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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$44,146
Monthly savings required$196

How much will it cost to send your child to Patrick Henry Community College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $88,291.16 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $196.20 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$17,896.00
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 $196.20 $0.00 $0.00 $196.20
2 $196.20 $196.20 $0.00 $1.11 $393.51
3 $393.51 $196.20 $0.00 $2.22 $591.93
4 $591.93 $196.20 $0.00 $3.35 $791.48
5 $791.48 $196.20 $0.00 $4.48 $992.16
6 $992.16 $196.20 $0.00 $5.61 $1,193.97
7 $1,193.97 $196.20 $0.00 $6.75 $1,396.92
8 $1,396.92 $196.20 $0.00 $7.90 $1,601.02
9 $1,601.02 $196.20 $0.00 $9.05 $1,806.27
10 $1,806.27 $196.20 $0.00 $10.21 $2,012.68
11 $2,012.68 $196.20 $0.00 $11.38 $2,220.26
12 $2,220.26 $196.20 $0.00 $12.55 $2,429.01
13 $2,429.01 $196.20 $0.00 $13.73 $2,638.94
14 $2,638.94 $196.20 $0.00 $14.92 $2,850.06
15 $2,850.06 $196.20 $0.00 $16.11 $3,062.37
16 $3,062.37 $196.20 $0.00 $17.32 $3,275.89
17 $3,275.89 $196.20 $0.00 $18.52 $3,490.61
18 $3,490.61 $196.20 $0.00 $19.74 $3,706.55
19 $3,706.55 $196.20 $0.00 $20.96 $3,923.71
20 $3,923.71 $196.20 $0.00 $22.19 $4,142.10
21 $4,142.10 $196.20 $0.00 $23.42 $4,361.72
22 $4,361.72 $196.20 $0.00 $24.66 $4,582.58
23 $4,582.58 $196.20 $0.00 $25.91 $4,804.69
24 $4,804.69 $196.20 $0.00 $27.17 $5,028.06
25 $5,028.06 $196.20 $0.00 $28.43 $5,252.69
26 $5,252.69 $196.20 $0.00 $29.70 $5,478.59
27 $5,478.59 $196.20 $0.00 $30.98 $5,705.77
28 $5,705.77 $196.20 $0.00 $32.26 $5,934.23
29 $5,934.23 $196.20 $0.00 $33.55 $6,163.98
30 $6,163.98 $196.20 $0.00 $34.85 $6,395.03
31 $6,395.03 $196.20 $0.00 $36.16 $6,627.39
32 $6,627.39 $196.20 $0.00 $37.47 $6,861.06
33 $6,861.06 $196.20 $0.00 $38.79 $7,096.05
34 $7,096.05 $196.20 $0.00 $40.12 $7,332.37
35 $7,332.37 $196.20 $0.00 $41.46 $7,570.03
36 $7,570.03 $196.20 $0.00 $42.80 $7,809.03
37 $7,809.03 $196.20 $0.00 $44.15 $8,049.38
38 $8,049.38 $196.20 $0.00 $45.51 $8,291.09
39 $8,291.09 $196.20 $0.00 $46.88 $8,534.17
40 $8,534.17 $196.20 $0.00 $48.25 $8,778.62
41 $8,778.62 $196.20 $0.00 $49.64 $9,024.46
42 $9,024.46 $196.20 $0.00 $51.03 $9,271.69
43 $9,271.69 $196.20 $0.00 $52.42 $9,520.31
44 $9,520.31 $196.20 $0.00 $53.83 $9,770.34
45 $9,770.34 $196.20 $0.00 $55.24 $10,021.78
46 $10,021.78 $196.20 $0.00 $56.66 $10,274.64
47 $10,274.64 $196.20 $0.00 $58.09 $10,528.93
48 $10,528.93 $196.20 $0.00 $59.53 $10,784.66
49 $10,784.66 $196.20 $0.00 $60.98 $11,041.84
50 $11,041.84 $196.20 $0.00 $62.43 $11,300.47
51 $11,300.47 $196.20 $0.00 $63.89 $11,560.56
52 $11,560.56 $196.20 $0.00 $65.37 $11,822.13
53 $11,822.13 $196.20 $0.00 $66.84 $12,085.17
54 $12,085.17 $196.20 $0.00 $68.33 $12,349.70
