Savings Plan and Future Cost Estimation for Minneapolis College of Art and Design

How much will it cost and what do you need to save?

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2042$206,005
Monthly savings required$1,628

How much will it cost to send your child to Minneapolis College of Art and Design in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $824,018.26 for students enrolling in 2042 if tuition increases average 7% per year until then.   Assuming you have no current college savings, monthly deposits of $1,628.10 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$54,910.00
Years until enrollment18
Annual Tuition Increase7%
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 $1,628.10 $0.00 $0.00 $1,628.10
2 $1,628.10 $1,628.10 $0.00 $9.21 $3,265.41
3 $3,265.41 $1,628.10 $0.00 $18.46 $4,911.97
4 $4,911.97 $1,628.10 $0.00 $27.77 $6,567.84
5 $6,567.84 $1,628.10 $0.00 $37.14 $8,233.08
6 $8,233.08 $1,628.10 $0.00 $46.55 $9,907.73
7 $9,907.73 $1,628.10 $0.00 $56.02 $11,591.85
8 $11,591.85 $1,628.10 $0.00 $65.54 $13,285.49
9 $13,285.49 $1,628.10 $0.00 $75.12 $14,988.71
10 $14,988.71 $1,628.10 $0.00 $84.75 $16,701.56
11 $16,701.56 $1,628.10 $0.00 $94.43 $18,424.09
12 $18,424.09 $1,628.10 $0.00 $104.17 $20,156.36
13 $20,156.36 $1,628.10 $0.00 $113.97 $21,898.43
14 $21,898.43 $1,628.10 $0.00 $123.82 $23,650.35
15 $23,650.35 $1,628.10 $0.00 $133.72 $25,412.17
16 $25,412.17 $1,628.10 $0.00 $143.68 $27,183.95
17 $27,183.95 $1,628.10 $0.00 $153.70 $28,965.75
18 $28,965.75 $1,628.10 $0.00 $163.78 $30,757.63
19 $30,757.63 $1,628.10 $0.00 $173.91 $32,559.64
20 $32,559.64 $1,628.10 $0.00 $184.10 $34,371.84
21 $34,371.84 $1,628.10 $0.00 $194.34 $36,194.28
22 $36,194.28 $1,628.10 $0.00 $204.65 $38,027.03
23 $38,027.03 $1,628.10 $0.00 $215.01 $39,870.14
24 $39,870.14 $1,628.10 $0.00 $225.43 $41,723.67
25 $41,723.67 $1,628.10 $0.00 $235.91 $43,587.68
26 $43,587.68 $1,628.10 $0.00 $246.45 $45,462.23
27 $45,462.23 $1,628.10 $0.00 $257.05 $47,347.38
28 $47,347.38 $1,628.10 $0.00 $267.71 $49,243.19
29 $49,243.19 $1,628.10 $0.00 $278.43 $51,149.72
30 $51,149.72 $1,628.10 $0.00 $289.21 $53,067.03
31 $53,067.03 $1,628.10 $0.00 $300.05 $54,995.18
32 $54,995.18 $1,628.10 $0.00 $310.95 $56,934.23
33 $56,934.23 $1,628.10 $0.00 $321.91 $58,884.24
34 $58,884.24 $1,628.10 $0.00 $332.94 $60,845.28
35 $60,845.28 $1,628.10 $0.00 $344.03 $62,817.41
36 $62,817.41 $1,628.10 $0.00 $355.18 $64,800.69
37 $64,800.69 $1,628.10 $0.00 $366.39 $66,795.18
38 $66,795.18 $1,628.10 $0.00 $377.67 $68,800.95
39 $68,800.95 $1,628.10 $0.00 $389.01 $70,818.06
40 $70,818.06 $1,628.10 $0.00 $400.42 $72,846.58
41 $72,846.58 $1,628.10 $0.00 $411.89 $74,886.57
42 $74,886.57 $1,628.10 $0.00 $423.42 $76,938.09
43 $76,938.09 $1,628.10 $0.00 $435.02 $79,001.21
