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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$70,872
Monthly savings required$561

How much will it cost to send your child to Longwood University in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $283,489.44 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $561.01 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$27,330.00
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 $561.01 $0.00 $0.00 $561.01
2 $561.01 $561.01 $0.00 $3.17 $1,125.19
3 $1,125.19 $561.01 $0.00 $6.36 $1,692.56
4 $1,692.56 $561.01 $0.00 $9.57 $2,263.14
5 $2,263.14 $561.01 $0.00 $12.80 $2,836.95
6 $2,836.95 $561.01 $0.00 $16.04 $3,414.00
7 $3,414.00 $561.01 $0.00 $19.30 $3,994.31
8 $3,994.31 $561.01 $0.00 $22.58 $4,577.90
9 $4,577.90 $561.01 $0.00 $25.88 $5,164.79
10 $5,164.79 $561.01 $0.00 $29.20 $5,755.00
11 $5,755.00 $561.01 $0.00 $32.54 $6,348.55
12 $6,348.55 $561.01 $0.00 $35.90 $6,945.46
13 $6,945.46 $561.01 $0.00 $39.27 $7,545.74
14 $7,545.74 $561.01 $0.00 $42.66 $8,149.41
15 $8,149.41 $561.01 $0.00 $46.08 $8,756.50
16 $8,756.50 $561.01 $0.00 $49.51 $9,367.02
17 $9,367.02 $561.01 $0.00 $52.96 $9,980.99
18 $9,980.99 $561.01 $0.00 $56.43 $10,598.43
19 $10,598.43 $561.01 $0.00 $59.93 $11,219.37
20 $11,219.37 $561.01 $0.00 $63.44 $11,843.82
21 $11,843.82 $561.01 $0.00 $66.97 $12,471.80
22 $12,471.80 $561.01 $0.00 $70.52 $13,103.33
23 $13,103.33 $561.01 $0.00 $74.09 $13,738.43
24 $13,738.43 $561.01 $0.00 $77.68 $14,377.12
25 $14,377.12 $561.01 $0.00 $81.29 $15,019.42
26 $15,019.42 $561.01 $0.00 $84.92 $15,665.35
27 $15,665.35 $561.01 $0.00 $88.57 $16,314.93
28 $16,314.93 $561.01 $0.00 $92.25 $16,968.19
29 $16,968.19 $561.01 $0.00 $95.94 $17,625.14
30 $17,625.14 $561.01 $0.00 $99.66 $18,285.81
31 $18,285.81 $561.01 $0.00 $103.39 $18,950.21
32 $18,950.21 $561.01 $0.00 $107.15 $19,618.37
33 $19,618.37 $561.01 $0.00 $110.93 $20,290.31
34 $20,290.31 $561.01 $0.00 $114.72 $20,966.04
35 $20,966.04 $561.01 $0.00 $118.55 $21,645.60
36 $21,645.60 $561.01 $0.00 $122.39 $22,329.00
37 $22,329.00 $561.01 $0.00 $126.25 $23,016.26
38 $23,016.26 $561.01 $0.00 $130.14 $23,707.41
39 $23,707.41 $561.01 $0.00 $134.05 $24,402.47
40 $24,402.47 $561.01 $0.00 $137.98 $25,101.46
41 $25,101.46 $561.01 $0.00 $141.93 $25,804.40
42 $25,804.40 $561.01 $0.00 $145.90 $26,511.31
43 $26,511.31 $561.01 $0.00 $149.90 $27,222.22
44 $27,222.22 $561.01 $0.00 $153.92 $27,937.15
45 $27,937.15 $561.01 $0.00 $157.96 $28,656.12
46 $28,656.12 $561.01 $0.00 $162.03 $29,379.16
47 $29,379.16 $561.01 $0.00 $166.11 $30,106.28
