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 2040$150,079
Monthly savings required$1,188

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 $600,317.15 for students enrolling in 2040 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $1,188.01 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$57,874.00
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 $1,188.01 $0.00 $0.00 $1,188.01
2 $1,188.01 $1,188.01 $0.00 $6.72 $2,382.74
3 $2,382.74 $1,188.01 $0.00 $13.47 $3,584.22
4 $3,584.22 $1,188.01 $0.00 $20.27 $4,792.50
5 $4,792.50 $1,188.01 $0.00 $27.10 $6,007.61
6 $6,007.61 $1,188.01 $0.00 $33.97 $7,229.59
7 $7,229.59 $1,188.01 $0.00 $40.88 $8,458.48
8 $8,458.48 $1,188.01 $0.00 $47.83 $9,694.32
9 $9,694.32 $1,188.01 $0.00 $54.81 $10,937.14
10 $10,937.14 $1,188.01 $0.00 $61.84 $12,186.99
11 $12,186.99 $1,188.01 $0.00 $68.91 $13,443.91
12 $13,443.91 $1,188.01 $0.00 $76.01 $14,707.93
13 $14,707.93 $1,188.01 $0.00 $83.16 $15,979.10
14 $15,979.10 $1,188.01 $0.00 $90.35 $17,257.46
15 $17,257.46 $1,188.01 $0.00 $97.58 $18,543.05
16 $18,543.05 $1,188.01 $0.00 $104.85 $19,835.91
17 $19,835.91 $1,188.01 $0.00 $112.16 $21,136.08
18 $21,136.08 $1,188.01 $0.00 $119.51 $22,443.60
19 $22,443.60 $1,188.01 $0.00 $126.90 $23,758.51
20 $23,758.51 $1,188.01 $0.00 $134.33 $25,080.85
21 $25,080.85 $1,188.01 $0.00 $141.81 $26,410.67
22 $26,410.67 $1,188.01 $0.00 $149.33 $27,748.01
23 $27,748.01 $1,188.01 $0.00 $156.89 $29,092.91
24 $29,092.91 $1,188.01 $0.00 $164.50 $30,445.42
25 $30,445.42 $1,188.01 $0.00 $172.14 $31,805.57
26 $31,805.57 $1,188.01 $0.00 $179.83 $33,173.41
27 $33,173.41 $1,188.01 $0.00 $187.57 $34,548.99
28 $34,548.99 $1,188.01 $0.00 $195.35 $35,932.35
29 $35,932.35 $1,188.01 $0.00 $203.17 $37,323.53
30 $37,323.53 $1,188.01 $0.00 $211.03 $38,722.57
31 $38,722.57 $1,188.01 $0.00 $218.94 $40,129.52
32 $40,129.52 $1,188.01 $0.00 $226.90 $41,544.43
33 $41,544.43 $1,188.01 $0.00 $234.90 $42,967.34
34 $42,967.34 $1,188.01 $0.00 $242.94 $44,398.29
35 $44,398.29 $1,188.01 $0.00 $251.03 $45,837.33
36 $45,837.33 $1,188.01 $0.00 $259.17 $47,284.51
37 $47,284.51 $1,188.01 $0.00 $267.35 $48,739.87
38 $48,739.87 $1,188.01 $0.00 $275.58 $50,203.46
39 $50,203.46 $1,188.01 $0.00 $283.86 $51,675.33
40 $51,675.33 $1,188.01 $0.00 $292.18 $53,155.52
41 $53,155.52 $1,188.01 $0.00 $300.55 $54,644.08
42 $54,644.08 $1,188.01 $0.00 $308.97 $56,141.06
43 $56,141.06 $1,188.01 $0.00 $317.43 $57,646.50
44 $57,646.50 $1,188.01 $0.00 $325.94 $59,160.45
45 $59,160.45 $1,188.01 $0.00 $334.50 $60,682.96
46 $60,682.96 $1,188.01 $0.00 $343.11 $62,214.08
47 $62,214.08 $1,188.01 $0.00 $351.77 $63,753.86
48 $63,753.86 $1,188.01 $0.00 $360.47 $65,302.34
49 $65,302.34 $1,188.01 $0.00 $369.23 $66,859.58
