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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$34,806
Monthly savings required$155

How much will it cost to send your child to Mountain Empire Community College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $69,612.66 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $154.69 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$14,110.00
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 $154.69 $0.00 $0.00 $154.69
2 $154.69 $154.69 $0.00 $0.87 $310.25
3 $310.25 $154.69 $0.00 $1.75 $466.69
4 $466.69 $154.69 $0.00 $2.64 $624.02
5 $624.02 $154.69 $0.00 $3.53 $782.24
6 $782.24 $154.69 $0.00 $4.42 $941.35
7 $941.35 $154.69 $0.00 $5.32 $1,101.36
8 $1,101.36 $154.69 $0.00 $6.23 $1,262.28
9 $1,262.28 $154.69 $0.00 $7.14 $1,424.11
10 $1,424.11 $154.69 $0.00 $8.05 $1,586.85
11 $1,586.85 $154.69 $0.00 $8.97 $1,750.51
12 $1,750.51 $154.69 $0.00 $9.90 $1,915.10
13 $1,915.10 $154.69 $0.00 $10.83 $2,080.62
14 $2,080.62 $154.69 $0.00 $11.76 $2,247.07
15 $2,247.07 $154.69 $0.00 $12.71 $2,414.47
16 $2,414.47 $154.69 $0.00 $13.65 $2,582.81
17 $2,582.81 $154.69 $0.00 $14.60 $2,752.10
18 $2,752.10 $154.69 $0.00 $15.56 $2,922.35
19 $2,922.35 $154.69 $0.00 $16.52 $3,093.56
20 $3,093.56 $154.69 $0.00 $17.49 $3,265.74
21 $3,265.74 $154.69 $0.00 $18.46 $3,438.89
22 $3,438.89 $154.69 $0.00 $19.44 $3,613.02
23 $3,613.02 $154.69 $0.00 $20.43 $3,788.14
24 $3,788.14 $154.69 $0.00 $21.42 $3,964.25
25 $3,964.25 $154.69 $0.00 $22.41 $4,141.35
26 $4,141.35 $154.69 $0.00 $23.42 $4,319.46
27 $4,319.46 $154.69 $0.00 $24.42 $4,498.57
28 $4,498.57 $154.69 $0.00 $25.44 $4,678.70
29 $4,678.70 $154.69 $0.00 $26.45 $4,859.84
30 $4,859.84 $154.69 $0.00 $27.48 $5,042.01
31 $5,042.01 $154.69 $0.00 $28.51 $5,225.21
32 $5,225.21 $154.69 $0.00 $29.54 $5,409.44
33 $5,409.44 $154.69 $0.00 $30.59 $5,594.72
34 $5,594.72 $154.69 $0.00 $31.63 $5,781.04
35 $5,781.04 $154.69 $0.00 $32.69 $5,968.42
36 $5,968.42 $154.69 $0.00 $33.75 $6,156.86
37 $6,156.86 $154.69 $0.00 $34.81 $6,346.36
38 $6,346.36 $154.69 $0.00 $35.88 $6,536.93
39 $6,536.93 $154.69 $0.00 $36.96 $6,728.58
40 $6,728.58 $154.69 $0.00 $38.04 $6,921.31
41 $6,921.31 $154.69 $0.00 $39.13 $7,115.13
42 $7,115.13 $154.69 $0.00 $40.23 $7,310.05
43 $7,310.05 $154.69 $0.00 $41.33 $7,506.07
44 $7,506.07 $154.69 $0.00 $42.44 $7,703.20
45 $7,703.20 $154.69 $0.00 $43.56 $7,901.45
46 $7,901.45 $154.69 $0.00 $44.68 $8,100.82
47 $8,100.82 $154.69 $0.00 $45.80 $8,301.31
48 $8,301.31 $154.69 $0.00 $46.94 $8,502.94
49 $8,502.94 $154.69 $0.00 $48.08 $8,705.71
50 $8,705.71 $154.69 $0.00 $49.22 $8,909.62
51 $8,909.62 $154.69 $0.00 $50.38 $9,114.69
52 $9,114.69 $154.69 $0.00 $51.54 $9,320.92
53 $9,320.92 $154.69 $0.00 $52.70 $9,528.31
54 $9,528.31 $154.69 $0.00 $53.87 $9,736.87