44 $79,001.21 $1,628.10 $0.00 $446.68 $81,075.99
45 $81,075.99 $1,628.10 $0.00 $458.42 $83,162.51
46 $83,162.51 $1,628.10 $0.00 $470.21 $85,260.82
47 $85,260.82 $1,628.10 $0.00 $482.08 $87,371.00
48 $87,371.00 $1,628.10 $0.00 $494.01 $89,493.11
49 $89,493.11 $1,628.10 $0.00 $506.01 $91,627.22
50 $91,627.22 $1,628.10 $0.00 $518.07 $93,773.39
51 $93,773.39 $1,628.10 $0.00 $530.21 $95,931.70
52 $95,931.70 $1,628.10 $0.00 $542.41 $98,102.21
53 $98,102.21 $1,628.10 $0.00 $554.68 $100,284.99
54 $100,284.99 $1,628.10 $0.00 $567.03 $102,480.12
55 $102,480.12 $1,628.10 $0.00 $579.44 $104,687.66
56 $104,687.66 $1,628.10 $0.00 $591.92 $106,907.68
57 $106,907.68 $1,628.10 $0.00 $604.47 $109,140.25
58 $109,140.25 $1,628.10 $0.00 $617.09 $111,385.44
59 $111,385.44 $1,628.10 $0.00 $629.79 $113,643.33
60 $113,643.33 $1,628.10 $0.00 $642.56 $115,913.99
61 $115,913.99 $1,628.10 $0.00 $655.39 $118,197.48
62 $118,197.48 $1,628.10 $0.00 $668.31 $120,493.89
63 $120,493.89 $1,628.10 $0.00 $681.29 $122,803.28
64 $122,803.28 $1,628.10 $0.00 $694.35 $125,125.73
65 $125,125.73 $1,628.10 $0.00 $707.48 $127,461.31
66 $127,461.31 $1,628.10 $0.00 $720.68 $129,810.09
67 $129,810.09 $1,628.10 $0.00 $733.97 $132,172.16
68 $132,172.16 $1,628.10 $0.00 $747.32 $134,547.58
69 $134,547.58 $1,628.10 $0.00 $760.75 $136,936.43
70 $136,936.43 $1,628.10 $0.00 $774.26 $139,338.79
71 $139,338.79 $1,628.10 $0.00 $787.84 $141,754.73
72 $141,754.73 $1,628.10 $0.00 $801.50 $144,184.33
73 $144,184.33 $1,628.10 $0.00 $815.24 $146,627.67
74 $146,627.67 $1,628.10 $0.00 $829.05 $149,084.82
75 $149,084.82 $1,628.10 $0.00 $842.95 $151,555.87
76 $151,555.87 $1,628.10 $0.00 $856.92 $154,040.89
77 $154,040.89 $1,628.10 $0.00 $870.97 $156,539.96
78 $156,539.96 $1,628.10 $0.00 $885.10 $159,053.16
79 $159,053.16 $1,628.10 $0.00 $899.31 $161,580.57
80 $161,580.57 $1,628.10 $0.00 $913.60 $164,122.27
81 $164,122.27 $1,628.10 $0.00 $927.97 $166,678.34
82 $166,678.34 $1,628.10 $0.00 $942.42 $169,248.86
83 $169,248.86 $1,628.10 $0.00 $956.96 $171,833.92
84 $171,833.92 $1,628.10 $0.00 $971.57 $174,433.59
85 $174,433.59 $1,628.10 $0.00 $986.27 $177,047.96
86 $177,047.96 $1,628.10 $0.00 $1,001.05 $179,677.11
87 $179,677.11 $1,628.10 $0.00 $1,015.92 $182,321.13
88 $182,321.13 $1,628.10 $0.00 $1,030.87 $184,980.10
89 $184,980.10 $1,628.10 $0.00 $1,045.90 $187,654.10
90 $187,654.10 $1,628.10 $0.00 $1,061.02 $190,343.22
91 $190,343.22 $1,628.10 $0.00 $1,076.23 $193,047.55
92 $193,047.55 $1,628.10 $0.00 $1,091.52 $195,767.17
93 $195,767.17 $1,628.10 $0.00 $1,106.90 $198,502.17
94 $198,502.17 $1,628.10 $0.00 $1,122.36 $201,252.63
95 $201,252.63 $1,628.10 $0.00 $1,137.91 $204,018.64
96 $204,018.64 $1,628.10 $0.00 $1,153.55 $206,800.29
97 $206,800.29 $1,628.10 $0.00 $1,169.28 $209,597.67
98 $209,597.67 $1,628.10 $0.00 $1,185.10 $212,410.87
