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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$138,246
Monthly savings required$1,094

How much will it cost to send your child to Mercyhurst College in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $552,985.93 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $1,094.33 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$53,311.00
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 $1,094.33 $0.00 $0.00 $1,094.33
2 $1,094.33 $1,094.33 $0.00 $6.19 $2,194.85
3 $2,194.85 $1,094.33 $0.00 $12.41 $3,301.59
4 $3,301.59 $1,094.33 $0.00 $18.67 $4,414.59
5 $4,414.59 $1,094.33 $0.00 $24.96 $5,533.88
6 $5,533.88 $1,094.33 $0.00 $31.29 $6,659.50
7 $6,659.50 $1,094.33 $0.00 $37.65 $7,791.48
8 $7,791.48 $1,094.33 $0.00 $44.05 $8,929.86
9 $8,929.86 $1,094.33 $0.00 $50.49 $10,074.68
10 $10,074.68 $1,094.33 $0.00 $56.96 $11,225.97
11 $11,225.97 $1,094.33 $0.00 $63.47 $12,383.77
12 $12,383.77 $1,094.33 $0.00 $70.02 $13,548.12
13 $13,548.12 $1,094.33 $0.00 $76.60 $14,719.05
14 $14,719.05 $1,094.33 $0.00 $83.22 $15,896.60
15 $15,896.60 $1,094.33 $0.00 $89.88 $17,080.81
16 $17,080.81 $1,094.33 $0.00 $96.58 $18,271.72
17 $18,271.72 $1,094.33 $0.00 $103.31 $19,469.36
18 $19,469.36 $1,094.33 $0.00 $110.08 $20,673.77
19 $20,673.77 $1,094.33 $0.00 $116.89 $21,884.99
20 $21,884.99 $1,094.33 $0.00 $123.74 $23,103.06
21 $23,103.06 $1,094.33 $0.00 $130.63 $24,328.02
22 $24,328.02 $1,094.33 $0.00 $137.55 $25,559.90
23 $25,559.90 $1,094.33 $0.00 $144.52 $26,798.75
24 $26,798.75 $1,094.33 $0.00 $151.52 $28,044.60
25 $28,044.60 $1,094.33 $0.00 $158.57 $29,297.50
26 $29,297.50 $1,094.33 $0.00 $165.65 $30,557.48
27 $30,557.48 $1,094.33 $0.00 $172.78 $31,824.59
28 $31,824.59 $1,094.33 $0.00 $179.94 $33,098.86
29 $33,098.86 $1,094.33 $0.00 $187.15 $34,380.34
30 $34,380.34 $1,094.33 $0.00 $194.39 $35,669.06
31 $35,669.06 $1,094.33 $0.00 $201.68 $36,965.07
32 $36,965.07 $1,094.33 $0.00 $209.01 $38,268.41
33 $38,268.41 $1,094.33 $0.00 $216.38 $39,579.12
34 $39,579.12 $1,094.33 $0.00 $223.79 $40,897.24
35 $40,897.24 $1,094.33 $0.00 $231.24 $42,222.81
36 $42,222.81 $1,094.33 $0.00 $238.73 $43,555.87
37 $43,555.87 $1,094.33 $0.00 $246.27 $44,896.47
38 $44,896.47 $1,094.33 $0.00 $253.85 $46,244.65
39 $46,244.65 $1,094.33 $0.00 $261.47 $47,600.45
40 $47,600.45 $1,094.33 $0.00 $269.14 $48,963.92
41 $48,963.92 $1,094.33 $0.00 $276.85 $50,335.10
42 $50,335.10 $1,094.33 $0.00 $284.60 $51,714.03
43 $51,714.03 $1,094.33 $0.00 $292.40 $53,100.76
44 $53,100.76 $1,094.33 $0.00 $300.24 $54,495.33
45 $54,495.33 $1,094.33 $0.00 $308.12 $55,897.78
46 $55,897.78 $1,094.33 $0.00 $316.05 $57,308.16
47 $57,308.16 $1,094.33 $0.00 $324.03 $58,726.52
