$455,000? Sure, $7,000 spent over the course of 65 years will amount to 455,000 nominal dollars -- but the cost in today's dollars is much cheaper.
Assuming a 3.5% rate of inflation per year for the next 65 years, and an annual cost of $7,000 for the next 65 years, you are really only spending $178,624.94 in 2006 dollars.
Finance is pretty cool stuff, eh? :-)