Savings Plan and Future Cost Estimation for Cleveland Institute of Music

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2041$152,750
Monthly savings required$1,209

How much will it cost to send your child to Cleveland Institute of Music in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $611,001.16 for students enrolling in 2041 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $1,209.15 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$58,904.00
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 $1,209.15 $0.00 $0.00 $1,209.15
2 $1,209.15 $1,209.15 $0.00 $6.84 $2,425.14
3 $2,425.14 $1,209.15 $0.00 $13.71 $3,648.00
4 $3,648.00 $1,209.15 $0.00 $20.63 $4,877.78
5 $4,877.78 $1,209.15 $0.00 $27.58 $6,114.51
6 $6,114.51 $1,209.15 $0.00 $34.57 $7,358.23
7 $7,358.23 $1,209.15 $0.00 $41.60 $8,608.98
8 $8,608.98 $1,209.15 $0.00 $48.68 $9,866.81
9 $9,866.81 $1,209.15 $0.00 $55.79 $11,131.75
10 $11,131.75 $1,209.15 $0.00 $62.94 $12,403.84
11 $12,403.84 $1,209.15 $0.00 $70.13 $13,683.12
12 $13,683.12 $1,209.15 $0.00 $77.37 $14,969.64
13 $14,969.64 $1,209.15 $0.00 $84.64 $16,263.43
14 $16,263.43 $1,209.15 $0.00 $91.96 $17,564.54
15 $17,564.54 $1,209.15 $0.00 $99.31 $18,873.00
16 $18,873.00 $1,209.15 $0.00 $106.71 $20,188.86
17 $20,188.86 $1,209.15 $0.00 $114.15 $21,512.16
18 $21,512.16 $1,209.15 $0.00 $121.63 $22,842.94
19 $22,842.94 $1,209.15 $0.00 $129.16 $24,181.25
20 $24,181.25 $1,209.15 $0.00 $136.72 $25,527.12
21 $25,527.12 $1,209.15 $0.00 $144.33 $26,880.60
22 $26,880.60 $1,209.15 $0.00 $151.99 $28,241.74
23 $28,241.74 $1,209.15 $0.00 $159.68 $29,610.57
24 $29,610.57 $1,209.15 $0.00 $167.42 $30,987.14
25 $30,987.14 $1,209.15 $0.00 $175.21 $32,371.50
26 $32,371.50 $1,209.15 $0.00 $183.03 $33,763.68
27 $33,763.68 $1,209.15 $0.00 $190.90 $35,163.73
28 $35,163.73 $1,209.15 $0.00 $198.82 $36,571.70
29 $36,571.70 $1,209.15 $0.00 $206.78 $37,987.63
30 $37,987.63 $1,209.15 $0.00 $214.79 $39,411.57
31 $39,411.57 $1,209.15 $0.00 $222.84 $40,843.56
32 $40,843.56 $1,209.15 $0.00 $230.94 $42,283.65
33 $42,283.65 $1,209.15 $0.00 $239.08 $43,731.88
34 $43,731.88 $1,209.15 $0.00 $247.27 $45,188.30
35 $45,188.30 $1,209.15 $0.00 $255.50 $46,652.95
36 $46,652.95 $1,209.15 $0.00 $263.78 $48,125.88
37 $48,125.88 $1,209.15 $0.00 $272.11 $49,607.14
38 $49,607.14 $1,209.15 $0.00 $280.49 $51,096.78
39 $51,096.78 $1,209.15 $0.00 $288.91 $52,594.84
40 $52,594.84 $1,209.15 $0.00 $297.38 $54,101.37
41 $54,101.37 $1,209.15 $0.00 $305.90 $55,616.42
42 $55,616.42 $1,209.15 $0.00 $314.46 $57,140.03
43 $57,140.03 $1,209.15 $0.00 $323.08 $58,672.26
44 $58,672.26 $1,209.15 $0.00 $331.74 $60,213.15
45 $60,213.15 $1,209.15 $0.00 $340.45 $61,762.75
46 $61,762.75 $1,209.15 $0.00 $349.22 $63,321.12