48 $58,726.52 $1,094.33 $0.00 $332.05 $60,152.90
49 $60,152.90 $1,094.33 $0.00 $340.11 $61,587.34
50 $61,587.34 $1,094.33 $0.00 $348.22 $63,029.89
51 $63,029.89 $1,094.33 $0.00 $356.38 $64,480.60
52 $64,480.60 $1,094.33 $0.00 $364.58 $65,939.51
53 $65,939.51 $1,094.33 $0.00 $372.83 $67,406.67
54 $67,406.67 $1,094.33 $0.00 $381.13 $68,882.13
55 $68,882.13 $1,094.33 $0.00 $389.47 $70,365.93
56 $70,365.93 $1,094.33 $0.00 $397.86 $71,858.12
57 $71,858.12 $1,094.33 $0.00 $406.30 $73,358.75
58 $73,358.75 $1,094.33 $0.00 $414.78 $74,867.86
59 $74,867.86 $1,094.33 $0.00 $423.31 $76,385.50
60 $76,385.50 $1,094.33 $0.00 $431.89 $77,911.72
61 $77,911.72 $1,094.33 $0.00 $440.52 $79,446.57
62 $79,446.57 $1,094.33 $0.00 $449.20 $80,990.10
63 $80,990.10 $1,094.33 $0.00 $457.93 $82,542.36
64 $82,542.36 $1,094.33 $0.00 $466.71 $84,103.40
65 $84,103.40 $1,094.33 $0.00 $475.53 $85,673.26
66 $85,673.26 $1,094.33 $0.00 $484.41 $87,252.00
67 $87,252.00 $1,094.33 $0.00 $493.34 $88,839.67
68 $88,839.67 $1,094.33 $0.00 $502.31 $90,436.31
69 $90,436.31 $1,094.33 $0.00 $511.34 $92,041.98
70 $92,041.98 $1,094.33 $0.00 $520.42 $93,656.73
71 $93,656.73 $1,094.33 $0.00 $529.55 $95,280.61
72 $95,280.61 $1,094.33 $0.00 $538.73 $96,913.67
73 $96,913.67 $1,094.33 $0.00 $547.96 $98,555.96
74 $98,555.96 $1,094.33 $0.00 $557.25 $100,207.54
75 $100,207.54 $1,094.33 $0.00 $566.59 $101,868.46
76 $101,868.46 $1,094.33 $0.00 $575.98 $103,538.77
77 $103,538.77 $1,094.33 $0.00 $585.42 $105,218.52
78 $105,218.52 $1,094.33 $0.00 $594.92 $106,907.77
79 $106,907.77 $1,094.33 $0.00 $604.47 $108,606.57
80 $108,606.57 $1,094.33 $0.00 $614.08 $110,314.98
81 $110,314.98 $1,094.33 $0.00 $623.74 $112,033.05
82 $112,033.05 $1,094.33 $0.00 $633.45 $113,760.83
83 $113,760.83 $1,094.33 $0.00 $643.22 $115,498.38
84 $115,498.38 $1,094.33 $0.00 $653.04 $117,245.75
85 $117,245.75 $1,094.33 $0.00 $662.92 $119,003.00
86 $119,003.00 $1,094.33 $0.00 $672.86 $120,770.19
87 $120,770.19 $1,094.33 $0.00 $682.85 $122,547.37
88 $122,547.37 $1,094.33 $0.00 $692.90 $124,334.60
89 $124,334.60 $1,094.33 $0.00 $703.01 $126,131.94
90 $126,131.94 $1,094.33 $0.00 $713.17 $127,939.44
91 $127,939.44 $1,094.33 $0.00 $723.39 $129,757.16
92 $129,757.16 $1,094.33 $0.00 $733.67 $131,585.16
93 $131,585.16 $1,094.33 $0.00 $744.00 $133,423.49
94 $133,423.49 $1,094.33 $0.00 $754.40 $135,272.22
95 $135,272.22 $1,094.33 $0.00 $764.85 $137,131.40
96 $137,131.40 $1,094.33 $0.00 $775.36 $139,001.09
97 $139,001.09 $1,094.33 $0.00 $785.93 $140,881.35
98 $140,881.35 $1,094.33 $0.00 $796.56 $142,772.24
99 $142,772.24 $1,094.33 $0.00 $807.26 $144,673.83
100 $144,673.83 $1,094.33 $0.00 $818.01 $146,586.17
101 $146,586.17 $1,094.33 $0.00 $828.82 $148,509.32
