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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$57,918
Monthly savings required$257

How much will it cost to send your child to Fortis Institute Forty Fort in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $115,835.28 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $257.41 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$23,479.00
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 $257.41 $0.00 $0.00 $257.41
2 $257.41 $257.41 $0.00 $1.46 $516.28
3 $516.28 $257.41 $0.00 $2.92 $776.61
4 $776.61 $257.41 $0.00 $4.39 $1,038.41
5 $1,038.41 $257.41 $0.00 $5.87 $1,301.69
6 $1,301.69 $257.41 $0.00 $7.36 $1,566.46
7 $1,566.46 $257.41 $0.00 $8.86 $1,832.73
8 $1,832.73 $257.41 $0.00 $10.36 $2,100.50
9 $2,100.50 $257.41 $0.00 $11.88 $2,369.79
10 $2,369.79 $257.41 $0.00 $13.40 $2,640.60
11 $2,640.60 $257.41 $0.00 $14.93 $2,912.94
12 $2,912.94 $257.41 $0.00 $16.47 $3,186.82
13 $3,186.82 $257.41 $0.00 $18.02 $3,462.25
14 $3,462.25 $257.41 $0.00 $19.58 $3,739.24
15 $3,739.24 $257.41 $0.00 $21.14 $4,017.79
16 $4,017.79 $257.41 $0.00 $22.72 $4,297.92
17 $4,297.92 $257.41 $0.00 $24.30 $4,579.63
18 $4,579.63 $257.41 $0.00 $25.89 $4,862.93
19 $4,862.93 $257.41 $0.00 $27.50 $5,147.84
20 $5,147.84 $257.41 $0.00 $29.11 $5,434.36
21 $5,434.36 $257.41 $0.00 $30.73 $5,722.50
22 $5,722.50 $257.41 $0.00 $32.36 $6,012.27
23 $6,012.27 $257.41 $0.00 $33.99 $6,303.67
24 $6,303.67 $257.41 $0.00 $35.64 $6,596.72
25 $6,596.72 $257.41 $0.00 $37.30 $6,891.43
26 $6,891.43 $257.41 $0.00 $38.97 $7,187.81
27 $7,187.81 $257.41 $0.00 $40.64 $7,485.86
28 $7,485.86 $257.41 $0.00 $42.33 $7,785.60
29 $7,785.60 $257.41 $0.00 $44.02 $8,087.03
30 $8,087.03 $257.41 $0.00 $45.73 $8,390.17
31 $8,390.17 $257.41 $0.00 $47.44 $8,695.02
32 $8,695.02 $257.41 $0.00 $49.16 $9,001.59
33 $9,001.59 $257.41 $0.00 $50.90 $9,309.90
34 $9,309.90 $257.41 $0.00 $52.64 $9,619.95
35 $9,619.95 $257.41 $0.00 $54.39 $9,931.75
36 $9,931.75 $257.41 $0.00 $56.16 $10,245.32
37 $10,245.32 $257.41 $0.00 $57.93 $10,560.66
38 $10,560.66 $257.41 $0.00 $59.71 $10,877.78
39 $10,877.78 $257.41 $0.00 $61.50 $11,196.69
40 $11,196.69 $257.41 $0.00 $63.31 $11,517.41
41 $11,517.41 $257.41 $0.00 $65.12 $11,839.94
42 $11,839.94 $257.41 $0.00 $66.94 $12,164.29
43 $12,164.29 $257.41 $0.00 $68.78 $12,490.48
44 $12,490.48 $257.41 $0.00 $70.62 $12,818.51
45 $12,818.51 $257.41 $0.00 $72.48 $13,148.40
46 $13,148.40 $257.41 $0.00 $74.34 $13,480.15
47 $13,480.15 $257.41 $0.00 $76.22 $13,813.78
48 $13,813.78 $257.41 $0.00 $78.11 $14,149.30
49 $14,149.30 $257.41 $0.00 $80.00 $14,486.71
50 $14,486.71 $257.41 $0.00 $81.91 $14,826.03
51 $14,826.03 $257.41 $0.00 $83.83 $15,167.27
52 $15,167.27 $257.41 $0.00 $85.76 $15,510.44
53 $15,510.44 $257.41 $0.00 $87.70 $15,855.55