50 $66,859.58 $1,188.01 $0.00 $378.03 $68,425.62
51 $68,425.62 $1,188.01 $0.00 $386.89 $70,000.52
52 $70,000.52 $1,188.01 $0.00 $395.79 $71,584.32
53 $71,584.32 $1,188.01 $0.00 $404.75 $73,177.08
54 $73,177.08 $1,188.01 $0.00 $413.75 $74,778.84
55 $74,778.84 $1,188.01 $0.00 $422.81 $76,389.66
56 $76,389.66 $1,188.01 $0.00 $431.92 $78,009.59
57 $78,009.59 $1,188.01 $0.00 $441.08 $79,638.68
58 $79,638.68 $1,188.01 $0.00 $450.29 $81,276.98
59 $81,276.98 $1,188.01 $0.00 $459.55 $82,924.54
60 $82,924.54 $1,188.01 $0.00 $468.87 $84,581.42
61 $84,581.42 $1,188.01 $0.00 $478.24 $86,247.67
62 $86,247.67 $1,188.01 $0.00 $487.66 $87,923.34
63 $87,923.34 $1,188.01 $0.00 $497.13 $89,608.48
64 $89,608.48 $1,188.01 $0.00 $506.66 $91,303.15
65 $91,303.15 $1,188.01 $0.00 $516.24 $93,007.40
66 $93,007.40 $1,188.01 $0.00 $525.88 $94,721.29
67 $94,721.29 $1,188.01 $0.00 $535.57 $96,444.87
68 $96,444.87 $1,188.01 $0.00 $545.31 $98,178.19
69 $98,178.19 $1,188.01 $0.00 $555.11 $99,921.31
70 $99,921.31 $1,188.01 $0.00 $564.97 $101,674.29
71 $101,674.29 $1,188.01 $0.00 $574.88 $103,437.18
72 $103,437.18 $1,188.01 $0.00 $584.85 $105,210.04
73 $105,210.04 $1,188.01 $0.00 $594.87 $106,992.92
74 $106,992.92 $1,188.01 $0.00 $604.95 $108,785.88
75 $108,785.88 $1,188.01 $0.00 $615.09 $110,588.98
76 $110,588.98 $1,188.01 $0.00 $625.29 $112,402.28
77 $112,402.28 $1,188.01 $0.00 $635.54 $114,225.83
78 $114,225.83 $1,188.01 $0.00 $645.85 $116,059.69
79 $116,059.69 $1,188.01 $0.00 $656.22 $117,903.92
80 $117,903.92 $1,188.01 $0.00 $666.65 $119,758.58
81 $119,758.58 $1,188.01 $0.00 $677.13 $121,623.72
82 $121,623.72 $1,188.01 $0.00 $687.68 $123,499.41
83 $123,499.41 $1,188.01 $0.00 $698.28 $125,385.70
84 $125,385.70 $1,188.01 $0.00 $708.95 $127,282.66
85 $127,282.66 $1,188.01 $0.00 $719.67 $129,190.34
86 $129,190.34 $1,188.01 $0.00 $730.46 $131,108.81
87 $131,108.81 $1,188.01 $0.00 $741.31 $133,038.13
88 $133,038.13 $1,188.01 $0.00 $752.22 $134,978.36
89 $134,978.36 $1,188.01 $0.00 $763.19 $136,929.56
90 $136,929.56 $1,188.01 $0.00 $774.22 $138,891.79
91 $138,891.79 $1,188.01 $0.00 $785.31 $140,865.11
92 $140,865.11 $1,188.01 $0.00 $796.47 $142,849.59
93 $142,849.59 $1,188.01 $0.00 $807.69 $144,845.29
94 $144,845.29 $1,188.01 $0.00 $818.98 $146,852.28
95 $146,852.28 $1,188.01 $0.00 $830.32 $148,870.61
96 $148,870.61 $1,188.01 $0.00 $841.74 $150,900.36
97 $150,900.36 $1,188.01 $0.00 $853.21 $152,941.58
98 $152,941.58 $1,188.01 $0.00 $864.75 $154,994.34
99 $154,994.34 $1,188.01 $0.00 $876.36 $157,058.71
100 $157,058.71 $1,188.01 $0.00 $888.03 $159,134.75
101 $159,134.75 $1,188.01 $0.00 $899.77 $161,222.53
102 $161,222.53 $1,188.01 $0.00 $911.58 $163,322.12