102 $148,509.32 $1,094.33 $0.00 $839.69 $150,443.34
103 $150,443.34 $1,094.33 $0.00 $850.63 $152,388.30
104 $152,388.30 $1,094.33 $0.00 $861.63 $154,344.26
105 $154,344.26 $1,094.33 $0.00 $872.68 $156,311.27
106 $156,311.27 $1,094.33 $0.00 $883.81 $158,289.41
107 $158,289.41 $1,094.33 $0.00 $894.99 $160,278.73
108 $160,278.73 $1,094.33 $0.00 $906.24 $162,279.30
109 $162,279.30 $1,094.33 $0.00 $917.55 $164,291.18
110 $164,291.18 $1,094.33 $0.00 $928.93 $166,314.44
111 $166,314.44 $1,094.33 $0.00 $940.37 $168,349.14
112 $168,349.14 $1,094.33 $0.00 $951.87 $170,395.34
113 $170,395.34 $1,094.33 $0.00 $963.44 $172,453.11
114 $172,453.11 $1,094.33 $0.00 $975.07 $174,522.51
115 $174,522.51 $1,094.33 $0.00 $986.78 $176,603.62
116 $176,603.62 $1,094.33 $0.00 $998.54 $178,696.49
117 $178,696.49 $1,094.33 $0.00 $1,010.38 $180,801.20
118 $180,801.20 $1,094.33 $0.00 $1,022.28 $182,917.81
119 $182,917.81 $1,094.33 $0.00 $1,034.24 $185,046.38
120 $185,046.38 $1,094.33 $0.00 $1,046.28 $187,186.99
121 $187,186.99 $1,094.33 $0.00 $1,058.38 $189,339.70
122 $189,339.70 $1,094.33 $0.00 $1,070.55 $191,504.58
123 $191,504.58 $1,094.33 $0.00 $1,082.79 $193,681.70
124 $193,681.70 $1,094.33 $0.00 $1,095.10 $195,871.13
125 $195,871.13 $1,094.33 $0.00 $1,107.48 $198,072.94
126 $198,072.94 $1,094.33 $0.00 $1,119.93 $200,287.20
127 $200,287.20 $1,094.33 $0.00 $1,132.45 $202,513.98
128 $202,513.98 $1,094.33 $0.00 $1,145.04 $204,753.35
129 $204,753.35 $1,094.33 $0.00 $1,157.71 $207,005.39
130 $207,005.39 $1,094.33 $0.00 $1,170.44 $209,270.16
131 $209,270.16 $1,094.33 $0.00 $1,183.24 $211,547.73
132 $211,547.73 $1,094.33 $0.00 $1,196.12 $213,838.18
133 $213,838.18 $1,094.33 $0.00 $1,209.07 $216,141.58
134 $216,141.58 $1,094.33 $0.00 $1,222.10 $218,458.01
135 $218,458.01 $1,094.33 $0.00 $1,235.19 $220,787.53
136 $220,787.53 $1,094.33 $0.00 $1,248.36 $223,130.22
137 $223,130.22 $1,094.33 $0.00 $1,261.61 $225,486.16
138 $225,486.16 $1,094.33 $0.00 $1,274.93 $227,855.42
139 $227,855.42 $1,094.33 $0.00 $1,288.33 $230,238.08
140 $230,238.08 $1,094.33 $0.00 $1,301.80 $232,634.21
141 $232,634.21 $1,094.33 $0.00 $1,315.35 $235,043.89
142 $235,043.89 $1,094.33 $0.00 $1,328.97 $237,467.19
143 $237,467.19 $1,094.33 $0.00 $1,342.67 $239,904.19
144 $239,904.19 $1,094.33 $0.00 $1,356.45 $242,354.97
145 $242,354.97 $1,094.33 $0.00 $1,370.31 $244,819.61
146 $244,819.61 $1,094.33 $0.00 $1,384.25 $247,298.19
147 $247,298.19 $1,094.33 $0.00 $1,398.26 $249,790.78
148 $249,790.78 $1,094.33 $0.00 $1,412.35 $252,297.46
149 $252,297.46 $1,094.33 $0.00 $1,426.53 $254,818.32
150 $254,818.32 $1,094.33 $0.00 $1,440.78 $257,353.43
151 $257,353.43 $1,094.33 $0.00 $1,455.11 $259,902.87
152 $259,902.87 $1,094.33 $0.00 $1,469.53 $262,466.73
