Every financial calculation rests on the time value of money. Choose the variable to solve for — future value, present value, payment, number of periods or rate — and the calculator applies the same conventions as Excel’s FV, PV, PMT, NPER and RATE functions.
How it works
Solve any time-value-of-money problem — future value, present value, payment, number of periods or interest rate — using Excel-compatible conventions.
FV = −[PV(1 + r)ⁿ + PMT(1 + r·type)((1 + r)ⁿ − 1) ÷ r]
r = annual rate ÷ periods per year; n = years × periods per year
Effective annual rate = (1 + r)^m − 1Common uses
- Savings, annuity and retirement projections
- Loan and lease payment checks
- Coursework and exam preparation
Worked example
The calculator above opens with this example. Change any input to see the results update instantly, or select Reset to return to these figures.
| Solve for | Future value (FV) |
| Annual interest rate | 6% |
| Term | 10 years |
| Periods per year | Monthly (12) |
| Present value | -$10,000 |
| Payment per period | -$200 |
| Payment timing | End of period |
| Future value | $50,969.84 |
| Periodic rate | 0.50% |
| Number of periods | 120.00 |
| Effective annual rate | 6.17% |
| Total of payments | ($24,000.00) |
Sign convention follows Excel: cash you pay out is negative, cash you receive is positive.
Interpreting the results
- Matches Excel’s FV, PV, PMT, NPER and RATE functions with the same sign convention.
- Use beginning-of-period timing for leases, rent and annuities due.
- Compare loans or deposits on the effective annual rate, not the nominal rate.
Frequently asked questions
Why are some values negative?
The calculator follows Excel’s cash-flow sign convention: money you pay out is negative and money you receive is positive. A deposit of $10,000 is entered as −10,000, and the resulting future value is positive.
What is the difference between ordinary annuity and annuity due?
An ordinary annuity pays at the end of each period, as with most loans. An annuity due pays at the beginning, as with rent and leases, and has a higher present and future value because each payment has one more period to compound.
What is the effective annual rate?
The effective annual rate converts a nominal rate compounded more than once a year into its true annual equivalent: (1 + r/m)^m − 1. Use it to compare rates quoted with different compounding frequencies.
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