54 $15,855.55 $257.41 $0.00 $89.65 $16,202.61
55 $16,202.61 $257.41 $0.00 $91.61 $16,551.63
56 $16,551.63 $257.41 $0.00 $93.59 $16,902.63
57 $16,902.63 $257.41 $0.00 $95.57 $17,255.61
58 $17,255.61 $257.41 $0.00 $97.57 $17,610.59
59 $17,610.59 $257.41 $0.00 $99.57 $17,967.57
60 $17,967.57 $257.41 $0.00 $101.59 $18,326.57
61 $18,326.57 $257.41 $0.00 $103.62 $18,687.60
62 $18,687.60 $257.41 $0.00 $105.66 $19,050.67
63 $19,050.67 $257.41 $0.00 $107.72 $19,415.80
64 $19,415.80 $257.41 $0.00 $109.78 $19,782.99
65 $19,782.99 $257.41 $0.00 $111.86 $20,152.26
66 $20,152.26 $257.41 $0.00 $113.94 $20,523.61
67 $20,523.61 $257.41 $0.00 $116.04 $20,897.06
68 $20,897.06 $257.41 $0.00 $118.16 $21,272.63
69 $21,272.63 $257.41 $0.00 $120.28 $21,650.32
70 $21,650.32 $257.41 $0.00 $122.41 $22,030.14
71 $22,030.14 $257.41 $0.00 $124.56 $22,412.11
72 $22,412.11 $257.41 $0.00 $126.72 $22,796.24
73 $22,796.24 $257.41 $0.00 $128.89 $23,182.54
74 $23,182.54 $257.41 $0.00 $131.08 $23,571.03
75 $23,571.03 $257.41 $0.00 $133.27 $23,961.71
76 $23,961.71 $257.41 $0.00 $135.48 $24,354.60
77 $24,354.60 $257.41 $0.00 $137.70 $24,749.71
78 $24,749.71 $257.41 $0.00 $139.94 $25,147.06
79 $25,147.06 $257.41 $0.00 $142.19 $25,546.66
80 $25,546.66 $257.41 $0.00 $144.44 $25,948.51
81 $25,948.51 $257.41 $0.00 $146.72 $26,352.64
82 $26,352.64 $257.41 $0.00 $149.00 $26,759.05
83 $26,759.05 $257.41 $0.00 $151.30 $27,167.76
84 $27,167.76 $257.41 $0.00 $153.61 $27,578.78
85 $27,578.78 $257.41 $0.00 $155.93 $27,992.12
86 $27,992.12 $257.41 $0.00 $158.27 $28,407.80
87 $28,407.80 $257.41 $0.00 $160.62 $28,825.83
88 $28,825.83 $257.41 $0.00 $162.99 $29,246.23
89 $29,246.23 $257.41 $0.00 $165.36 $29,669.00
90 $29,669.00 $257.41 $0.00 $167.75 $30,094.16
91 $30,094.16 $257.41 $0.00 $170.16 $30,521.73
92 $30,521.73 $257.41 $0.00 $172.57 $30,951.71
93 $30,951.71 $257.41 $0.00 $175.01 $31,384.13
94 $31,384.13 $257.41 $0.00 $177.45 $31,818.99
95 $31,818.99 $257.41 $0.00 $179.91 $32,256.31
96 $32,256.31 $257.41 $0.00 $182.38 $32,696.10
97 $32,696.10 $257.41 $0.00 $184.87 $33,138.38
98 $33,138.38 $257.41 $0.00 $187.37 $33,583.16
99 $33,583.16 $257.41 $0.00 $189.88 $34,030.45
100 $34,030.45 $257.41 $0.00 $192.41 $34,480.27
101 $34,480.27 $257.41 $0.00 $194.96 $34,932.64
102 $34,932.64 $257.41 $0.00 $197.51 $35,387.56
103 $35,387.56 $257.41 $0.00 $200.09 $35,845.06
104 $35,845.06 $257.41 $0.00 $202.67 $36,305.14
105 $36,305.14 $257.41 $0.00 $205.27 $36,767.82
106 $36,767.82 $257.41 $0.00 $207.89 $37,233.12
107 $37,233.12 $257.41 $0.00 $210.52 $37,701.05
108 $37,701.05 $257.41 $0.00 $213.17 $38,171.63
109 $38,171.63 $257.41 $0.00 $215.83 $38,644.87
110 $38,644.87 $257.41 $0.00 $218.50 $39,120.78
111 $39,120.78 $257.41 $0.00 $221.19 $39,599.38
112 $39,599.38 $257.41 $0.00 $223.90 $40,080.69
113 $40,080.69 $257.41 $0.00 $226.62 $40,564.72