153 $262,466.73 $1,094.33 $0.00 $1,484.03 $265,045.09
154 $265,045.09 $1,094.33 $0.00 $1,498.60 $267,638.02
155 $267,638.02 $1,094.33 $0.00 $1,513.26 $270,245.61
156 $270,245.61 $1,094.33 $0.00 $1,528.01 $272,867.95
157 $272,867.95 $1,094.33 $0.00 $1,542.84 $275,505.12
158 $275,505.12 $1,094.33 $0.00 $1,557.75 $278,157.20
159 $278,157.20 $1,094.33 $0.00 $1,572.74 $280,824.27
160 $280,824.27 $1,094.33 $0.00 $1,587.82 $283,506.42
161 $283,506.42 $1,094.33 $0.00 $1,602.99 $286,203.74
162 $286,203.74 $1,094.33 $0.00 $1,618.24 $288,916.31
163 $288,916.31 $1,094.33 $0.00 $1,633.57 $291,644.21
164 $291,644.21 $1,094.33 $0.00 $1,649.00 $294,387.54
165 $294,387.54 $1,094.33 $0.00 $1,664.51 $297,146.38
166 $297,146.38 $1,094.33 $0.00 $1,680.11 $299,920.82
167 $299,920.82 $1,094.33 $0.00 $1,695.80 $302,710.95
168 $302,710.95 $1,094.33 $0.00 $1,711.57 $305,516.85
169 $305,516.85 $1,094.33 $0.00 $1,727.44 $308,338.62
170 $308,338.62 $1,094.33 $0.00 $1,743.39 $311,176.34
171 $311,176.34 $1,094.33 $0.00 $1,759.44 $314,030.11
172 $314,030.11 $1,094.33 $0.00 $1,775.57 $316,900.01
173 $316,900.01 $1,094.33 $0.00 $1,791.80 $319,786.14
174 $319,786.14 $1,094.33 $0.00 $1,808.12 $322,688.59
175 $322,688.59 $1,094.33 $0.00 $1,824.53 $325,607.45
176 $325,607.45 $1,094.33 $0.00 $1,841.03 $328,542.81
177 $328,542.81 $1,094.33 $0.00 $1,857.63 $331,494.77
178 $331,494.77 $1,094.33 $0.00 $1,874.32 $334,463.42
179 $334,463.42 $1,094.33 $0.00 $1,891.10 $337,448.85
180 $337,448.85 $1,094.33 $0.00 $1,907.98 $340,451.16
181 $340,451.16 $1,094.33 $0.00 $1,924.96 $343,470.45
182 $343,470.45 $1,094.33 $0.00 $1,942.03 $346,506.81
183 $346,506.81 $1,094.33 $0.00 $1,959.20 $349,560.34
184 $349,560.34 $1,094.33 $0.00 $1,976.46 $352,631.13
185 $352,631.13 $1,094.33 $0.00 $1,993.83 $355,719.29
186 $355,719.29 $1,094.33 $0.00 $2,011.29 $358,824.91
187 $358,824.91 $1,094.33 $0.00 $2,028.85 $361,948.09
188 $361,948.09 $1,094.33 $0.00 $2,046.51 $365,088.93
189 $365,088.93 $1,094.33 $0.00 $2,064.27 $368,247.53
190 $368,247.53 $1,094.33 $0.00 $2,082.13 $371,423.99
191 $371,423.99 $1,094.33 $0.00 $2,100.09 $374,618.41
192 $374,618.41 $1,094.33 $0.00 $2,118.15 $377,830.89
193 $377,830.89 $1,094.33 $0.00 $2,136.31 $381,061.53
194 $381,061.53 $1,094.33 $0.00 $2,154.58 $384,310.44
195 $384,310.44 $1,094.33 $0.00 $2,172.95 $387,577.72
196 $387,577.72 $1,094.33 $0.00 $2,191.42 $390,863.47
197 $390,863.47 $1,094.33 $0.00 $2,210.00 $394,167.80
198 $394,167.80 $1,094.33 $0.00 $2,228.68 $397,490.81
199 $397,490.81 $1,094.33 $0.00 $2,247.47 $400,832.61
200 $400,832.61 $1,094.33 $0.00 $2,266.37 $404,193.31
201 $404,193.31 $1,094.33 $0.00 $2,285.37 $407,573.01
202 $407,573.01 $1,094.33 $0.00 $2,304.48 $410,971.82
203 $410,971.82 $1,094.33 $0.00 $2,323.69 $414,389.84