99 $212,410.87 $1,628.10 $0.00 $1,201.00 $215,239.97
100 $215,239.97 $1,628.10 $0.00 $1,217.00 $218,085.07
101 $218,085.07 $1,628.10 $0.00 $1,233.08 $220,946.25
102 $220,946.25 $1,628.10 $0.00 $1,249.26 $223,823.61
103 $223,823.61 $1,628.10 $0.00 $1,265.53 $226,717.24
104 $226,717.24 $1,628.10 $0.00 $1,281.89 $229,627.23
105 $229,627.23 $1,628.10 $0.00 $1,298.35 $232,553.68
106 $232,553.68 $1,628.10 $0.00 $1,314.89 $235,496.67
107 $235,496.67 $1,628.10 $0.00 $1,331.53 $238,456.30
108 $238,456.30 $1,628.10 $0.00 $1,348.27 $241,432.67
109 $241,432.67 $1,628.10 $0.00 $1,365.10 $244,425.87
110 $244,425.87 $1,628.10 $0.00 $1,382.02 $247,435.99
111 $247,435.99 $1,628.10 $0.00 $1,399.04 $250,463.13
112 $250,463.13 $1,628.10 $0.00 $1,416.15 $253,507.38
113 $253,507.38 $1,628.10 $0.00 $1,433.37 $256,568.85
114 $256,568.85 $1,628.10 $0.00 $1,450.68 $259,647.63
115 $259,647.63 $1,628.10 $0.00 $1,468.09 $262,743.82
116 $262,743.82 $1,628.10 $0.00 $1,485.59 $265,857.51
117 $265,857.51 $1,628.10 $0.00 $1,503.20 $268,988.81
118 $268,988.81 $1,628.10 $0.00 $1,520.90 $272,137.81
119 $272,137.81 $1,628.10 $0.00 $1,538.71 $275,304.62
120 $275,304.62 $1,628.10 $0.00 $1,556.61 $278,489.33
121 $278,489.33 $1,628.10 $0.00 $1,574.62 $281,692.05
122 $281,692.05 $1,628.10 $0.00 $1,592.73 $284,912.88
123 $284,912.88 $1,628.10 $0.00 $1,610.94 $288,151.92
124 $288,151.92 $1,628.10 $0.00 $1,629.25 $291,409.27
125 $291,409.27 $1,628.10 $0.00 $1,647.67 $294,685.04
126 $294,685.04 $1,628.10 $0.00 $1,666.19 $297,979.33
127 $297,979.33 $1,628.10 $0.00 $1,684.82 $301,292.25
128 $301,292.25 $1,628.10 $0.00 $1,703.55 $304,623.90
129 $304,623.90 $1,628.10 $0.00 $1,722.39 $307,974.39
130 $307,974.39 $1,628.10 $0.00 $1,741.33 $311,343.82
131 $311,343.82 $1,628.10 $0.00 $1,760.38 $314,732.30
132 $314,732.30 $1,628.10 $0.00 $1,779.54 $318,139.94
133 $318,139.94 $1,628.10 $0.00 $1,798.81 $321,566.85
134 $321,566.85 $1,628.10 $0.00 $1,818.19 $325,013.14
135 $325,013.14 $1,628.10 $0.00 $1,837.67 $328,478.91
136 $328,478.91 $1,628.10 $0.00 $1,857.27 $331,964.28
137 $331,964.28 $1,628.10 $0.00 $1,876.97 $335,469.35
138 $335,469.35 $1,628.10 $0.00 $1,896.79 $338,994.24
139 $338,994.24 $1,628.10 $0.00 $1,916.72 $342,539.06
140 $342,539.06 $1,628.10 $0.00 $1,936.77 $346,103.93
141 $346,103.93 $1,628.10 $0.00 $1,956.92 $349,688.95
142 $349,688.95 $1,628.10 $0.00 $1,977.19 $353,294.24
143 $353,294.24 $1,628.10 $0.00 $1,997.58 $356,919.92
144 $356,919.92 $1,628.10 $0.00 $2,018.08 $360,566.10
145 $360,566.10 $1,628.10 $0.00 $2,038.69 $364,232.89
146 $364,232.89 $1,628.10 $0.00 $2,059.43 $367,920.42
147 $367,920.42 $1,628.10 $0.00 $2,080.28 $371,628.80
148 $371,628.80 $1,628.10 $0.00 $2,101.24 $375,358.14
149 $375,358.14 $1,628.10 $0.00 $2,122.33 $379,108.57
150 $379,108.57 $1,628.10 $0.00 $2,143.53 $382,880.20
