Savings Plan and Future Cost Estimation for New Mexico Institute of Mining and Technology

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2042$86,544
Monthly savings required$684

How much will it cost to send your child to New Mexico Institute of Mining and Technology in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $346,174.71 for students enrolling in 2042 if tuition increases average 7% per year until then.   Assuming you have no current college savings, monthly deposits of $683.96 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$23,068.00
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 $683.96 $0.00 $0.00 $683.96
2 $683.96 $683.96 $0.00 $3.87 $1,371.79
3 $1,371.79 $683.96 $0.00 $7.76 $2,063.51
4 $2,063.51 $683.96 $0.00 $11.67 $2,759.14
5 $2,759.14 $683.96 $0.00 $15.60 $3,458.70
6 $3,458.70 $683.96 $0.00 $19.56 $4,162.22
7 $4,162.22 $683.96 $0.00 $23.53 $4,869.71
8 $4,869.71 $683.96 $0.00 $27.53 $5,581.20
9 $5,581.20 $683.96 $0.00 $31.56 $6,296.72
10 $6,296.72 $683.96 $0.00 $35.60 $7,016.28
11 $7,016.28 $683.96 $0.00 $39.67 $7,739.91
12 $7,739.91 $683.96 $0.00 $43.76 $8,467.63
13 $8,467.63 $683.96 $0.00 $47.88 $9,199.47
14 $9,199.47 $683.96 $0.00 $52.02 $9,935.45
15 $9,935.45 $683.96 $0.00 $56.18 $10,675.59
16 $10,675.59 $683.96 $0.00 $60.36 $11,419.91
17 $11,419.91 $683.96 $0.00 $64.57 $12,168.44
18 $12,168.44 $683.96 $0.00 $68.80 $12,921.20
19 $12,921.20 $683.96 $0.00 $73.06 $13,678.22
20 $13,678.22 $683.96 $0.00 $77.34 $14,439.52
21 $14,439.52 $683.96 $0.00 $81.64 $15,205.12
22 $15,205.12 $683.96 $0.00 $85.97 $15,975.05
23 $15,975.05 $683.96 $0.00 $90.33 $16,749.34
24 $16,749.34 $683.96 $0.00 $94.70 $17,528.00
25 $17,528.00 $683.96 $0.00 $99.11 $18,311.07
26 $18,311.07 $683.96 $0.00 $103.53 $19,098.56
27 $19,098.56 $683.96 $0.00 $107.99 $19,890.51
28 $19,890.51 $683.96 $0.00 $112.46 $20,686.93
29 $20,686.93 $683.96 $0.00 $116.97 $21,487.86
30 $21,487.86 $683.96 $0.00 $121.50 $22,293.32
31 $22,293.32 $683.96 $0.00 $126.05 $23,103.33
32 $23,103.33 $683.96 $0.00 $130.63 $23,917.92
33 $23,917.92 $683.96 $0.00 $135.24 $24,737.12
34 $24,737.12 $683.96 $0.00 $139.87 $25,560.95
35 $25,560.95 $683.96 $0.00 $144.53 $26,389.44
36 $26,389.44 $683.96 $0.00 $149.21 $27,222.61
37 $27,222.61 $683.96 $0.00 $153.92 $28,060.49
38 $28,060.49 $683.96 $0.00 $158.66 $28,903.11
39 $28,903.11 $683.96 $0.00 $163.42 $29,750.49
40 $29,750.49 $683.96 $0.00 $168.21 $30,602.66
41 $30,602.66 $683.96 $0.00 $173.03 $31,459.65
42 $31,459.65 $683.96 $0.00 $177.88 $32,321.49
43 $32,321.49 $683.96 $0.00 $182.75 $33,188.20
44 $33,188.20 $683.96 $0.00 $187.65 $34,059.81