55 $12,349.70 $196.20 $0.00 $69.83 $12,615.73
56 $12,615.73 $196.20 $0.00 $71.33 $12,883.26
57 $12,883.26 $196.20 $0.00 $72.84 $13,152.30
58 $13,152.30 $196.20 $0.00 $74.37 $13,422.87
59 $13,422.87 $196.20 $0.00 $75.89 $13,694.96
60 $13,694.96 $196.20 $0.00 $77.43 $13,968.59
61 $13,968.59 $196.20 $0.00 $78.98 $14,243.77
62 $14,243.77 $196.20 $0.00 $80.54 $14,520.51
63 $14,520.51 $196.20 $0.00 $82.10 $14,798.81
64 $14,798.81 $196.20 $0.00 $83.67 $15,078.68
65 $15,078.68 $196.20 $0.00 $85.26 $15,360.14
66 $15,360.14 $196.20 $0.00 $86.85 $15,643.19
67 $15,643.19 $196.20 $0.00 $88.45 $15,927.84
68 $15,927.84 $196.20 $0.00 $90.06 $16,214.10
69 $16,214.10 $196.20 $0.00 $91.68 $16,501.98
70 $16,501.98 $196.20 $0.00 $93.30 $16,791.48
71 $16,791.48 $196.20 $0.00 $94.94 $17,082.62
72 $17,082.62 $196.20 $0.00 $96.59 $17,375.41
73 $17,375.41 $196.20 $0.00 $98.24 $17,669.85
74 $17,669.85 $196.20 $0.00 $99.91 $17,965.96
75 $17,965.96 $196.20 $0.00 $101.58 $18,263.74
76 $18,263.74 $196.20 $0.00 $103.27 $18,563.21
77 $18,563.21 $196.20 $0.00 $104.96 $18,864.37
78 $18,864.37 $196.20 $0.00 $106.66 $19,167.23
79 $19,167.23 $196.20 $0.00 $108.37 $19,471.80
80 $19,471.80 $196.20 $0.00 $110.10 $19,778.10
81 $19,778.10 $196.20 $0.00 $111.83 $20,086.13
82 $20,086.13 $196.20 $0.00 $113.57 $20,395.90
83 $20,395.90 $196.20 $0.00 $115.32 $20,707.42
84 $20,707.42 $196.20 $0.00 $117.08 $21,020.70
85 $21,020.70 $196.20 $0.00 $118.85 $21,335.75
86 $21,335.75 $196.20 $0.00 $120.64 $21,652.59
87 $21,652.59 $196.20 $0.00 $122.43 $21,971.22
88 $21,971.22 $196.20 $0.00 $124.23 $22,291.65
89 $22,291.65 $196.20 $0.00 $126.04 $22,613.89
90 $22,613.89 $196.20 $0.00 $127.86 $22,937.95
91 $22,937.95 $196.20 $0.00 $129.69 $23,263.84
92 $23,263.84 $196.20 $0.00 $131.54 $23,591.58
93 $23,591.58 $196.20 $0.00 $133.39 $23,921.17
94 $23,921.17 $196.20 $0.00 $135.25 $24,252.62
95 $24,252.62 $196.20 $0.00 $137.13 $24,585.95
96 $24,585.95 $196.20 $0.00 $139.01 $24,921.16
97 $24,921.16 $196.20 $0.00 $140.91 $25,258.27
98 $25,258.27 $196.20 $0.00 $142.81 $25,597.28
99 $25,597.28 $196.20 $0.00 $144.73 $25,938.21
100 $25,938.21 $196.20 $0.00 $146.66 $26,281.07
101 $26,281.07 $196.20 $0.00 $148.60 $26,625.87
102 $26,625.87 $196.20 $0.00 $150.55 $26,972.62
103 $26,972.62 $196.20 $0.00 $152.51 $27,321.33
104 $27,321.33 $196.20 $0.00 $154.48 $27,672.01
105 $27,672.01 $196.20 $0.00 $156.46 $28,024.67
106 $28,024.67 $196.20 $0.00 $158.46 $28,379.33
107 $28,379.33 $196.20 $0.00 $160.46 $28,735.99
108 $28,735.99 $196.20 $0.00 $162.48 $29,094.67
109 $29,094.67 $196.20 $0.00 $164.51 $29,455.38
110 $29,455.38 $196.20 $0.00 $166.55 $29,818.13
111 $29,818.13 $196.20 $0.00 $168.60 $30,182.93
112 $30,182.93 $196.20 $0.00 $170.66 $30,549.79
113 $30,549.79 $196.20 $0.00 $172.73 $30,918.72