103 $163,322.12 $1,188.01 $0.00 $923.45 $165,433.58
104 $165,433.58 $1,188.01 $0.00 $935.39 $167,556.98
105 $167,556.98 $1,188.01 $0.00 $947.39 $169,692.38
106 $169,692.38 $1,188.01 $0.00 $959.47 $171,839.86
107 $171,839.86 $1,188.01 $0.00 $971.61 $173,999.48
108 $173,999.48 $1,188.01 $0.00 $983.82 $176,171.31
109 $176,171.31 $1,188.01 $0.00 $996.10 $178,355.42
110 $178,355.42 $1,188.01 $0.00 $1,008.45 $180,551.88
111 $180,551.88 $1,188.01 $0.00 $1,020.87 $182,760.76
112 $182,760.76 $1,188.01 $0.00 $1,033.36 $184,982.13
113 $184,982.13 $1,188.01 $0.00 $1,045.92 $187,216.06
114 $187,216.06 $1,188.01 $0.00 $1,058.55 $189,462.62
115 $189,462.62 $1,188.01 $0.00 $1,071.25 $191,721.88
116 $191,721.88 $1,188.01 $0.00 $1,084.02 $193,993.91
117 $193,993.91 $1,188.01 $0.00 $1,096.87 $196,278.79
118 $196,278.79 $1,188.01 $0.00 $1,109.79 $198,576.59
119 $198,576.59 $1,188.01 $0.00 $1,122.78 $200,887.38
120 $200,887.38 $1,188.01 $0.00 $1,135.85 $203,211.24
121 $203,211.24 $1,188.01 $0.00 $1,148.99 $205,548.24
122 $205,548.24 $1,188.01 $0.00 $1,162.20 $207,898.45
123 $207,898.45 $1,188.01 $0.00 $1,175.49 $210,261.95
124 $210,261.95 $1,188.01 $0.00 $1,188.85 $212,638.81
125 $212,638.81 $1,188.01 $0.00 $1,202.29 $215,029.11
126 $215,029.11 $1,188.01 $0.00 $1,215.81 $217,432.93
127 $217,432.93 $1,188.01 $0.00 $1,229.40 $219,850.34
128 $219,850.34 $1,188.01 $0.00 $1,243.07 $222,281.42
129 $222,281.42 $1,188.01 $0.00 $1,256.81 $224,726.24
130 $224,726.24 $1,188.01 $0.00 $1,270.63 $227,184.88
131 $227,184.88 $1,188.01 $0.00 $1,284.54 $229,657.43
132 $229,657.43 $1,188.01 $0.00 $1,298.52 $232,143.96
133 $232,143.96 $1,188.01 $0.00 $1,312.58 $234,644.55
134 $234,644.55 $1,188.01 $0.00 $1,326.71 $237,159.27
135 $237,159.27 $1,188.01 $0.00 $1,340.93 $239,688.21
136 $239,688.21 $1,188.01 $0.00 $1,355.23 $242,231.45
137 $242,231.45 $1,188.01 $0.00 $1,369.61 $244,789.07
138 $244,789.07 $1,188.01 $0.00 $1,384.07 $247,361.15
139 $247,361.15 $1,188.01 $0.00 $1,398.62 $249,947.78
140 $249,947.78 $1,188.01 $0.00 $1,413.24 $252,549.03
141 $252,549.03 $1,188.01 $0.00 $1,427.95 $255,164.99
142 $255,164.99 $1,188.01 $0.00 $1,442.74 $257,795.74
143 $257,795.74 $1,188.01 $0.00 $1,457.61 $260,441.36
144 $260,441.36 $1,188.01 $0.00 $1,472.57 $263,101.94
145 $263,101.94 $1,188.01 $0.00 $1,487.62 $265,777.57
146 $265,777.57 $1,188.01 $0.00 $1,502.75 $268,468.33
147 $268,468.33 $1,188.01 $0.00 $1,517.96 $271,174.30
148 $271,174.30 $1,188.01 $0.00 $1,533.26 $273,895.57
149 $273,895.57 $1,188.01 $0.00 $1,548.65 $276,632.23
150 $276,632.23 $1,188.01 $0.00 $1,564.12 $279,384.36
151 $279,384.36 $1,188.01 $0.00 $1,579.68 $282,152.05
152 $282,152.05 $1,188.01 $0.00 $1,595.33 $284,935.39
153 $284,935.39 $1,188.01 $0.00 $1,611.07 $287,734.47