55 $9,736.87 $154.69 $0.00 $55.05 $9,946.61
56 $9,946.61 $154.69 $0.00 $56.24 $10,157.54
57 $10,157.54 $154.69 $0.00 $57.43 $10,369.66
58 $10,369.66 $154.69 $0.00 $58.63 $10,582.98
59 $10,582.98 $154.69 $0.00 $59.84 $10,797.51
60 $10,797.51 $154.69 $0.00 $61.05 $11,013.25
61 $11,013.25 $154.69 $0.00 $62.27 $11,230.21
62 $11,230.21 $154.69 $0.00 $63.50 $11,448.40
63 $11,448.40 $154.69 $0.00 $64.73 $11,667.82
64 $11,667.82 $154.69 $0.00 $65.97 $11,888.48
65 $11,888.48 $154.69 $0.00 $67.22 $12,110.39
66 $12,110.39 $154.69 $0.00 $68.47 $12,333.55
67 $12,333.55 $154.69 $0.00 $69.74 $12,557.98
68 $12,557.98 $154.69 $0.00 $71.00 $12,783.67
69 $12,783.67 $154.69 $0.00 $72.28 $13,010.64
70 $13,010.64 $154.69 $0.00 $73.56 $13,238.89
71 $13,238.89 $154.69 $0.00 $74.85 $13,468.43
72 $13,468.43 $154.69 $0.00 $76.15 $13,699.27
73 $13,699.27 $154.69 $0.00 $77.46 $13,931.42
74 $13,931.42 $154.69 $0.00 $78.77 $14,164.88
75 $14,164.88 $154.69 $0.00 $80.09 $14,399.66
76 $14,399.66 $154.69 $0.00 $81.42 $14,635.77
77 $14,635.77 $154.69 $0.00 $82.75 $14,873.21
78 $14,873.21 $154.69 $0.00 $84.10 $15,112.00
79 $15,112.00 $154.69 $0.00 $85.45 $15,352.14
80 $15,352.14 $154.69 $0.00 $86.80 $15,593.63
81 $15,593.63 $154.69 $0.00 $88.17 $15,836.49
82 $15,836.49 $154.69 $0.00 $89.54 $16,080.72
83 $16,080.72 $154.69 $0.00 $90.92 $16,326.33
84 $16,326.33 $154.69 $0.00 $92.31 $16,573.33
85 $16,573.33 $154.69 $0.00 $93.71 $16,821.73
86 $16,821.73 $154.69 $0.00 $95.11 $17,071.53
87 $17,071.53 $154.69 $0.00 $96.52 $17,322.74
88 $17,322.74 $154.69 $0.00 $97.95 $17,575.38
89 $17,575.38 $154.69 $0.00 $99.37 $17,829.44
90 $17,829.44 $154.69 $0.00 $100.81 $18,084.94
91 $18,084.94 $154.69 $0.00 $102.25 $18,341.88
92 $18,341.88 $154.69 $0.00 $103.71 $18,600.28
93 $18,600.28 $154.69 $0.00 $105.17 $18,860.14
94 $18,860.14 $154.69 $0.00 $106.64 $19,121.47
95 $19,121.47 $154.69 $0.00 $108.12 $19,384.28
96 $19,384.28 $154.69 $0.00 $109.60 $19,648.57
97 $19,648.57 $154.69 $0.00 $111.10 $19,914.36
98 $19,914.36 $154.69 $0.00 $112.60 $20,181.65
99 $20,181.65 $154.69 $0.00 $114.11 $20,450.45
100 $20,450.45 $154.69 $0.00 $115.63 $20,720.77
101 $20,720.77 $154.69 $0.00 $117.16 $20,992.62
102 $20,992.62 $154.69 $0.00 $118.70 $21,266.01
103 $21,266.01 $154.69 $0.00 $120.24 $21,540.94
104 $21,540.94 $154.69 $0.00 $121.80 $21,817.43
105 $21,817.43 $154.69 $0.00 $123.36 $22,095.48
106 $22,095.48 $154.69 $0.00 $124.93 $22,375.10
107 $22,375.10 $154.69 $0.00 $126.51 $22,656.30
108 $22,656.30 $154.69 $0.00 $128.10 $22,939.09
109 $22,939.09 $154.69 $0.00 $129.70 $23,223.48
110 $23,223.48 $154.69 $0.00 $131.31 $23,509.48
111 $23,509.48 $154.69 $0.00 $132.93 $23,797.10
112 $23,797.10 $154.69 $0.00 $134.55 $24,086.34
113 $24,086.34 $154.69 $0.00 $136.19 $24,377.22