48 $30,106.28 $561.01 $0.00 $170.23 $30,837.52
49 $30,837.52 $561.01 $0.00 $174.36 $31,572.89
50 $31,572.89 $561.01 $0.00 $178.52 $32,312.42
51 $32,312.42 $561.01 $0.00 $182.70 $33,056.13
52 $33,056.13 $561.01 $0.00 $186.90 $33,804.04
53 $33,804.04 $561.01 $0.00 $191.13 $34,556.18
54 $34,556.18 $561.01 $0.00 $195.39 $35,312.58
55 $35,312.58 $561.01 $0.00 $199.66 $36,073.25
56 $36,073.25 $561.01 $0.00 $203.96 $36,838.22
57 $36,838.22 $561.01 $0.00 $208.29 $37,607.52
58 $37,607.52 $561.01 $0.00 $212.64 $38,381.17
59 $38,381.17 $561.01 $0.00 $217.01 $39,159.19
60 $39,159.19 $561.01 $0.00 $221.41 $39,941.61
61 $39,941.61 $561.01 $0.00 $225.84 $40,728.46
62 $40,728.46 $561.01 $0.00 $230.28 $41,519.75
63 $41,519.75 $561.01 $0.00 $234.76 $42,315.52
64 $42,315.52 $561.01 $0.00 $239.26 $43,115.79
65 $43,115.79 $561.01 $0.00 $243.78 $43,920.58
66 $43,920.58 $561.01 $0.00 $248.33 $44,729.92
67 $44,729.92 $561.01 $0.00 $252.91 $45,543.84
68 $45,543.84 $561.01 $0.00 $257.51 $46,362.36
69 $46,362.36 $561.01 $0.00 $262.14 $47,185.51
70 $47,185.51 $561.01 $0.00 $266.79 $48,013.31
71 $48,013.31 $561.01 $0.00 $271.47 $48,845.79
72 $48,845.79 $561.01 $0.00 $276.18 $49,682.98
73 $49,682.98 $561.01 $0.00 $280.91 $50,524.90
74 $50,524.90 $561.01 $0.00 $285.68 $51,371.59
75 $51,371.59 $561.01 $0.00 $290.46 $52,223.06
76 $52,223.06 $561.01 $0.00 $295.28 $53,079.35
77 $53,079.35 $561.01 $0.00 $300.12 $53,940.48
78 $53,940.48 $561.01 $0.00 $304.99 $54,806.48
79 $54,806.48 $561.01 $0.00 $309.88 $55,677.37
80 $55,677.37 $561.01 $0.00 $314.81 $56,553.19
81 $56,553.19 $561.01 $0.00 $319.76 $57,433.96
82 $57,433.96 $561.01 $0.00 $324.74 $58,319.71
83 $58,319.71 $561.01 $0.00 $329.75 $59,210.47
84 $59,210.47 $561.01 $0.00 $334.78 $60,106.26
85 $60,106.26 $561.01 $0.00 $339.85 $61,007.12
86 $61,007.12 $561.01 $0.00 $344.94 $61,913.07
87 $61,913.07 $561.01 $0.00 $350.07 $62,824.15
88 $62,824.15 $561.01 $0.00 $355.22 $63,740.38
89 $63,740.38 $561.01 $0.00 $360.40 $64,661.79
90 $64,661.79 $561.01 $0.00 $365.61 $65,588.41
91 $65,588.41 $561.01 $0.00 $370.85 $66,520.27
92 $66,520.27 $561.01 $0.00 $376.12 $67,457.40
93 $67,457.40 $561.01 $0.00 $381.41 $68,399.82
94 $68,399.82 $561.01 $0.00 $386.74 $69,347.57
95 $69,347.57 $561.01 $0.00 $392.10 $70,300.68
96 $70,300.68 $561.01 $0.00 $397.49 $71,259.18
97 $71,259.18 $561.01 $0.00 $402.91 $72,223.10
98 $72,223.10 $561.01 $0.00 $408.36 $73,192.47
99 $73,192.47 $561.01 $0.00 $413.84 $74,167.32
100 $74,167.32 $561.01 $0.00 $419.35 $75,147.68
101 $75,147.68 $561.01 $0.00 $424.90 $76,133.59