154 $287,734.47 $1,188.01 $0.00 $1,626.89 $290,549.37
155 $290,549.37 $1,188.01 $0.00 $1,642.81 $293,380.19
156 $293,380.19 $1,188.01 $0.00 $1,658.81 $296,227.01
157 $296,227.01 $1,188.01 $0.00 $1,674.91 $299,089.93
158 $299,089.93 $1,188.01 $0.00 $1,691.10 $301,969.04
159 $301,969.04 $1,188.01 $0.00 $1,707.38 $304,864.43
160 $304,864.43 $1,188.01 $0.00 $1,723.75 $307,776.19
161 $307,776.19 $1,188.01 $0.00 $1,740.21 $310,704.41
162 $310,704.41 $1,188.01 $0.00 $1,756.77 $313,649.19
163 $313,649.19 $1,188.01 $0.00 $1,773.42 $316,610.62
164 $316,610.62 $1,188.01 $0.00 $1,790.16 $319,588.79
165 $319,588.79 $1,188.01 $0.00 $1,807.00 $322,583.80
166 $322,583.80 $1,188.01 $0.00 $1,823.94 $325,595.75
167 $325,595.75 $1,188.01 $0.00 $1,840.97 $328,624.73
168 $328,624.73 $1,188.01 $0.00 $1,858.09 $331,670.83
169 $331,670.83 $1,188.01 $0.00 $1,875.32 $334,734.16
170 $334,734.16 $1,188.01 $0.00 $1,892.64 $337,814.81
171 $337,814.81 $1,188.01 $0.00 $1,910.05 $340,912.87
172 $340,912.87 $1,188.01 $0.00 $1,927.57 $344,028.45
173 $344,028.45 $1,188.01 $0.00 $1,945.19 $347,161.65
174 $347,161.65 $1,188.01 $0.00 $1,962.90 $350,312.56
175 $350,312.56 $1,188.01 $0.00 $1,980.72 $353,481.29
176 $353,481.29 $1,188.01 $0.00 $1,998.63 $356,667.93
177 $356,667.93 $1,188.01 $0.00 $2,016.65 $359,872.59
178 $359,872.59 $1,188.01 $0.00 $2,034.77 $363,095.37
179 $363,095.37 $1,188.01 $0.00 $2,052.99 $366,336.37
180 $366,336.37 $1,188.01 $0.00 $2,071.32 $369,595.70
181 $369,595.70 $1,188.01 $0.00 $2,089.75 $372,873.46
182 $372,873.46 $1,188.01 $0.00 $2,108.28 $376,169.75
183 $376,169.75 $1,188.01 $0.00 $2,126.92 $379,484.68
184 $379,484.68 $1,188.01 $0.00 $2,145.66 $382,818.35
185 $382,818.35 $1,188.01 $0.00 $2,164.51 $386,170.87
186 $386,170.87 $1,188.01 $0.00 $2,183.47 $389,542.35
187 $389,542.35 $1,188.01 $0.00 $2,202.53 $392,932.89
188 $392,932.89 $1,188.01 $0.00 $2,221.70 $396,342.60
189 $396,342.60 $1,188.01 $0.00 $2,240.98 $399,771.59
190 $399,771.59 $1,188.01 $0.00 $2,260.37 $403,219.97
191 $403,219.97 $1,188.01 $0.00 $2,279.86 $406,687.84
192 $406,687.84 $1,188.01 $0.00 $2,299.47 $410,175.32
193 $410,175.32 $1,188.01 $0.00 $2,319.19 $413,682.52
194 $413,682.52 $1,188.01 $0.00 $2,339.02 $417,209.55
195 $417,209.55 $1,188.01 $0.00 $2,358.96 $420,756.52
196 $420,756.52 $1,188.01 $0.00 $2,379.02 $424,323.55
197 $424,323.55 $1,188.01 $0.00 $2,399.19 $427,910.75
198 $427,910.75 $1,188.01 $0.00 $2,419.47 $431,518.23
199 $431,518.23 $1,188.01 $0.00 $2,439.87 $435,146.11
200 $435,146.11 $1,188.01 $0.00 $2,460.38 $438,794.50
201 $438,794.50 $1,188.01 $0.00 $2,481.01 $442,463.52
202 $442,463.52 $1,188.01 $0.00 $2,501.75 $446,153.28
203 $446,153.28 $1,188.01 $0.00 $2,522.62 $449,863.91