114 $24,377.22 $154.69 $0.00 $137.83 $24,669.74
115 $24,669.74 $154.69 $0.00 $139.49 $24,963.92
116 $24,963.92 $154.69 $0.00 $141.15 $25,259.76
117 $25,259.76 $154.69 $0.00 $142.82 $25,557.27
118 $25,557.27 $154.69 $0.00 $144.50 $25,856.46
119 $25,856.46 $154.69 $0.00 $146.20 $26,157.35
120 $26,157.35 $154.69 $0.00 $147.90 $26,459.94
121 $26,459.94 $154.69 $0.00 $149.61 $26,764.24
122 $26,764.24 $154.69 $0.00 $151.33 $27,070.26
123 $27,070.26 $154.69 $0.00 $153.06 $27,378.01
124 $27,378.01 $154.69 $0.00 $154.80 $27,687.50
125 $27,687.50 $154.69 $0.00 $156.55 $27,998.74
126 $27,998.74 $154.69 $0.00 $158.31 $28,311.74
127 $28,311.74 $154.69 $0.00 $160.08 $28,626.51
128 $28,626.51 $154.69 $0.00 $161.86 $28,943.06
129 $28,943.06 $154.69 $0.00 $163.65 $29,261.40
130 $29,261.40 $154.69 $0.00 $165.45 $29,581.54
131 $29,581.54 $154.69 $0.00 $167.26 $29,903.49
132 $29,903.49 $154.69 $0.00 $169.08 $30,227.26
133 $30,227.26 $154.69 $0.00 $170.91 $30,552.86
134 $30,552.86 $154.69 $0.00 $172.75 $30,880.30
135 $30,880.30 $154.69 $0.00 $174.60 $31,209.59
136 $31,209.59 $154.69 $0.00 $176.46 $31,540.74
137 $31,540.74 $154.69 $0.00 $178.34 $31,873.77
138 $31,873.77 $154.69 $0.00 $180.22 $32,208.68
139 $32,208.68 $154.69 $0.00 $182.11 $32,545.48
140 $32,545.48 $154.69 $0.00 $184.02 $32,884.19
141 $32,884.19 $154.69 $0.00 $185.93 $33,224.81
142 $33,224.81 $154.69 $0.00 $187.86 $33,567.36
143 $33,567.36 $154.69 $0.00 $189.79 $33,911.84
144 $33,911.84 $154.69 $0.00 $191.74 $34,258.27
145 $34,258.27 $154.69 $0.00 $193.70 $34,606.66
146 $34,606.66 $154.69 $0.00 $195.67 $34,957.02
147 $34,957.02 $154.69 $0.00 $197.65 $35,309.36
148 $35,309.36 $154.69 $0.00 $199.64 $35,663.69
149 $35,663.69 $154.69 $0.00 $201.65 $36,020.03
150 $36,020.03 $154.69 $0.00 $203.66 $36,378.38
151 $36,378.38 $154.69 $0.00 $205.69 $36,738.76
152 $36,738.76 $154.69 $0.00 $207.73 $37,101.18
153 $37,101.18 $154.69 $0.00 $209.78 $37,465.65
154 $37,465.65 $154.69 $0.00 $211.84 $37,832.18
155 $37,832.18 $154.69 $0.00 $213.91 $38,200.78
156 $38,200.78 $154.69 $0.00 $215.99 $38,571.46
157 $38,571.46 $154.69 $0.00 $218.09 $38,944.24
158 $38,944.24 $154.69 $0.00 $220.20 $39,319.13
159 $39,319.13 $154.69 $0.00 $222.32 $39,696.14
160 $39,696.14 $154.69 $0.00 $224.45 $40,075.28
161 $40,075.28 $154.69 $0.00 $226.59 $40,456.56
162 $40,456.56 $154.69 $0.00 $228.75 $40,840.00
163 $40,840.00 $154.69 $0.00 $230.92 $41,225.61
164 $41,225.61 $154.69 $0.00 $233.10 $41,613.40
165 $41,613.40 $154.69 $0.00 $235.29 $42,003.38
166 $42,003.38 $154.69 $0.00 $237.49 $42,395.56
167 $42,395.56 $154.69 $0.00 $239.71 $42,789.96
168 $42,789.96 $154.69 $0.00 $241.94 $43,186.59
169 $43,186.59 $154.69 $0.00 $244.18 $43,585.46
170 $43,585.46 $154.69 $0.00 $246.44 $43,986.59
171 $43,986.59 $154.69 $0.00 $248.71 $44,389.99