45 $34,059.81 $683.96 $0.00 $192.58 $34,936.35
46 $34,936.35 $683.96 $0.00 $197.54 $35,817.85
47 $35,817.85 $683.96 $0.00 $202.52 $36,704.33
48 $36,704.33 $683.96 $0.00 $207.53 $37,595.82
49 $37,595.82 $683.96 $0.00 $212.57 $38,492.35
50 $38,492.35 $683.96 $0.00 $217.64 $39,393.95
51 $39,393.95 $683.96 $0.00 $222.74 $40,300.65
52 $40,300.65 $683.96 $0.00 $227.87 $41,212.48
53 $41,212.48 $683.96 $0.00 $233.02 $42,129.46
54 $42,129.46 $683.96 $0.00 $238.21 $43,051.63
55 $43,051.63 $683.96 $0.00 $243.42 $43,979.01
56 $43,979.01 $683.96 $0.00 $248.66 $44,911.63
57 $44,911.63 $683.96 $0.00 $253.94 $45,849.53
58 $45,849.53 $683.96 $0.00 $259.24 $46,792.73
59 $46,792.73 $683.96 $0.00 $264.57 $47,741.26
60 $47,741.26 $683.96 $0.00 $269.94 $48,695.16
61 $48,695.16 $683.96 $0.00 $275.33 $49,654.45
62 $49,654.45 $683.96 $0.00 $280.75 $50,619.16
63 $50,619.16 $683.96 $0.00 $286.21 $51,589.33
64 $51,589.33 $683.96 $0.00 $291.69 $52,564.98
65 $52,564.98 $683.96 $0.00 $297.21 $53,546.15
66 $53,546.15 $683.96 $0.00 $302.76 $54,532.87
67 $54,532.87 $683.96 $0.00 $308.34 $55,525.17
68 $55,525.17 $683.96 $0.00 $313.95 $56,523.08
69 $56,523.08 $683.96 $0.00 $319.59 $57,526.63
70 $57,526.63 $683.96 $0.00 $325.26 $58,535.85
71 $58,535.85 $683.96 $0.00 $330.97 $59,550.78
72 $59,550.78 $683.96 $0.00 $336.71 $60,571.45
73 $60,571.45 $683.96 $0.00 $342.48 $61,597.89
74 $61,597.89 $683.96 $0.00 $348.28 $62,630.13
75 $62,630.13 $683.96 $0.00 $354.12 $63,668.21
76 $63,668.21 $683.96 $0.00 $359.99 $64,712.16
77 $64,712.16 $683.96 $0.00 $365.89 $65,762.01
78 $65,762.01 $683.96 $0.00 $371.83 $66,817.80
79 $66,817.80 $683.96 $0.00 $377.80 $67,879.56
80 $67,879.56 $683.96 $0.00 $383.80 $68,947.32
81 $68,947.32 $683.96 $0.00 $389.84 $70,021.12
82 $70,021.12 $683.96 $0.00 $395.91 $71,100.99
83 $71,100.99 $683.96 $0.00 $402.02 $72,186.97
84 $72,186.97 $683.96 $0.00 $408.16 $73,279.09
85 $73,279.09 $683.96 $0.00 $414.33 $74,377.38
86 $74,377.38 $683.96 $0.00 $420.54 $75,481.88
87 $75,481.88 $683.96 $0.00 $426.79 $76,592.63
88 $76,592.63 $683.96 $0.00 $433.07 $77,709.66
89 $77,709.66 $683.96 $0.00 $439.38 $78,833.00
90 $78,833.00 $683.96 $0.00 $445.73 $79,962.69
91 $79,962.69 $683.96 $0.00 $452.12 $81,098.77
92 $81,098.77 $683.96 $0.00 $458.54 $82,241.27
93 $82,241.27 $683.96 $0.00 $465.00 $83,390.23
94 $83,390.23 $683.96 $0.00 $471.50 $84,545.69
95 $84,545.69 $683.96 $0.00 $478.03 $85,707.68
96 $85,707.68 $683.96 $0.00 $484.60 $86,876.24
97 $86,876.24 $683.96 $0.00 $491.21 $88,051.41
98 $88,051.41 $683.96 $0.00 $497.86 $89,233.23
99 $89,233.23 $683.96 $0.00 $504.54 $90,421.73