114 $40,564.72 $257.41 $0.00 $229.36 $41,051.49
115 $41,051.49 $257.41 $0.00 $232.11 $41,541.01
116 $41,541.01 $257.41 $0.00 $234.88 $42,033.30
117 $42,033.30 $257.41 $0.00 $237.66 $42,528.37
118 $42,528.37 $257.41 $0.00 $240.46 $43,026.24
119 $43,026.24 $257.41 $0.00 $243.28 $43,526.93
120 $43,526.93 $257.41 $0.00 $246.11 $44,030.45
121 $44,030.45 $257.41 $0.00 $248.95 $44,536.81
122 $44,536.81 $257.41 $0.00 $251.82 $45,046.04
123 $45,046.04 $257.41 $0.00 $254.70 $45,558.15
124 $45,558.15 $257.41 $0.00 $257.59 $46,073.15
125 $46,073.15 $257.41 $0.00 $260.50 $46,591.06
126 $46,591.06 $257.41 $0.00 $263.43 $47,111.90
127 $47,111.90 $257.41 $0.00 $266.38 $47,635.69
128 $47,635.69 $257.41 $0.00 $269.34 $48,162.44
129 $48,162.44 $257.41 $0.00 $272.32 $48,692.17
130 $48,692.17 $257.41 $0.00 $275.31 $49,224.89
131 $49,224.89 $257.41 $0.00 $278.32 $49,760.62
132 $49,760.62 $257.41 $0.00 $281.35 $50,299.38
133 $50,299.38 $257.41 $0.00 $284.40 $50,841.19
134 $50,841.19 $257.41 $0.00 $287.46 $51,386.06
135 $51,386.06 $257.41 $0.00 $290.54 $51,934.01
136 $51,934.01 $257.41 $0.00 $293.64 $52,485.06
137 $52,485.06 $257.41 $0.00 $296.76 $53,039.23
138 $53,039.23 $257.41 $0.00 $299.89 $53,596.53
139 $53,596.53 $257.41 $0.00 $303.04 $54,156.98
140 $54,156.98 $257.41 $0.00 $306.21 $54,720.60
141 $54,720.60 $257.41 $0.00 $309.40 $55,287.41
142 $55,287.41 $257.41 $0.00 $312.60 $55,857.42
143 $55,857.42 $257.41 $0.00 $315.83 $56,430.66
144 $56,430.66 $257.41 $0.00 $319.07 $57,007.14
145 $57,007.14 $257.41 $0.00 $322.33 $57,586.88
146 $57,586.88 $257.41 $0.00 $325.60 $58,169.89
147 $58,169.89 $257.41 $0.00 $328.90 $58,756.20
148 $58,756.20 $257.41 $0.00 $332.22 $59,345.83
149 $59,345.83 $257.41 $0.00 $335.55 $59,938.79
150 $59,938.79 $257.41 $0.00 $338.90 $60,535.10
151 $60,535.10 $257.41 $0.00 $342.27 $61,134.78
152 $61,134.78 $257.41 $0.00 $345.66 $61,737.85
153 $61,737.85 $257.41 $0.00 $349.07 $62,344.33
154 $62,344.33 $257.41 $0.00 $352.50 $62,954.24
155 $62,954.24 $257.41 $0.00 $355.95 $63,567.60
156 $63,567.60 $257.41 $0.00 $359.42 $64,184.43
157 $64,184.43 $257.41 $0.00 $362.91 $64,804.75
158 $64,804.75 $257.41 $0.00 $366.42 $65,428.58
159 $65,428.58 $257.41 $0.00 $369.94 $66,055.93
160 $66,055.93 $257.41 $0.00 $373.49 $66,686.83
161 $66,686.83 $257.41 $0.00 $377.06 $67,321.30
162 $67,321.30 $257.41 $0.00 $380.64 $67,959.35
163 $67,959.35 $257.41 $0.00 $384.25 $68,601.01
164 $68,601.01 $257.41 $0.00 $387.88 $69,246.30
165 $69,246.30 $257.41 $0.00 $391.53 $69,895.24
166 $69,895.24 $257.41 $0.00 $395.20 $70,547.85
167 $70,547.85 $257.41 $0.00 $398.89 $71,204.15
168 $71,204.15 $257.41 $0.00 $402.60 $71,864.16
169 $71,864.16 $257.41 $0.00 $406.33 $72,527.90
170 $72,527.90 $257.41 $0.00 $410.08 $73,195.39
171 $73,195.39 $257.41 $0.00 $413.86 $73,866.66