151 $382,880.20 $1,628.10 $0.00 $2,164.86 $386,673.16
152 $386,673.16 $1,628.10 $0.00 $2,186.31 $390,487.57
153 $390,487.57 $1,628.10 $0.00 $2,207.87 $394,323.54
154 $394,323.54 $1,628.10 $0.00 $2,229.56 $398,181.20
155 $398,181.20 $1,628.10 $0.00 $2,251.37 $402,060.67
156 $402,060.67 $1,628.10 $0.00 $2,273.31 $405,962.08
157 $405,962.08 $1,628.10 $0.00 $2,295.37 $409,885.55
158 $409,885.55 $1,628.10 $0.00 $2,317.55 $413,831.20
159 $413,831.20 $1,628.10 $0.00 $2,339.86 $417,799.16
160 $417,799.16 $1,628.10 $0.00 $2,362.30 $421,789.56
161 $421,789.56 $1,628.10 $0.00 $2,384.86 $425,802.52
162 $425,802.52 $1,628.10 $0.00 $2,407.55 $429,838.17
163 $429,838.17 $1,628.10 $0.00 $2,430.37 $433,896.64
164 $433,896.64 $1,628.10 $0.00 $2,453.31 $437,978.05
165 $437,978.05 $1,628.10 $0.00 $2,476.39 $442,082.54
166 $442,082.54 $1,628.10 $0.00 $2,499.60 $446,210.24
167 $446,210.24 $1,628.10 $0.00 $2,522.94 $450,361.28
168 $450,361.28 $1,628.10 $0.00 $2,546.41 $454,535.79
169 $454,535.79 $1,628.10 $0.00 $2,570.01 $458,733.90
170 $458,733.90 $1,628.10 $0.00 $2,593.75 $462,955.75
171 $462,955.75 $1,628.10 $0.00 $2,617.62 $467,201.47
172 $467,201.47 $1,628.10 $0.00 $2,641.63 $471,471.20
173 $471,471.20 $1,628.10 $0.00 $2,665.77 $475,765.07
174 $475,765.07 $1,628.10 $0.00 $2,690.04 $480,083.21
175 $480,083.21 $1,628.10 $0.00 $2,714.46 $484,425.77
176 $484,425.77 $1,628.10 $0.00 $2,739.01 $488,792.88
177 $488,792.88 $1,628.10 $0.00 $2,763.71 $493,184.69
178 $493,184.69 $1,628.10 $0.00 $2,788.54 $497,601.33
179 $497,601.33 $1,628.10 $0.00 $2,813.51 $502,042.94
180 $502,042.94 $1,628.10 $0.00 $2,838.62 $506,509.66
181 $506,509.66 $1,628.10 $0.00 $2,863.88 $511,001.64
182 $511,001.64 $1,628.10 $0.00 $2,889.28 $515,519.02
183 $515,519.02 $1,628.10 $0.00 $2,914.82 $520,061.94
184 $520,061.94 $1,628.10 $0.00 $2,940.51 $524,630.55
185 $524,630.55 $1,628.10 $0.00 $2,966.34 $529,224.99
186 $529,224.99 $1,628.10 $0.00 $2,992.32 $533,845.41
187 $533,845.41 $1,628.10 $0.00 $3,018.44 $538,491.95
188 $538,491.95 $1,628.10 $0.00 $3,044.71 $543,164.76
189 $543,164.76 $1,628.10 $0.00 $3,071.13 $547,863.99
190 $547,863.99 $1,628.10 $0.00 $3,097.70 $552,589.79
191 $552,589.79 $1,628.10 $0.00 $3,124.42 $557,342.31
192 $557,342.31 $1,628.10 $0.00 $3,151.29 $562,121.70
193 $562,121.70 $1,628.10 $0.00 $3,178.32 $566,928.12
194 $566,928.12 $1,628.10 $0.00 $3,205.49 $571,761.71
195 $571,761.71 $1,628.10 $0.00 $3,232.82 $576,622.63
196 $576,622.63 $1,628.10 $0.00 $3,260.31 $581,511.04
197 $581,511.04 $1,628.10 $0.00 $3,287.95 $586,427.09
198 $586,427.09 $1,628.10 $0.00 $3,315.74 $591,370.93
199 $591,370.93 $1,628.10 $0.00 $3,343.70 $596,342.73
200 $596,342.73 $1,628.10 $0.00 $3,371.81 $601,342.64
201 $601,342.64 $1,628.10 $0.00 $3,400.08 $606,370.82
202 $606,370.82 $1,628.10 $0.00 $3,428.51 $611,427.43