100 $90,421.73 $683.96 $0.00 $511.26 $91,616.95
101 $91,616.95 $683.96 $0.00 $518.02 $92,818.93
102 $92,818.93 $683.96 $0.00 $524.81 $94,027.70
103 $94,027.70 $683.96 $0.00 $531.65 $95,243.31
104 $95,243.31 $683.96 $0.00 $538.52 $96,465.79
105 $96,465.79 $683.96 $0.00 $545.43 $97,695.18
106 $97,695.18 $683.96 $0.00 $552.38 $98,931.52
107 $98,931.52 $683.96 $0.00 $559.37 $100,174.85
108 $100,174.85 $683.96 $0.00 $566.40 $101,425.21
109 $101,425.21 $683.96 $0.00 $573.47 $102,682.64
110 $102,682.64 $683.96 $0.00 $580.58 $103,947.18
111 $103,947.18 $683.96 $0.00 $587.73 $105,218.87
112 $105,218.87 $683.96 $0.00 $594.92 $106,497.75
113 $106,497.75 $683.96 $0.00 $602.15 $107,783.86
114 $107,783.86 $683.96 $0.00 $609.43 $109,077.25
115 $109,077.25 $683.96 $0.00 $616.74 $110,377.95
116 $110,377.95 $683.96 $0.00 $624.09 $111,686.00
117 $111,686.00 $683.96 $0.00 $631.49 $113,001.45
118 $113,001.45 $683.96 $0.00 $638.93 $114,324.34
119 $114,324.34 $683.96 $0.00 $646.41 $115,654.71
120 $115,654.71 $683.96 $0.00 $653.93 $116,992.60
121 $116,992.60 $683.96 $0.00 $661.49 $118,338.05
122 $118,338.05 $683.96 $0.00 $669.10 $119,691.11
123 $119,691.11 $683.96 $0.00 $676.75 $121,051.82
124 $121,051.82 $683.96 $0.00 $684.44 $122,420.22
125 $122,420.22 $683.96 $0.00 $692.18 $123,796.36
126 $123,796.36 $683.96 $0.00 $699.96 $125,180.28
127 $125,180.28 $683.96 $0.00 $707.79 $126,572.03
128 $126,572.03 $683.96 $0.00 $715.66 $127,971.65
129 $127,971.65 $683.96 $0.00 $723.57 $129,379.18
130 $129,379.18 $683.96 $0.00 $731.53 $130,794.67
131 $130,794.67 $683.96 $0.00 $739.53 $132,218.16
132 $132,218.16 $683.96 $0.00 $747.58 $133,649.70
133 $133,649.70 $683.96 $0.00 $755.67 $135,089.33
134 $135,089.33 $683.96 $0.00 $763.81 $136,537.10
135 $136,537.10 $683.96 $0.00 $772.00 $137,993.06
136 $137,993.06 $683.96 $0.00 $780.23 $139,457.25
137 $139,457.25 $683.96 $0.00 $788.51 $140,929.72
138 $140,929.72 $683.96 $0.00 $796.84 $142,410.52
139 $142,410.52 $683.96 $0.00 $805.21 $143,899.69
140 $143,899.69 $683.96 $0.00 $813.63 $145,397.28
141 $145,397.28 $683.96 $0.00 $822.10 $146,903.34
142 $146,903.34 $683.96 $0.00 $830.61 $148,417.91
143 $148,417.91 $683.96 $0.00 $839.18 $149,941.05
144 $149,941.05 $683.96 $0.00 $847.79 $151,472.80
145 $151,472.80 $683.96 $0.00 $856.45 $153,013.21
146 $153,013.21 $683.96 $0.00 $865.16 $154,562.33
147 $154,562.33 $683.96 $0.00 $873.92 $156,120.21
148 $156,120.21 $683.96 $0.00 $882.73 $157,686.90
149 $157,686.90 $683.96 $0.00 $891.58 $159,262.44
150 $159,262.44 $683.96 $0.00 $900.49 $160,846.89
151 $160,846.89 $683.96 $0.00 $909.45 $162,440.30