102 $76,133.59 $561.01 $0.00 $430.47 $77,125.07
103 $77,125.07 $561.01 $0.00 $436.08 $78,122.16
104 $78,122.16 $561.01 $0.00 $441.71 $79,124.88
105 $79,124.88 $561.01 $0.00 $447.38 $80,133.27
106 $80,133.27 $561.01 $0.00 $453.09 $81,147.37
107 $81,147.37 $561.01 $0.00 $458.82 $82,167.20
108 $82,167.20 $561.01 $0.00 $464.59 $83,192.80
109 $83,192.80 $561.01 $0.00 $470.38 $84,224.19
110 $84,224.19 $561.01 $0.00 $476.22 $85,261.42
111 $85,261.42 $561.01 $0.00 $482.08 $86,304.51
112 $86,304.51 $561.01 $0.00 $487.98 $87,353.50
113 $87,353.50 $561.01 $0.00 $493.91 $88,408.42
114 $88,408.42 $561.01 $0.00 $499.87 $89,469.30
115 $89,469.30 $561.01 $0.00 $505.87 $90,536.18
116 $90,536.18 $561.01 $0.00 $511.90 $91,609.09
117 $91,609.09 $561.01 $0.00 $517.97 $92,688.07
118 $92,688.07 $561.01 $0.00 $524.07 $93,773.15
119 $93,773.15 $561.01 $0.00 $530.21 $94,864.37
120 $94,864.37 $561.01 $0.00 $536.38 $95,961.76
121 $95,961.76 $561.01 $0.00 $542.58 $97,065.35
122 $97,065.35 $561.01 $0.00 $548.82 $98,175.18
123 $98,175.18 $561.01 $0.00 $555.10 $99,291.29
124 $99,291.29 $561.01 $0.00 $561.41 $100,413.71
125 $100,413.71 $561.01 $0.00 $567.75 $101,542.47
126 $101,542.47 $561.01 $0.00 $574.14 $102,677.62
127 $102,677.62 $561.01 $0.00 $580.55 $103,819.18
128 $103,819.18 $561.01 $0.00 $587.01 $104,967.20
129 $104,967.20 $561.01 $0.00 $593.50 $106,121.71
130 $106,121.71 $561.01 $0.00 $600.03 $107,282.75
131 $107,282.75 $561.01 $0.00 $606.59 $108,450.35
132 $108,450.35 $561.01 $0.00 $613.19 $109,624.55
133 $109,624.55 $561.01 $0.00 $619.83 $110,805.39
134 $110,805.39 $561.01 $0.00 $626.51 $111,992.91
135 $111,992.91 $561.01 $0.00 $633.22 $113,187.14
136 $113,187.14 $561.01 $0.00 $639.98 $114,388.13
137 $114,388.13 $561.01 $0.00 $646.77 $115,595.91
138 $115,595.91 $561.01 $0.00 $653.60 $116,810.52
139 $116,810.52 $561.01 $0.00 $660.46 $118,031.99
140 $118,031.99 $561.01 $0.00 $667.37 $119,260.37
141 $119,260.37 $561.01 $0.00 $674.32 $120,495.70
142 $120,495.70 $561.01 $0.00 $681.30 $121,738.01
143 $121,738.01 $561.01 $0.00 $688.32 $122,987.34
144 $122,987.34 $561.01 $0.00 $695.39 $124,243.74
145 $124,243.74 $561.01 $0.00 $702.49 $125,507.24
146 $125,507.24 $561.01 $0.00 $709.64 $126,777.89
147 $126,777.89 $561.01 $0.00 $716.82 $128,055.72
148 $128,055.72 $561.01 $0.00 $724.05 $129,340.78
149 $129,340.78 $561.01 $0.00 $731.31 $130,633.10
150 $130,633.10 $561.01 $0.00 $738.62 $131,932.73
151 $131,932.73 $561.01 $0.00 $745.97 $133,239.71
152 $133,239.71 $561.01 $0.00 $753.36 $134,554.08
153 $134,554.08 $561.01 $0.00 $760.79 $135,875.88