47 $63,321.12 $1,209.15 $0.00 $358.03 $64,888.30
48 $64,888.30 $1,209.15 $0.00 $366.89 $66,464.34
49 $66,464.34 $1,209.15 $0.00 $375.80 $68,049.29
50 $68,049.29 $1,209.15 $0.00 $384.76 $69,643.20
51 $69,643.20 $1,209.15 $0.00 $393.77 $71,246.12
52 $71,246.12 $1,209.15 $0.00 $402.84 $72,858.11
53 $72,858.11 $1,209.15 $0.00 $411.95 $74,479.21
54 $74,479.21 $1,209.15 $0.00 $421.12 $76,109.48
55 $76,109.48 $1,209.15 $0.00 $430.33 $77,748.96
56 $77,748.96 $1,209.15 $0.00 $439.60 $79,397.71
57 $79,397.71 $1,209.15 $0.00 $448.93 $81,055.79
58 $81,055.79 $1,209.15 $0.00 $458.30 $82,723.24
59 $82,723.24 $1,209.15 $0.00 $467.73 $84,400.12
60 $84,400.12 $1,209.15 $0.00 $477.21 $86,086.48
61 $86,086.48 $1,209.15 $0.00 $486.75 $87,782.38
62 $87,782.38 $1,209.15 $0.00 $496.33 $89,487.86
63 $89,487.86 $1,209.15 $0.00 $505.98 $91,202.99
64 $91,202.99 $1,209.15 $0.00 $515.67 $92,927.81
65 $92,927.81 $1,209.15 $0.00 $525.43 $94,662.39
66 $94,662.39 $1,209.15 $0.00 $535.23 $96,406.77
67 $96,406.77 $1,209.15 $0.00 $545.10 $98,161.02
68 $98,161.02 $1,209.15 $0.00 $555.02 $99,925.19
69 $99,925.19 $1,209.15 $0.00 $564.99 $101,699.33
70 $101,699.33 $1,209.15 $0.00 $575.02 $103,483.50
71 $103,483.50 $1,209.15 $0.00 $585.11 $105,277.76
72 $105,277.76 $1,209.15 $0.00 $595.26 $107,082.17
73 $107,082.17 $1,209.15 $0.00 $605.46 $108,896.78
74 $108,896.78 $1,209.15 $0.00 $615.72 $110,721.65
75 $110,721.65 $1,209.15 $0.00 $626.04 $112,556.84
76 $112,556.84 $1,209.15 $0.00 $636.41 $114,402.40
77 $114,402.40 $1,209.15 $0.00 $646.85 $116,258.40
78 $116,258.40 $1,209.15 $0.00 $657.34 $118,124.89
79 $118,124.89 $1,209.15 $0.00 $667.90 $120,001.94
80 $120,001.94 $1,209.15 $0.00 $678.51 $121,889.60
81 $121,889.60 $1,209.15 $0.00 $689.18 $123,787.93
82 $123,787.93 $1,209.15 $0.00 $699.91 $125,696.99
83 $125,696.99 $1,209.15 $0.00 $710.71 $127,616.85
84 $127,616.85 $1,209.15 $0.00 $721.56 $129,547.56
85 $129,547.56 $1,209.15 $0.00 $732.48 $131,489.19
86 $131,489.19 $1,209.15 $0.00 $743.46 $133,441.80
87 $133,441.80 $1,209.15 $0.00 $754.50 $135,405.45
88 $135,405.45 $1,209.15 $0.00 $765.60 $137,380.20
89 $137,380.20 $1,209.15 $0.00 $776.77 $139,366.12
90 $139,366.12 $1,209.15 $0.00 $788.00 $141,363.27
91 $141,363.27 $1,209.15 $0.00 $799.29 $143,371.71
92 $143,371.71 $1,209.15 $0.00 $810.64 $145,391.50
93 $145,391.50 $1,209.15 $0.00 $822.06 $147,422.71
94 $147,422.71 $1,209.15 $0.00 $833.55 $149,465.41
95 $149,465.41 $1,209.15 $0.00 $845.10 $151,519.66
96 $151,519.66 $1,209.15 $0.00 $856.71 $153,585.52
97 $153,585.52 $1,209.15 $0.00 $868.39 $155,663.06
98 $155,663.06 $1,209.15 $0.00 $880.14 $157,752.35
99 $157,752.35 $1,209.15 $0.00 $891.95 $159,853.45
100 $159,853.45 $1,209.15 $0.00 $903.83 $161,966.43
101 $161,966.43 $1,209.15 $0.00 $915.78 $164,091.36