152 $162,440.30 $683.96 $0.00 $918.46 $164,042.72
153 $164,042.72 $683.96 $0.00 $927.52 $165,654.20
154 $165,654.20 $683.96 $0.00 $936.63 $167,274.79
155 $167,274.79 $683.96 $0.00 $945.80 $168,904.55
156 $168,904.55 $683.96 $0.00 $955.01 $170,543.52
157 $170,543.52 $683.96 $0.00 $964.28 $172,191.76
158 $172,191.76 $683.96 $0.00 $973.60 $173,849.32
159 $173,849.32 $683.96 $0.00 $982.97 $175,516.25
160 $175,516.25 $683.96 $0.00 $992.39 $177,192.60
161 $177,192.60 $683.96 $0.00 $1,001.87 $178,878.43
162 $178,878.43 $683.96 $0.00 $1,011.40 $180,573.79
163 $180,573.79 $683.96 $0.00 $1,020.99 $182,278.74
164 $182,278.74 $683.96 $0.00 $1,030.63 $183,993.33
165 $183,993.33 $683.96 $0.00 $1,040.33 $185,717.62
166 $185,717.62 $683.96 $0.00 $1,050.07 $187,451.65
167 $187,451.65 $683.96 $0.00 $1,059.88 $189,195.49
168 $189,195.49 $683.96 $0.00 $1,069.74 $190,949.19
169 $190,949.19 $683.96 $0.00 $1,079.65 $192,712.80
170 $192,712.80 $683.96 $0.00 $1,089.63 $194,486.39
171 $194,486.39 $683.96 $0.00 $1,099.65 $196,270.00
172 $196,270.00 $683.96 $0.00 $1,109.74 $198,063.70
173 $198,063.70 $683.96 $0.00 $1,119.88 $199,867.54
174 $199,867.54 $683.96 $0.00 $1,130.08 $201,681.58
175 $201,681.58 $683.96 $0.00 $1,140.34 $203,505.88
176 $203,505.88 $683.96 $0.00 $1,150.65 $205,340.49
177 $205,340.49 $683.96 $0.00 $1,161.02 $207,185.47
178 $207,185.47 $683.96 $0.00 $1,171.46 $209,040.89
179 $209,040.89 $683.96 $0.00 $1,181.95 $210,906.80
180 $210,906.80 $683.96 $0.00 $1,192.50 $212,783.26
181 $212,783.26 $683.96 $0.00 $1,203.11 $214,670.33
182 $214,670.33 $683.96 $0.00 $1,213.78 $216,568.07
183 $216,568.07 $683.96 $0.00 $1,224.51 $218,476.54
184 $218,476.54 $683.96 $0.00 $1,235.30 $220,395.80
185 $220,395.80 $683.96 $0.00 $1,246.15 $222,325.91
186 $222,325.91 $683.96 $0.00 $1,257.06 $224,266.93
187 $224,266.93 $683.96 $0.00 $1,268.04 $226,218.93
188 $226,218.93 $683.96 $0.00 $1,279.07 $228,181.96
189 $228,181.96 $683.96 $0.00 $1,290.17 $230,156.09
190 $230,156.09 $683.96 $0.00 $1,301.34 $232,141.39
191 $232,141.39 $683.96 $0.00 $1,312.56 $234,137.91
192 $234,137.91 $683.96 $0.00 $1,323.85 $236,145.72
193 $236,145.72 $683.96 $0.00 $1,335.20 $238,164.88
194 $238,164.88 $683.96 $0.00 $1,346.62 $240,195.46
195 $240,195.46 $683.96 $0.00 $1,358.10 $242,237.52
196 $242,237.52 $683.96 $0.00 $1,369.65 $244,291.13
197 $244,291.13 $683.96 $0.00 $1,381.26 $246,356.35
198 $246,356.35 $683.96 $0.00 $1,392.93 $248,433.24
199 $248,433.24 $683.96 $0.00 $1,404.68 $250,521.88
200 $250,521.88 $683.96 $0.00 $1,416.49 $252,622.33
201 $252,622.33 $683.96 $0.00 $1,428.36 $254,734.65
202 $254,734.65 $683.96 $0.00 $1,440.31 $256,858.92