204 $449,863.91 $1,188.01 $0.00 $2,543.60 $453,595.52
205 $453,595.52 $1,188.01 $0.00 $2,564.70 $457,348.23
206 $457,348.23 $1,188.01 $0.00 $2,585.91 $461,122.15
207 $461,122.15 $1,188.01 $0.00 $2,607.25 $464,917.41
208 $464,917.41 $1,188.01 $0.00 $2,628.71 $468,734.13
209 $468,734.13 $1,188.01 $0.00 $2,650.29 $472,572.43
210 $472,572.43 $1,188.01 $0.00 $2,671.99 $476,432.43
211 $476,432.43 $1,188.01 $0.00 $2,693.82 $480,314.26
212 $480,314.26 $1,188.01 $0.00 $2,715.77 $484,218.04
213 $484,218.04 $1,188.01 $0.00 $2,737.84 $488,143.89
214 $488,143.89 $1,188.01 $0.00 $2,760.04 $492,091.94
215 $492,091.94 $1,188.01 $0.00 $2,782.36 $496,062.31
216 $496,062.31 $1,188.01 $0.00 $2,804.81 $500,055.13
217 $500,055.13 $1,188.01 $139,280.68 $2,827.38 $364,789.84
218 $364,789.84 $1,188.01 $0.00 $2,062.57 $368,040.42
219 $368,040.42 $1,188.01 $0.00 $2,080.95 $371,309.38
220 $371,309.38 $1,188.01 $0.00 $2,099.44 $374,596.83
221 $374,596.83 $1,188.01 $0.00 $2,118.02 $377,902.86
222 $377,902.86 $1,188.01 $0.00 $2,136.72 $381,227.59
223 $381,227.59 $1,188.01 $0.00 $2,155.52 $384,571.12
224 $384,571.12 $1,188.01 $0.00 $2,174.42 $387,933.55
225 $387,933.55 $1,188.01 $0.00 $2,193.43 $391,314.99
226 $391,314.99 $1,188.01 $0.00 $2,212.55 $394,715.55
227 $394,715.55 $1,188.01 $0.00 $2,231.78 $398,135.34
228 $398,135.34 $1,188.01 $0.00 $2,251.12 $401,574.47
229 $401,574.47 $1,188.01 $146,244.72 $2,270.56 $258,788.32
230 $258,788.32 $1,188.01 $0.00 $1,463.23 $261,439.56
231 $261,439.56 $1,188.01 $0.00 $1,478.22 $264,105.79
232 $264,105.79 $1,188.01 $0.00 $1,493.29 $266,787.09
233 $266,787.09 $1,188.01 $0.00 $1,508.45 $269,483.55
234 $269,483.55 $1,188.01 $0.00 $1,523.70 $272,195.26
235 $272,195.26 $1,188.01 $0.00 $1,539.03 $274,922.30
236 $274,922.30 $1,188.01 $0.00 $1,554.45 $277,664.76
237 $277,664.76 $1,188.01 $0.00 $1,569.96 $280,422.73
238 $280,422.73 $1,188.01 $0.00 $1,585.55 $283,196.29
239 $283,196.29 $1,188.01 $0.00 $1,601.23 $285,985.53
240 $285,985.53 $1,188.01 $0.00 $1,617.00 $288,790.54
241 $288,790.54 $1,188.01 $153,556.95 $1,632.86 $138,054.46
242 $138,054.46 $1,188.01 $0.00 $780.58 $140,023.05
243 $140,023.05 $1,188.01 $0.00 $791.71 $142,002.77
244 $142,002.77 $1,188.01 $0.00 $802.90 $143,993.68
245 $143,993.68 $1,188.01 $0.00 $814.16 $145,995.85
246 $145,995.85 $1,188.01 $0.00 $825.48 $148,009.34
247 $148,009.34 $1,188.01 $0.00 $836.87 $150,034.22
248 $150,034.22 $1,188.01 $0.00 $848.32 $152,070.55
249 $152,070.55 $1,188.01 $0.00 $859.83 $154,118.39
250 $154,118.39 $1,188.01 $0.00 $871.41 $156,177.81
251 $156,177.81 $1,188.01 $0.00 $883.05 $158,248.87
252 $158,248.87 $1,188.01 $0.00 $894.76 $160,331.64
253 $160,331.64 $0.00 $161,234.80 $906.54 $3.38