102 $164,091.36 $1,209.15 $0.00 $927.80 $166,228.31
103 $166,228.31 $1,209.15 $0.00 $939.88 $168,377.34
104 $168,377.34 $1,209.15 $0.00 $952.03 $170,538.52
105 $170,538.52 $1,209.15 $0.00 $964.25 $172,711.92
106 $172,711.92 $1,209.15 $0.00 $976.54 $174,897.61
107 $174,897.61 $1,209.15 $0.00 $988.90 $177,095.66
108 $177,095.66 $1,209.15 $0.00 $1,001.32 $179,306.13
109 $179,306.13 $1,209.15 $0.00 $1,013.82 $181,529.10
110 $181,529.10 $1,209.15 $0.00 $1,026.39 $183,764.64
111 $183,764.64 $1,209.15 $0.00 $1,039.03 $186,012.82
112 $186,012.82 $1,209.15 $0.00 $1,051.74 $188,273.71
113 $188,273.71 $1,209.15 $0.00 $1,064.53 $190,547.39
114 $190,547.39 $1,209.15 $0.00 $1,077.38 $192,833.92
115 $192,833.92 $1,209.15 $0.00 $1,090.31 $195,133.38
116 $195,133.38 $1,209.15 $0.00 $1,103.31 $197,445.84
117 $197,445.84 $1,209.15 $0.00 $1,116.39 $199,771.38
118 $199,771.38 $1,209.15 $0.00 $1,129.54 $202,110.07
119 $202,110.07 $1,209.15 $0.00 $1,142.76 $204,461.98
120 $204,461.98 $1,209.15 $0.00 $1,156.06 $206,827.19
121 $206,827.19 $1,209.15 $0.00 $1,169.43 $209,205.77
122 $209,205.77 $1,209.15 $0.00 $1,182.88 $211,597.80
123 $211,597.80 $1,209.15 $0.00 $1,196.40 $214,003.35
124 $214,003.35 $1,209.15 $0.00 $1,210.01 $216,422.51
125 $216,422.51 $1,209.15 $0.00 $1,223.68 $218,855.34
126 $218,855.34 $1,209.15 $0.00 $1,237.44 $221,301.93
127 $221,301.93 $1,209.15 $0.00 $1,251.27 $223,762.35
128 $223,762.35 $1,209.15 $0.00 $1,265.18 $226,236.68
129 $226,236.68 $1,209.15 $0.00 $1,279.18 $228,725.01
130 $228,725.01 $1,209.15 $0.00 $1,293.24 $231,227.40
131 $231,227.40 $1,209.15 $0.00 $1,307.39 $233,743.94
132 $233,743.94 $1,209.15 $0.00 $1,321.62 $236,274.71
133 $236,274.71 $1,209.15 $0.00 $1,335.93 $238,819.79
134 $238,819.79 $1,209.15 $0.00 $1,350.32 $241,379.26
135 $241,379.26 $1,209.15 $0.00 $1,364.79 $243,953.20
136 $243,953.20 $1,209.15 $0.00 $1,379.35 $246,541.70
137 $246,541.70 $1,209.15 $0.00 $1,393.98 $249,144.83
138 $249,144.83 $1,209.15 $0.00 $1,408.70 $251,762.68
139 $251,762.68 $1,209.15 $0.00 $1,423.50 $254,395.33
140 $254,395.33 $1,209.15 $0.00 $1,438.39 $257,042.87
141 $257,042.87 $1,209.15 $0.00 $1,453.36 $259,705.38
142 $259,705.38 $1,209.15 $0.00 $1,468.41 $262,382.94
143 $262,382.94 $1,209.15 $0.00 $1,483.55 $265,075.64
144 $265,075.64 $1,209.15 $0.00 $1,498.78 $267,783.57
145 $267,783.57 $1,209.15 $0.00 $1,514.09 $270,506.81
146 $270,506.81 $1,209.15 $0.00 $1,529.48 $273,245.44
147 $273,245.44 $1,209.15 $0.00 $1,544.97 $275,999.56
148 $275,999.56 $1,209.15 $0.00 $1,560.54 $278,769.25
149 $278,769.25 $1,209.15 $0.00 $1,576.20 $281,554.60
150 $281,554.60 $1,209.15 $0.00 $1,591.95 $284,355.70
151 $284,355.70 $1,209.15 $0.00 $1,607.79 $287,172.64
152 $287,172.64 $1,209.15 $0.00 $1,623.72 $290,005.51