154 $135,875.88 $561.01 $0.00 $768.26 $137,205.15
155 $137,205.15 $561.01 $0.00 $775.78 $138,541.94
156 $138,541.94 $561.01 $0.00 $783.34 $139,886.29
157 $139,886.29 $561.01 $0.00 $790.94 $141,238.24
158 $141,238.24 $561.01 $0.00 $798.58 $142,597.83
159 $142,597.83 $561.01 $0.00 $806.27 $143,965.11
160 $143,965.11 $561.01 $0.00 $814.00 $145,340.12
161 $145,340.12 $561.01 $0.00 $821.77 $146,722.90
162 $146,722.90 $561.01 $0.00 $829.59 $148,113.50
163 $148,113.50 $561.01 $0.00 $837.46 $149,511.97
164 $149,511.97 $561.01 $0.00 $845.36 $150,918.34
165 $150,918.34 $561.01 $0.00 $853.31 $152,332.66
166 $152,332.66 $561.01 $0.00 $861.31 $153,754.98
167 $153,754.98 $561.01 $0.00 $869.35 $155,185.34
168 $155,185.34 $561.01 $0.00 $877.44 $156,623.79
169 $156,623.79 $561.01 $0.00 $885.57 $158,070.37
170 $158,070.37 $561.01 $0.00 $893.75 $159,525.13
171 $159,525.13 $561.01 $0.00 $901.98 $160,988.12
172 $160,988.12 $561.01 $0.00 $910.25 $162,459.38
173 $162,459.38 $561.01 $0.00 $918.57 $163,938.96
174 $163,938.96 $561.01 $0.00 $926.93 $165,426.90
175 $165,426.90 $561.01 $0.00 $935.35 $166,923.26
176 $166,923.26 $561.01 $0.00 $943.81 $168,428.08
177 $168,428.08 $561.01 $0.00 $952.32 $169,941.41
178 $169,941.41 $561.01 $0.00 $960.87 $171,463.29
179 $171,463.29 $561.01 $0.00 $969.48 $172,993.78
180 $172,993.78 $561.01 $0.00 $978.13 $174,532.92
181 $174,532.92 $561.01 $0.00 $986.83 $176,080.76
182 $176,080.76 $561.01 $0.00 $995.59 $177,637.36
183 $177,637.36 $561.01 $0.00 $1,004.39 $179,202.76
184 $179,202.76 $561.01 $0.00 $1,013.24 $180,777.01
185 $180,777.01 $561.01 $0.00 $1,022.14 $182,360.16
186 $182,360.16 $561.01 $0.00 $1,031.09 $183,952.26
187 $183,952.26 $561.01 $0.00 $1,040.09 $185,553.36
188 $185,553.36 $561.01 $0.00 $1,049.15 $187,163.52
189 $187,163.52 $561.01 $0.00 $1,058.25 $188,782.78
190 $188,782.78 $561.01 $0.00 $1,067.41 $190,411.20
191 $190,411.20 $561.01 $0.00 $1,076.61 $192,048.82
192 $192,048.82 $561.01 $0.00 $1,085.87 $193,695.70
193 $193,695.70 $561.01 $0.00 $1,095.18 $195,351.89
194 $195,351.89 $561.01 $0.00 $1,104.55 $197,017.45
195 $197,017.45 $561.01 $0.00 $1,113.97 $198,692.43
196 $198,692.43 $561.01 $0.00 $1,123.44 $200,376.88
197 $200,376.88 $561.01 $0.00 $1,132.96 $202,070.85
198 $202,070.85 $561.01 $0.00 $1,142.54 $203,774.40
199 $203,774.40 $561.01 $0.00 $1,152.17 $205,487.58
200 $205,487.58 $561.01 $0.00 $1,161.86 $207,210.45
201 $207,210.45 $561.01 $0.00 $1,171.60 $208,943.06
202 $208,943.06 $561.01 $0.00 $1,181.39 $210,685.46
203 $210,685.46 $561.01 $0.00 $1,191.25 $212,437.72