204 $414,389.84 $1,094.33 $0.00 $2,343.02 $417,827.19
205 $417,827.19 $1,094.33 $0.00 $2,362.46 $421,283.98
206 $421,283.98 $1,094.33 $0.00 $2,382.00 $424,760.31
207 $424,760.31 $1,094.33 $0.00 $2,401.66 $428,256.30
208 $428,256.30 $1,094.33 $0.00 $2,421.42 $431,772.05
209 $431,772.05 $1,094.33 $0.00 $2,441.30 $435,307.68
210 $435,307.68 $1,094.33 $0.00 $2,461.29 $438,863.30
211 $438,863.30 $1,094.33 $0.00 $2,481.40 $442,439.03
212 $442,439.03 $1,094.33 $0.00 $2,501.61 $446,034.97
213 $446,034.97 $1,094.33 $0.00 $2,521.95 $449,651.25
214 $449,651.25 $1,094.33 $0.00 $2,542.39 $453,287.97
215 $453,287.97 $1,094.33 $0.00 $2,562.96 $456,945.26
216 $456,945.26 $1,094.33 $0.00 $2,583.63 $460,623.22
217 $460,623.22 $1,094.33 $128,299.28 $2,604.43 $336,022.70
218 $336,022.70 $1,094.33 $0.00 $1,899.92 $339,016.95
219 $339,016.95 $1,094.33 $0.00 $1,916.85 $342,028.13
220 $342,028.13 $1,094.33 $0.00 $1,933.88 $345,056.34
221 $345,056.34 $1,094.33 $0.00 $1,951.00 $348,101.67
222 $348,101.67 $1,094.33 $0.00 $1,968.22 $351,164.22
223 $351,164.22 $1,094.33 $0.00 $1,985.53 $354,244.08
224 $354,244.08 $1,094.33 $0.00 $2,002.95 $357,341.36
225 $357,341.36 $1,094.33 $0.00 $2,020.46 $360,456.15
226 $360,456.15 $1,094.33 $0.00 $2,038.07 $363,588.55
227 $363,588.55 $1,094.33 $0.00 $2,055.78 $366,738.66
228 $366,738.66 $1,094.33 $0.00 $2,073.59 $369,906.58
229 $369,906.58 $1,094.33 $134,714.24 $2,091.51 $238,378.18
230 $238,378.18 $1,094.33 $0.00 $1,347.82 $240,820.33
231 $240,820.33 $1,094.33 $0.00 $1,361.63 $243,276.29
232 $243,276.29 $1,094.33 $0.00 $1,375.52 $245,746.14
233 $245,746.14 $1,094.33 $0.00 $1,389.48 $248,229.95
234 $248,229.95 $1,094.33 $0.00 $1,403.53 $250,727.81
235 $250,727.81 $1,094.33 $0.00 $1,417.65 $253,239.79
236 $253,239.79 $1,094.33 $0.00 $1,431.85 $255,765.97
237 $255,765.97 $1,094.33 $0.00 $1,446.14 $258,306.44
238 $258,306.44 $1,094.33 $0.00 $1,460.50 $260,861.27
239 $260,861.27 $1,094.33 $0.00 $1,474.95 $263,430.55
240 $263,430.55 $1,094.33 $0.00 $1,489.47 $266,014.35
241 $266,014.35 $1,094.33 $141,449.95 $1,504.08 $127,162.81
242 $127,162.81 $1,094.33 $0.00 $719.00 $128,976.14
243 $128,976.14 $1,094.33 $0.00 $729.25 $130,799.72
244 $130,799.72 $1,094.33 $0.00 $739.56 $132,633.61
245 $132,633.61 $1,094.33 $0.00 $749.93 $134,477.87
246 $134,477.87 $1,094.33 $0.00 $760.36 $136,332.56
247 $136,332.56 $1,094.33 $0.00 $770.84 $138,197.73
248 $138,197.73 $1,094.33 $0.00 $781.39 $140,073.45
249 $140,073.45 $1,094.33 $0.00 $792.00 $141,959.78
250 $141,959.78 $1,094.33 $0.00 $802.66 $143,856.77
251 $143,856.77 $1,094.33 $0.00 $813.39 $145,764.49
252 $145,764.49 $1,094.33 $0.00 $824.17 $147,682.99
253 $147,682.99 $0.00 $148,522.45 $835.02 ($4.44)