114 $30,918.72 $196.20 $0.00 $174.82 $31,289.74
115 $31,289.74 $196.20 $0.00 $176.92 $31,662.86
116 $31,662.86 $196.20 $0.00 $179.03 $32,038.09
117 $32,038.09 $196.20 $0.00 $181.15 $32,415.44
118 $32,415.44 $196.20 $0.00 $183.28 $32,794.92
119 $32,794.92 $196.20 $0.00 $185.43 $33,176.55
120 $33,176.55 $196.20 $0.00 $187.59 $33,560.34
121 $33,560.34 $196.20 $0.00 $189.76 $33,946.30
122 $33,946.30 $196.20 $0.00 $191.94 $34,334.44
123 $34,334.44 $196.20 $0.00 $194.13 $34,724.77
124 $34,724.77 $196.20 $0.00 $196.34 $35,117.31
125 $35,117.31 $196.20 $0.00 $198.56 $35,512.07
126 $35,512.07 $196.20 $0.00 $200.79 $35,909.06
127 $35,909.06 $196.20 $0.00 $203.04 $36,308.30
128 $36,308.30 $196.20 $0.00 $205.29 $36,709.79
129 $36,709.79 $196.20 $0.00 $207.56 $37,113.55
130 $37,113.55 $196.20 $0.00 $209.85 $37,519.60
131 $37,519.60 $196.20 $0.00 $212.14 $37,927.94
132 $37,927.94 $196.20 $0.00 $214.45 $38,338.59
133 $38,338.59 $196.20 $0.00 $216.77 $38,751.56
134 $38,751.56 $196.20 $0.00 $219.11 $39,166.87
135 $39,166.87 $196.20 $0.00 $221.46 $39,584.53
136 $39,584.53 $196.20 $0.00 $223.82 $40,004.55
137 $40,004.55 $196.20 $0.00 $226.19 $40,426.94
138 $40,426.94 $196.20 $0.00 $228.58 $40,851.72
139 $40,851.72 $196.20 $0.00 $230.98 $41,278.90
140 $41,278.90 $196.20 $0.00 $233.40 $41,708.50
141 $41,708.50 $196.20 $0.00 $235.83 $42,140.53
142 $42,140.53 $196.20 $0.00 $238.27 $42,575.00
143 $42,575.00 $196.20 $0.00 $240.73 $43,011.93
144 $43,011.93 $196.20 $0.00 $243.20 $43,451.33
145 $43,451.33 $196.20 $0.00 $245.68 $43,893.21
146 $43,893.21 $196.20 $0.00 $248.18 $44,337.59
147 $44,337.59 $196.20 $0.00 $250.69 $44,784.48
148 $44,784.48 $196.20 $0.00 $253.22 $45,233.90
149 $45,233.90 $196.20 $0.00 $255.76 $45,685.86
150 $45,685.86 $196.20 $0.00 $258.31 $46,140.37
151 $46,140.37 $196.20 $0.00 $260.88 $46,597.45
152 $46,597.45 $196.20 $0.00 $263.47 $47,057.12
153 $47,057.12 $196.20 $0.00 $266.07 $47,519.39
154 $47,519.39 $196.20 $0.00 $268.68 $47,984.27
155 $47,984.27 $196.20 $0.00 $271.31 $48,451.78
156 $48,451.78 $196.20 $0.00 $273.95 $48,921.93
157 $48,921.93 $196.20 $0.00 $276.61 $49,394.74
158 $49,394.74 $196.20 $0.00 $279.29 $49,870.23
159 $49,870.23 $196.20 $0.00 $281.97 $50,348.40
160 $50,348.40 $196.20 $0.00 $284.68 $50,829.28
161 $50,829.28 $196.20 $0.00 $287.40 $51,312.88
162 $51,312.88 $196.20 $0.00 $290.13 $51,799.21
163 $51,799.21 $196.20 $0.00 $292.88 $52,288.29
164 $52,288.29 $196.20 $0.00 $295.65 $52,780.14
165 $52,780.14 $196.20 $0.00 $298.43 $53,274.77
166 $53,274.77 $196.20 $0.00 $301.22 $53,772.19
167 $53,772.19 $196.20 $0.00 $304.04 $54,272.43
168 $54,272.43 $196.20 $0.00 $306.86 $54,775.49
169 $54,775.49 $196.20 $0.00 $309.71 $55,281.40
170 $55,281.40 $196.20 $0.00 $312.57 $55,790.17
171 $55,790.17 $196.20 $0.00 $315.45 $56,301.82
