 $0.00 $251.38 $44,924.97
140 $44,924.97 $213.53 $0.00 $254.01 $45,392.51
141 $45,392.51 $213.53 $0.00 $256.66 $45,862.70
142 $45,862.70 $213.53 $0.00 $259.31 $46,335.54
143 $46,335.54 $213.53 $0.00 $261.99 $46,811.06
144 $46,811.06 $213.53 $0.00 $264.68 $47,289.27
145 $47,289.27 $213.53 $0.00 $267.38 $47,770.18
146 $47,770.18 $213.53 $0.00 $270.10 $48,253.81
147 $48,253.81 $213.53 $0.00 $272.83 $48,740.17
148 $48,740.17 $213.53 $0.00 $275.58 $49,229.28
149 $49,229.28 $213.53 $0.00 $278.35 $49,721.16
150 $49,721.16 $213.53 $0.00 $281.13 $50,215.82
151 $50,215.82 $213.53 $0.00 $283.93 $50,713.28
152 $50,713.28 $213.53 $0.00 $286.74 $51,213.55
153 $51,213.55 $213.53 $0.00 $289.57 $51,716.65
154 $51,716.65 $213.53 $0.00 $292.41 $52,222.59
155 $52,222.59 $213.53 $0.00 $295.27 $52,731.39
156 $52,731.39 $213.53 $0.00 $298.15 $53,243.07
157 $53,243.07 $213.53 $0.00 $301.04 $53,757.64
158 $53,757.64 $213.53 $0.00 $303.95 $54,275.12
159 $54,275.12 $213.53 $0.00 $306.88 $54,795.53
160 $54,795.53 $213.53 $0.00 $309.82 $55,318.88
161 $55,318.88 $213.53 $0.00 $312.78 $55,845.19
162 $55,845.19 $213.53 $0.00 $315.76 $56,374.48
163 $56,374.48 $213.53 $0.00 $318.75 $56,906.76
164 $56,906.76 $213.53 $0.00 $321.76 $57,442.05
165 $57,442.05 $213.53 $0.00 $324.79 $57,980.37
166 $57,980.37 $213.53 $0.00 $327.83 $58,521.73
167 $58,521.73 $213.53 $0.00 $330.89 $59,066.15
168 $59,066.15 $213.53 $0.00 $333.97 $59,613.65
169 $59,613.65 $213.53 $0.00 $337.06 $60,164.24
170 $60,164.24 $213.53 $0.00 $340.18 $60,717.95
171 $60,717.95 $213.53 $0.00 $343.31 $61,274.79
172 $61,274.79 $213.53 $0.00 $346.46 $61,834.78
173 $61,834.78 $213.53 $0.00 $349.62 $62,397.93
174 $62,397.93 $213.53 $0.00 $352.81 $62,964.27
175 $62,964.27 $213.53 $0.00 $356.01 $63,533.81
176 $63,533.81 $213.53 $0.00 $359.23 $64,106.57
177 $64,106.57 $213.53 $0.00 $362.47 $64,682.57
178 $64,682.57 $213.53 $0.00 $365.72 $65,261.82
179 $65,261.82 $213.53 $0.00 $369.00 $65,844.35
180 $65,844.35 $213.53 $0.00 $372.29 $66,430.17
181 $66,430.17 $213.53 $0.00 $375.61 $67,019.31
182 $67,019.31 $213.53 $0.00 $378.94 $67,611.78
183 $67,611.78 $213.53 $0.00 $382.29 $68,207.60
184 $68,207.60 $213.53 $0.00 $385.66 $68,806.79
185 $68,806.79 $213.53 $0.00 $389.04 $69,409.36
186 $69,409.36 $213.53 $0.00 $392.45 $70,015.34
187 $70,015.34 $213.53 $0.00 $395.88 $70,624.75
188 $70,624.75 $213.53 $0.00 $399.32 $71,237.60
189 $71,237.60 $213.53 $0.00 $402.79 $71,853.92
190 $71,853.92 $213.53 $0.00 $406.27 $72,473.72
191 $72,473.72 $213.53 $0.00 $409.78 $73,097.03
192 $73,097.03 $213.53 $0.00 $413.30 $73,723.86
193 $73,723.86 $213.53 $0.00 $416.85 $74,354.24
194 $74,354.24 $213.53 $0.00 $420.41 $74,988.18
195 $74,988.18 $213.53 $0.00 $423.99 $75,625.70
196 $75,625.70 $213.53 $0.00 $427.60 $76,266.83
197 $76,266.83 $213.53 $0.00 $431.22 $76,911.58
198 $76,911.58 $213.53 $0.00 $434.87 $77,559.98
199 $77,559.98 $213.53 $0.00 $438.54 $78,212.05
200 $78,212.05 $213.53 $0.00 $442.22 $78,867.80
201 $78,867.80 $213.53 $0.00 $445.93 $79,527.26
202 $79,527.26 $213.53 $0.00 $449.66 $80,190.45
203 $80,190.45 $213.53 $0.00 $453.41 $80,857.39
204 $80,857.39 $213.53 $0.00 $457.18 $81,528.10
205 $81,528.10 $213.53 $0.00 $460.97 $82,202.60
206 $82,202.60 $213.53 $0.00 $464.79 $82,880.92
207 $82,880.92 $213.53 $0.00 $468.62 $83,563.07
208 $83,563.07 $213.53 $0.00 $472.48 $84,249.08
209 $84,249.08 $213.53 $0.00 $476.36 $84,938.97
210 $84,938.97 $213.53 $0.00 $480.26 $85,632.76
211 $85,632.76 $213.53 $0.00 $484.18 $86,330.47
212 $86,330.47 $213.53 $0.00 $488.13 $87,032.13
213 $87,032.13 $213.53 $0.00 $492.09 $87,737.75
214 $87,737.75 $213.53 $0.00 $496.08 $88,447.36
215 $88,447.36 $213.53 $0.00 $500.09 $89,160.98
216 $89,160.98 $213.53 $0.00 $504.13 $89,878.64
217 $89,878.64 $213.53 $46,873.72 $508.19 $43,726.64
218 $43,726.64 $213.53 $0.00 $247.24 $44,187.41
219 $44,187.41 $213.53 $0.00 $249.84 $44,650.78
220 $44,650.78 $213.53 $0.00 $252.46 $45,116.77
221 $45,116.77 $213.53 $0.00 $255.10 $45,585.40
222 $45,585.40 $213.53 $0.00 $257.75 $46,056.68
223 $46,056.68 $213.53 $0.00 $260.41 $46,530.62
224 $46,530.62 $213.53 $0.00 $263.09 $47,007.24
225 $47,007.24 $213.53 $0.00 $265.79 $47,486.56
226 $47,486.56 $213.53 $0.00 $268.50 $47,968.59
227 $47,968.59 $213.53 $0.00 $271.22 $48,453.34
228 $48,453.34 $213.53 $0.00 $273.96 $48,940.83
229 $48,940.83 $0.00 $49,217.41 $276.72 $0.14