172 $44,389.99 $154.69 $0.00 $250.99 $44,795.67
173 $44,795.67 $154.69 $0.00 $253.28 $45,203.64
174 $45,203.64 $154.69 $0.00 $255.59 $45,613.92
175 $45,613.92 $154.69 $0.00 $257.91 $46,026.52
176 $46,026.52 $154.69 $0.00 $260.24 $46,441.45
177 $46,441.45 $154.69 $0.00 $262.59 $46,858.73
178 $46,858.73 $154.69 $0.00 $264.95 $47,278.37
179 $47,278.37 $154.69 $0.00 $267.32 $47,700.38
180 $47,700.38 $154.69 $0.00 $269.70 $48,124.77
181 $48,124.77 $154.69 $0.00 $272.10 $48,551.56
182 $48,551.56 $154.69 $0.00 $274.52 $48,980.77
183 $48,980.77 $154.69 $0.00 $276.94 $49,412.40
184 $49,412.40 $154.69 $0.00 $279.38 $49,846.47
185 $49,846.47 $154.69 $0.00 $281.84 $50,283.00
186 $50,283.00 $154.69 $0.00 $284.31 $50,722.00
187 $50,722.00 $154.69 $0.00 $286.79 $51,163.48
188 $51,163.48 $154.69 $0.00 $289.29 $51,607.46
189 $51,607.46 $154.69 $0.00 $291.80 $52,053.95
190 $52,053.95 $154.69 $0.00 $294.32 $52,502.96
191 $52,502.96 $154.69 $0.00 $296.86 $52,954.51
192 $52,954.51 $154.69 $0.00 $299.41 $53,408.61
193 $53,408.61 $154.69 $0.00 $301.98 $53,865.28
194 $53,865.28 $154.69 $0.00 $304.56 $54,324.53
195 $54,324.53 $154.69 $0.00 $307.16 $54,786.38
196 $54,786.38 $154.69 $0.00 $309.77 $55,250.84
197 $55,250.84 $154.69 $0.00 $312.40 $55,717.93
198 $55,717.93 $154.69 $0.00 $315.04 $56,187.66
199 $56,187.66 $154.69 $0.00 $317.69 $56,660.04
200 $56,660.04 $154.69 $0.00 $320.36 $57,135.09
201 $57,135.09 $154.69 $0.00 $323.05 $57,612.83
202 $57,612.83 $154.69 $0.00 $325.75 $58,093.27
203 $58,093.27 $154.69 $0.00 $328.47 $58,576.43
204 $58,576.43 $154.69 $0.00 $331.20 $59,062.32
205 $59,062.32 $154.69 $0.00 $333.95 $59,550.96
206 $59,550.96 $154.69 $0.00 $336.71 $60,042.36
207 $60,042.36 $154.69 $0.00 $339.49 $60,536.54
208 $60,536.54 $154.69 $0.00 $342.28 $61,033.51
209 $61,033.51 $154.69 $0.00 $345.09 $61,533.29
210 $61,533.29 $154.69 $0.00 $347.92 $62,035.90
211 $62,035.90 $154.69 $0.00 $350.76 $62,541.35
212 $62,541.35 $154.69 $0.00 $353.62 $63,049.66
213 $63,049.66 $154.69 $0.00 $356.49 $63,560.84
214 $63,560.84 $154.69 $0.00 $359.38 $64,074.91
215 $64,074.91 $154.69 $0.00 $362.29 $64,591.89
216 $64,591.89 $154.69 $0.00 $365.21 $65,111.79
217 $65,111.79 $154.69 $33,957.40 $368.15 $31,677.23
218 $31,677.23 $154.69 $0.00 $179.11 $32,011.03
219 $32,011.03 $154.69 $0.00 $181.00 $32,346.72
220 $32,346.72 $154.69 $0.00 $182.89 $32,684.30
221 $32,684.30 $154.69 $0.00 $184.80 $33,023.79
222 $33,023.79 $154.69 $0.00 $186.72 $33,365.20
223 $33,365.20 $154.69 $0.00 $188.65 $33,708.54
224 $33,708.54 $154.69 $0.00 $190.59 $34,053.82
225 $34,053.82 $154.69 $0.00 $192.55 $34,401.06
226 $34,401.06 $154.69 $0.00 $194.51 $34,750.26
227 $34,750.26 $154.69 $0.00 $196.48 $35,101.43
228 $35,101.43 $154.69 $0.00 $198.47 $35,454.59
229 $35,454.59 $0.00 $35,655.27 $200.47 ($0.21)