172 $73,866.66 $257.41 $0.00 $417.65 $74,541.72
173 $74,541.72 $257.41 $0.00 $421.47 $75,220.60
174 $75,220.60 $257.41 $0.00 $425.31 $75,903.32
175 $75,903.32 $257.41 $0.00 $429.17 $76,589.90
176 $76,589.90 $257.41 $0.00 $433.05 $77,280.36
177 $77,280.36 $257.41 $0.00 $436.95 $77,974.72
178 $77,974.72 $257.41 $0.00 $440.88 $78,673.01
179 $78,673.01 $257.41 $0.00 $444.83 $79,375.25
180 $79,375.25 $257.41 $0.00 $448.80 $80,081.46
181 $80,081.46 $257.41 $0.00 $452.79 $80,791.66
182 $80,791.66 $257.41 $0.00 $456.81 $81,505.88
183 $81,505.88 $257.41 $0.00 $460.85 $82,224.14
184 $82,224.14 $257.41 $0.00 $464.91 $82,946.46
185 $82,946.46 $257.41 $0.00 $468.99 $83,672.86
186 $83,672.86 $257.41 $0.00 $473.10 $84,403.37
187 $84,403.37 $257.41 $0.00 $477.23 $85,138.01
188 $85,138.01 $257.41 $0.00 $481.38 $85,876.80
189 $85,876.80 $257.41 $0.00 $485.56 $86,619.77
190 $86,619.77 $257.41 $0.00 $489.76 $87,366.94
191 $87,366.94 $257.41 $0.00 $493.99 $88,118.34
192 $88,118.34 $257.41 $0.00 $498.23 $88,873.98
193 $88,873.98 $257.41 $0.00 $502.51 $89,633.90
194 $89,633.90 $257.41 $0.00 $506.80 $90,398.11
195 $90,398.11 $257.41 $0.00 $511.12 $91,166.64
196 $91,166.64 $257.41 $0.00 $515.47 $91,939.52
197 $91,939.52 $257.41 $0.00 $519.84 $92,716.77
198 $92,716.77 $257.41 $0.00 $524.23 $93,498.41
199 $93,498.41 $257.41 $0.00 $528.65 $94,284.47
200 $94,284.47 $257.41 $0.00 $533.10 $95,074.98
201 $95,074.98 $257.41 $0.00 $537.57 $95,869.96
202 $95,869.96 $257.41 $0.00 $542.06 $96,669.43
203 $96,669.43 $257.41 $0.00 $546.58 $97,473.42
204 $97,473.42 $257.41 $0.00 $551.13 $98,281.96
205 $98,281.96 $257.41 $0.00 $555.70 $99,095.07
206 $99,095.07 $257.41 $0.00 $560.30 $99,912.78
207 $99,912.78 $257.41 $0.00 $564.92 $100,735.11
208 $100,735.11 $257.41 $0.00 $569.57 $101,562.09
209 $101,562.09 $257.41 $0.00 $574.25 $102,393.75
210 $102,393.75 $257.41 $0.00 $578.95 $103,230.11
211 $103,230.11 $257.41 $0.00 $583.68 $104,071.20
212 $104,071.20 $257.41 $0.00 $588.43 $104,917.04
213 $104,917.04 $257.41 $0.00 $593.22 $105,767.67
214 $105,767.67 $257.41 $0.00 $598.03 $106,623.11
215 $106,623.11 $257.41 $0.00 $602.86 $107,483.38
216 $107,483.38 $257.41 $0.00 $607.73 $108,348.52
217 $108,348.52 $257.41 $56,505.01 $612.62 $52,713.54
218 $52,713.54 $257.41 $0.00 $298.05 $53,269.00
219 $53,269.00 $257.41 $0.00 $301.19 $53,827.60
220 $53,827.60 $257.41 $0.00 $304.35 $54,389.36
221 $54,389.36 $257.41 $0.00 $307.53 $54,954.30
222 $54,954.30 $257.41 $0.00 $310.72 $55,522.43
223 $55,522.43 $257.41 $0.00 $313.93 $56,093.77
224 $56,093.77 $257.41 $0.00 $317.16 $56,668.34
225 $56,668.34 $257.41 $0.00 $320.41 $57,246.16
226 $57,246.16 $257.41 $0.00 $323.68 $57,827.25
227 $57,827.25 $257.41 $0.00 $326.96 $58,411.62
228 $58,411.62 $257.41 $0.00 $330.27 $58,999.30
229 $58,999.30 $0.00 $59,330.26 $333.59 $2.63