203 $611,427.43 $1,628.10 $0.00 $3,457.10 $616,512.63
204 $616,512.63 $1,628.10 $0.00 $3,485.85 $621,626.58
205 $621,626.58 $1,628.10 $0.00 $3,514.77 $626,769.45
206 $626,769.45 $1,628.10 $0.00 $3,543.85 $631,941.40
207 $631,941.40 $1,628.10 $0.00 $3,573.09 $637,142.59
208 $637,142.59 $1,628.10 $0.00 $3,602.50 $642,373.19
209 $642,373.19 $1,628.10 $0.00 $3,632.07 $647,633.36
210 $647,633.36 $1,628.10 $0.00 $3,661.81 $652,923.27
211 $652,923.27 $1,628.10 $0.00 $3,691.72 $658,243.09
212 $658,243.09 $1,628.10 $0.00 $3,721.80 $663,592.99
213 $663,592.99 $1,628.10 $0.00 $3,752.05 $668,973.14
214 $668,973.14 $1,628.10 $0.00 $3,782.47 $674,383.71
215 $674,383.71 $1,628.10 $0.00 $3,813.06 $679,824.87
216 $679,824.87 $1,628.10 $0.00 $3,843.83 $685,296.80
217 $685,296.80 $1,628.10 $185,592.08 $3,874.77 $505,207.59
218 $505,207.59 $1,628.10 $0.00 $2,856.52 $509,692.21
219 $509,692.21 $1,628.10 $0.00 $2,881.87 $514,202.18
220 $514,202.18 $1,628.10 $0.00 $2,907.37 $518,737.65
221 $518,737.65 $1,628.10 $0.00 $2,933.02 $523,298.77
222 $523,298.77 $1,628.10 $0.00 $2,958.81 $527,885.68
223 $527,885.68 $1,628.10 $0.00 $2,984.74 $532,498.52
224 $532,498.52 $1,628.10 $0.00 $3,010.82 $537,137.44
225 $537,137.44 $1,628.10 $0.00 $3,037.05 $541,802.59
226 $541,802.59 $1,628.10 $0.00 $3,063.43 $546,494.12
227 $546,494.12 $1,628.10 $0.00 $3,089.96 $551,212.18
228 $551,212.18 $1,628.10 $0.00 $3,116.63 $555,956.91
229 $555,956.91 $1,628.10 $198,583.53 $3,143.46 $362,144.94
230 $362,144.94 $1,628.10 $0.00 $2,047.62 $365,820.66
231 $365,820.66 $1,628.10 $0.00 $2,068.40 $369,517.16
232 $369,517.16 $1,628.10 $0.00 $2,089.30 $373,234.56
233 $373,234.56 $1,628.10 $0.00 $2,110.32 $376,972.98
234 $376,972.98 $1,628.10 $0.00 $2,131.46 $380,732.54
235 $380,732.54 $1,628.10 $0.00 $2,152.72 $384,513.36
236 $384,513.36 $1,628.10 $0.00 $2,174.09 $388,315.55
237 $388,315.55 $1,628.10 $0.00 $2,195.59 $392,139.24
238 $392,139.24 $1,628.10 $0.00 $2,217.21 $395,984.55
239 $395,984.55 $1,628.10 $0.00 $2,238.95 $399,851.60
240 $399,851.60 $1,628.10 $0.00 $2,260.82 $403,740.52
241 $403,740.52 $1,628.10 $212,484.37 $2,282.81 $195,167.06
242 $195,167.06 $1,628.10 $0.00 $1,103.50 $197,898.66
243 $197,898.66 $1,628.10 $0.00 $1,118.95 $200,645.71
244 $200,645.71 $1,628.10 $0.00 $1,134.48 $203,408.29
245 $203,408.29 $1,628.10 $0.00 $1,150.10 $206,186.49
246 $206,186.49 $1,628.10 $0.00 $1,165.81 $208,980.40
247 $208,980.40 $1,628.10 $0.00 $1,181.61 $211,790.11
248 $211,790.11 $1,628.10 $0.00 $1,197.49 $214,615.70
249 $214,615.70 $1,628.10 $0.00 $1,213.47 $217,457.27
250 $217,457.27 $1,628.10 $0.00 $1,229.54 $220,314.91
251 $220,314.91 $1,628.10 $0.00 $1,245.69 $223,188.70
252 $223,188.70 $1,628.10 $0.00 $1,261.94 $226,078.74
253 $226,078.74 $0.00 $227,358.28 $1,278.28 -$1.26