153 $290,005.51 $1,209.15 $0.00 $1,639.73 $292,854.39
154 $292,854.39 $1,209.15 $0.00 $1,655.84 $295,719.38
155 $295,719.38 $1,209.15 $0.00 $1,672.04 $298,600.57
156 $298,600.57 $1,209.15 $0.00 $1,688.33 $301,498.05
157 $301,498.05 $1,209.15 $0.00 $1,704.71 $304,411.91
158 $304,411.91 $1,209.15 $0.00 $1,721.19 $307,342.25
159 $307,342.25 $1,209.15 $0.00 $1,737.76 $310,289.16
160 $310,289.16 $1,209.15 $0.00 $1,754.42 $313,252.73
161 $313,252.73 $1,209.15 $0.00 $1,771.18 $316,233.06
162 $316,233.06 $1,209.15 $0.00 $1,788.03 $319,230.24
163 $319,230.24 $1,209.15 $0.00 $1,804.97 $322,244.36
164 $322,244.36 $1,209.15 $0.00 $1,822.02 $325,275.53
165 $325,275.53 $1,209.15 $0.00 $1,839.16 $328,323.84
166 $328,323.84 $1,209.15 $0.00 $1,856.39 $331,389.38
167 $331,389.38 $1,209.15 $0.00 $1,873.72 $334,472.25
168 $334,472.25 $1,209.15 $0.00 $1,891.15 $337,572.55
169 $337,572.55 $1,209.15 $0.00 $1,908.68 $340,690.38
170 $340,690.38 $1,209.15 $0.00 $1,926.31 $343,825.84
171 $343,825.84 $1,209.15 $0.00 $1,944.04 $346,979.03
172 $346,979.03 $1,209.15 $0.00 $1,961.87 $350,150.05
173 $350,150.05 $1,209.15 $0.00 $1,979.80 $353,339.00
174 $353,339.00 $1,209.15 $0.00 $1,997.83 $356,545.98
175 $356,545.98 $1,209.15 $0.00 $2,015.96 $359,771.09
176 $359,771.09 $1,209.15 $0.00 $2,034.20 $363,014.44
177 $363,014.44 $1,209.15 $0.00 $2,052.54 $366,276.13
178 $366,276.13 $1,209.15 $0.00 $2,070.98 $369,556.26
179 $369,556.26 $1,209.15 $0.00 $2,089.52 $372,854.93
180 $372,854.93 $1,209.15 $0.00 $2,108.18 $376,172.26
181 $376,172.26 $1,209.15 $0.00 $2,126.93 $379,508.34
182 $379,508.34 $1,209.15 $0.00 $2,145.80 $382,863.29
183 $382,863.29 $1,209.15 $0.00 $2,164.76 $386,237.20
184 $386,237.20 $1,209.15 $0.00 $2,183.84 $389,630.19
185 $389,630.19 $1,209.15 $0.00 $2,203.03 $393,042.37
186 $393,042.37 $1,209.15 $0.00 $2,222.32 $396,473.84
187 $396,473.84 $1,209.15 $0.00 $2,241.72 $399,924.71
188 $399,924.71 $1,209.15 $0.00 $2,261.23 $403,395.09
189 $403,395.09 $1,209.15 $0.00 $2,280.85 $406,885.09
190 $406,885.09 $1,209.15 $0.00 $2,300.59 $410,394.83
191 $410,394.83 $1,209.15 $0.00 $2,320.43 $413,924.41
192 $413,924.41 $1,209.15 $0.00 $2,340.39 $417,473.95
193 $417,473.95 $1,209.15 $0.00 $2,360.46 $421,043.56
194 $421,043.56 $1,209.15 $0.00 $2,380.64 $424,633.35
195 $424,633.35 $1,209.15 $0.00 $2,400.94 $428,243.44
196 $428,243.44 $1,209.15 $0.00 $2,421.35 $431,873.94
197 $431,873.94 $1,209.15 $0.00 $2,441.88 $435,524.97
198 $435,524.97 $1,209.15 $0.00 $2,462.52 $439,196.64
199 $439,196.64 $1,209.15 $0.00 $2,483.28 $442,889.07
200 $442,889.07 $1,209.15 $0.00 $2,504.16 $446,602.38
201 $446,602.38 $1,209.15 $0.00 $2,525.15 $450,336.68
202 $450,336.68 $1,209.15 $0.00 $2,546.27 $454,092.10