172 $56,301.82 $196.20 $0.00 $318.34 $56,816.36
173 $56,816.36 $196.20 $0.00 $321.25 $57,333.81
174 $57,333.81 $196.20 $0.00 $324.17 $57,854.18
175 $57,854.18 $196.20 $0.00 $327.12 $58,377.50
176 $58,377.50 $196.20 $0.00 $330.07 $58,903.77
177 $58,903.77 $196.20 $0.00 $333.05 $59,433.02
178 $59,433.02 $196.20 $0.00 $336.04 $59,965.26
179 $59,965.26 $196.20 $0.00 $339.05 $60,500.51
180 $60,500.51 $196.20 $0.00 $342.08 $61,038.79
181 $61,038.79 $196.20 $0.00 $345.12 $61,580.11
182 $61,580.11 $196.20 $0.00 $348.18 $62,124.49
183 $62,124.49 $196.20 $0.00 $351.26 $62,671.95
184 $62,671.95 $196.20 $0.00 $354.36 $63,222.51
185 $63,222.51 $196.20 $0.00 $357.47 $63,776.18
186 $63,776.18 $196.20 $0.00 $360.60 $64,332.98
187 $64,332.98 $196.20 $0.00 $363.75 $64,892.93
188 $64,892.93 $196.20 $0.00 $366.91 $65,456.04
189 $65,456.04 $196.20 $0.00 $370.10 $66,022.34
190 $66,022.34 $196.20 $0.00 $373.30 $66,591.84
191 $66,591.84 $196.20 $0.00 $376.52 $67,164.56
192 $67,164.56 $196.20 $0.00 $379.76 $67,740.52
193 $67,740.52 $196.20 $0.00 $383.01 $68,319.73
194 $68,319.73 $196.20 $0.00 $386.29 $68,902.22
195 $68,902.22 $196.20 $0.00 $389.58 $69,488.00
196 $69,488.00 $196.20 $0.00 $392.90 $70,077.10
197 $70,077.10 $196.20 $0.00 $396.23 $70,669.53
198 $70,669.53 $196.20 $0.00 $399.58 $71,265.31
199 $71,265.31 $196.20 $0.00 $402.94 $71,864.45
200 $71,864.45 $196.20 $0.00 $406.33 $72,466.98
201 $72,466.98 $196.20 $0.00 $409.74 $73,072.92
202 $73,072.92 $196.20 $0.00 $413.16 $73,682.28
203 $73,682.28 $196.20 $0.00 $416.61 $74,295.09
204 $74,295.09 $196.20 $0.00 $420.08 $74,911.37
205 $74,911.37 $196.20 $0.00 $423.56 $75,531.13
206 $75,531.13 $196.20 $0.00 $427.06 $76,154.39
207 $76,154.39 $196.20 $0.00 $430.59 $76,781.18
208 $76,781.18 $196.20 $0.00 $434.13 $77,411.51
209 $77,411.51 $196.20 $0.00 $437.70 $78,045.41
210 $78,045.41 $196.20 $0.00 $441.28 $78,682.89
211 $78,682.89 $196.20 $0.00 $444.88 $79,323.97
212 $79,323.97 $196.20 $0.00 $448.51 $79,968.68
213 $79,968.68 $196.20 $0.00 $452.15 $80,617.03
214 $80,617.03 $196.20 $0.00 $455.82 $81,269.05
215 $81,269.05 $196.20 $0.00 $459.51 $81,924.76
216 $81,924.76 $196.20 $0.00 $463.21 $82,584.17
217 $82,584.17 $196.20 $43,068.86 $466.94 $40,178.45
218 $40,178.45 $196.20 $0.00 $227.17 $40,601.82
219 $40,601.82 $196.20 $0.00 $229.57 $41,027.59
220 $41,027.59 $196.20 $0.00 $231.98 $41,455.77
221 $41,455.77 $196.20 $0.00 $234.40 $41,886.37
222 $41,886.37 $196.20 $0.00 $236.83 $42,319.40
223 $42,319.40 $196.20 $0.00 $239.28 $42,754.88
224 $42,754.88 $196.20 $0.00 $241.74 $43,192.82
225 $43,192.82 $196.20 $0.00 $244.22 $43,633.24
226 $43,633.24 $196.20 $0.00 $246.71 $44,076.15
227 $44,076.15 $196.20 $0.00 $249.21 $44,521.56
228 $44,521.56 $196.20 $0.00 $251.73 $44,969.49
229 $44,969.49 $0.00 $45,222.30 $254.26 $1.45