203 $256,858.92 $683.96 $0.00 $1,452.32 $258,995.20
204 $258,995.20 $683.96 $0.00 $1,464.40 $261,143.56
205 $261,143.56 $683.96 $0.00 $1,476.54 $263,304.06
206 $263,304.06 $683.96 $0.00 $1,488.76 $265,476.78
207 $265,476.78 $683.96 $0.00 $1,501.04 $267,661.78
208 $267,661.78 $683.96 $0.00 $1,513.40 $269,859.14
209 $269,859.14 $683.96 $0.00 $1,525.82 $272,068.92
210 $272,068.92 $683.96 $0.00 $1,538.32 $274,291.20
211 $274,291.20 $683.96 $0.00 $1,550.88 $276,526.04
212 $276,526.04 $683.96 $0.00 $1,563.52 $278,773.52
213 $278,773.52 $683.96 $0.00 $1,576.23 $281,033.71
214 $281,033.71 $683.96 $0.00 $1,589.01 $283,306.68
215 $283,306.68 $683.96 $0.00 $1,601.86 $285,592.50
216 $285,592.50 $683.96 $0.00 $1,614.78 $287,891.24
217 $287,891.24 $683.96 $77,968.28 $1,627.78 $212,234.70
218 $212,234.70 $683.96 $0.00 $1,200.01 $214,118.67
219 $214,118.67 $683.96 $0.00 $1,210.66 $216,013.29
220 $216,013.29 $683.96 $0.00 $1,221.37 $217,918.62
221 $217,918.62 $683.96 $0.00 $1,232.14 $219,834.72
222 $219,834.72 $683.96 $0.00 $1,242.98 $221,761.66
223 $221,761.66 $683.96 $0.00 $1,253.87 $223,699.49
224 $223,699.49 $683.96 $0.00 $1,264.83 $225,648.28
225 $225,648.28 $683.96 $0.00 $1,275.85 $227,608.09
226 $227,608.09 $683.96 $0.00 $1,286.93 $229,578.98
227 $229,578.98 $683.96 $0.00 $1,298.07 $231,561.01
228 $231,561.01 $683.96 $0.00 $1,309.28 $233,554.25
229 $233,554.25 $683.96 $83,426.06 $1,320.55 $152,132.70
230 $152,132.70 $683.96 $0.00 $860.18 $153,676.84
231 $153,676.84 $683.96 $0.00 $868.91 $155,229.71
232 $155,229.71 $683.96 $0.00 $877.69 $156,791.36
233 $156,791.36 $683.96 $0.00 $886.52 $158,361.84
234 $158,361.84 $683.96 $0.00 $895.40 $159,941.20
235 $159,941.20 $683.96 $0.00 $904.33 $161,529.49
236 $161,529.49 $683.96 $0.00 $913.31 $163,126.76
237 $163,126.76 $683.96 $0.00 $922.34 $164,733.06
238 $164,733.06 $683.96 $0.00 $931.42 $166,348.44
239 $166,348.44 $683.96 $0.00 $940.56 $167,972.96
240 $167,972.96 $683.96 $0.00 $949.74 $169,606.66
241 $169,606.66 $683.96 $89,265.88 $958.98 $81,983.72
242 $81,983.72 $683.96 $0.00 $463.55 $83,131.23
243 $83,131.23 $683.96 $0.00 $470.04 $84,285.23
244 $84,285.23 $683.96 $0.00 $476.56 $85,445.75
245 $85,445.75 $683.96 $0.00 $483.12 $86,612.83
246 $86,612.83 $683.96 $0.00 $489.72 $87,786.51
247 $87,786.51 $683.96 $0.00 $496.36 $88,966.83
248 $88,966.83 $683.96 $0.00 $503.03 $90,153.82
249 $90,153.82 $683.96 $0.00 $509.74 $91,347.52
250 $91,347.52 $683.96 $0.00 $516.49 $92,547.97
251 $92,547.97 $683.96 $0.00 $523.28 $93,755.21
252 $93,755.21 $683.96 $0.00 $530.11 $94,969.28
253 $94,969.28 $0.00 $95,514.49 $536.97 -$8.24