204 $212,437.72 $561.01 $0.00 $1,201.15 $214,199.88
205 $214,199.88 $561.01 $0.00 $1,211.12 $215,972.01
206 $215,972.01 $561.01 $0.00 $1,221.14 $217,754.16
207 $217,754.16 $561.01 $0.00 $1,231.21 $219,546.38
208 $219,546.38 $561.01 $0.00 $1,241.35 $221,348.74
209 $221,348.74 $561.01 $0.00 $1,251.54 $223,161.29
210 $223,161.29 $561.01 $0.00 $1,261.79 $224,984.09
211 $224,984.09 $561.01 $0.00 $1,272.09 $226,817.19
212 $226,817.19 $561.01 $0.00 $1,282.46 $228,660.66
213 $228,660.66 $561.01 $0.00 $1,292.88 $230,514.55
214 $230,514.55 $561.01 $0.00 $1,303.36 $232,378.92
215 $232,378.92 $561.01 $0.00 $1,313.90 $234,253.83
216 $234,253.83 $561.01 $0.00 $1,324.51 $236,139.35
217 $236,139.35 $561.01 $65,772.90 $1,335.17 $172,262.63
218 $172,262.63 $561.01 $0.00 $974.00 $173,797.64
219 $173,797.64 $561.01 $0.00 $982.68 $175,341.33
220 $175,341.33 $561.01 $0.00 $991.41 $176,893.75
221 $176,893.75 $561.01 $0.00 $1,000.18 $178,454.94
222 $178,454.94 $561.01 $0.00 $1,009.01 $180,024.96
223 $180,024.96 $561.01 $0.00 $1,017.89 $181,603.86
224 $181,603.86 $561.01 $0.00 $1,026.81 $183,191.68
225 $183,191.68 $561.01 $0.00 $1,035.79 $184,788.48
226 $184,788.48 $561.01 $0.00 $1,044.82 $186,394.31
227 $186,394.31 $561.01 $0.00 $1,053.90 $188,009.22
228 $188,009.22 $561.01 $0.00 $1,063.03 $189,633.26
229 $189,633.26 $561.01 $69,061.55 $1,072.21 $122,204.93
230 $122,204.93 $561.01 $0.00 $690.96 $123,456.90
231 $123,456.90 $561.01 $0.00 $698.04 $124,715.95
232 $124,715.95 $561.01 $0.00 $705.16 $125,982.12
233 $125,982.12 $561.01 $0.00 $712.32 $127,255.45
234 $127,255.45 $561.01 $0.00 $719.52 $128,535.98
235 $128,535.98 $561.01 $0.00 $726.76 $129,823.75
236 $129,823.75 $561.01 $0.00 $734.04 $131,118.80
237 $131,118.80 $561.01 $0.00 $741.36 $132,421.17
238 $132,421.17 $561.01 $0.00 $748.73 $133,730.91
239 $133,730.91 $561.01 $0.00 $756.13 $135,048.05
240 $135,048.05 $561.01 $0.00 $763.58 $136,372.64
241 $136,372.64 $561.01 $72,514.63 $771.07 $65,190.09
242 $65,190.09 $561.01 $0.00 $368.59 $66,119.69
243 $66,119.69 $561.01 $0.00 $373.85 $67,054.55
244 $67,054.55 $561.01 $0.00 $379.14 $67,994.70
245 $67,994.70 $561.01 $0.00 $384.45 $68,940.16
246 $68,940.16 $561.01 $0.00 $389.80 $69,890.97
247 $69,890.97 $561.01 $0.00 $395.17 $70,847.15
248 $70,847.15 $561.01 $0.00 $400.58 $71,808.74
249 $71,808.74 $561.01 $0.00 $406.02 $72,775.77
250 $72,775.77 $561.01 $0.00 $411.48 $73,748.26
251 $73,748.26 $561.01 $0.00 $416.98 $74,726.25
252 $74,726.25 $561.01 $0.00 $422.51 $75,709.77
253 $75,709.77 $0.00 $76,140.36 $428.07 ($2.52)