203 $454,092.10 $1,209.15 $0.00 $2,567.50 $457,868.75
204 $457,868.75 $1,209.15 $0.00 $2,588.86 $461,666.76
205 $461,666.76 $1,209.15 $0.00 $2,610.33 $465,486.24
206 $465,486.24 $1,209.15 $0.00 $2,631.93 $469,327.32
207 $469,327.32 $1,209.15 $0.00 $2,653.64 $473,190.11
208 $473,190.11 $1,209.15 $0.00 $2,675.49 $477,074.75
209 $477,074.75 $1,209.15 $0.00 $2,697.45 $480,981.35
210 $480,981.35 $1,209.15 $0.00 $2,719.54 $484,910.04
211 $484,910.04 $1,209.15 $0.00 $2,741.75 $488,860.94
212 $488,860.94 $1,209.15 $0.00 $2,764.09 $492,834.18
213 $492,834.18 $1,209.15 $0.00 $2,786.56 $496,829.89
214 $496,829.89 $1,209.15 $0.00 $2,809.15 $500,848.19
215 $500,848.19 $1,209.15 $0.00 $2,831.87 $504,889.21
216 $504,889.21 $1,209.15 $0.00 $2,854.72 $508,953.08
217 $508,953.08 $1,209.15 $141,759.50 $2,877.69 $371,280.42
218 $371,280.42 $1,209.15 $0.00 $2,099.27 $374,588.84
219 $374,588.84 $1,209.15 $0.00 $2,117.98 $377,915.97
220 $377,915.97 $1,209.15 $0.00 $2,136.79 $381,261.91
221 $381,261.91 $1,209.15 $0.00 $2,155.71 $384,626.77
222 $384,626.77 $1,209.15 $0.00 $2,174.74 $388,010.66
223 $388,010.66 $1,209.15 $0.00 $2,193.87 $391,413.68
224 $391,413.68 $1,209.15 $0.00 $2,213.11 $394,835.94
225 $394,835.94 $1,209.15 $0.00 $2,232.46 $398,277.55
226 $398,277.55 $1,209.15 $0.00 $2,251.92 $401,738.62
227 $401,738.62 $1,209.15 $0.00 $2,271.49 $405,219.26
228 $405,219.26 $1,209.15 $0.00 $2,291.17 $408,719.58
229 $408,719.58 $1,209.15 $148,847.47 $2,310.96 $263,392.22
230 $263,392.22 $1,209.15 $0.00 $1,489.26 $266,090.63
231 $266,090.63 $1,209.15 $0.00 $1,504.52 $268,804.30
232 $268,804.30 $1,209.15 $0.00 $1,519.86 $271,533.31
233 $271,533.31 $1,209.15 $0.00 $1,535.29 $274,277.75
234 $274,277.75 $1,209.15 $0.00 $1,550.81 $277,037.71
235 $277,037.71 $1,209.15 $0.00 $1,566.41 $279,813.27
236 $279,813.27 $1,209.15 $0.00 $1,582.10 $282,604.52
237 $282,604.52 $1,209.15 $0.00 $1,597.89 $285,411.56
238 $285,411.56 $1,209.15 $0.00 $1,613.76 $288,234.47
239 $288,234.47 $1,209.15 $0.00 $1,629.72 $291,073.34
240 $291,073.34 $1,209.15 $0.00 $1,645.77 $293,928.26
241 $293,928.26 $1,209.15 $156,289.85 $1,661.91 $140,509.47
242 $140,509.47 $1,209.15 $0.00 $794.46 $142,513.08
243 $142,513.08 $1,209.15 $0.00 $805.79 $144,528.02
244 $144,528.02 $1,209.15 $0.00 $817.18 $146,554.35
245 $146,554.35 $1,209.15 $0.00 $828.64 $148,592.14
246 $148,592.14 $1,209.15 $0.00 $840.16 $150,641.45
247 $150,641.45 $1,209.15 $0.00 $851.75 $152,702.35
248 $152,702.35 $1,209.15 $0.00 $863.40 $154,774.90
249 $154,774.90 $1,209.15 $0.00 $875.12 $156,859.17
250 $156,859.17 $1,209.15 $0.00 $886.90 $158,955.22
251 $158,955.22 $1,209.15 $0.00 $898.76 $161,063.13
252 $161,063.13 $1,209.15 $0.00 $910.67 $163,182.95
253 $163,182.95 $0.00 $164,104.34 $922.66 $1.27