Free online calculator

Annuity Present Value, Future Value & Payment Calculator

Calculate what a level stream of payments is worth today, what it grows to in the future, or the periodic payment required to reach a target value. Compare ordinary-annuity and annuity-due timing.

Three annuity calculations in one toolPV and FV from a payment stream · payment from a target PV · payment from a target FV.

Calculator reviewed: October 6, 2026•Developed and published by ERICH Incorporated•Loan & interest software since 1999

Enter your annuity assumptions

Results update immediately. The annual rate is treated as a nominal annual rate divided by the selected payment frequency.

What do you want to calculate?

Periodic payment

Target value

Annual interest rateEnter 6 for 6%.

Years

Payment frequency

Payment timing

This is a mathematical calculator for level payments. Taxes, fees, variable rates, irregular cash flows, and contract-specific timing can change real-world results.

Your calculated results

Present value—

Future value—

Periodic payment—

Total payments—

Number of payments—

Periodic rate—

Effective annual rate—

Payment timing: —

More ways to use this calculator

Common calculation questions this page answers

Present Value of an Annuity Calculator

Use present value when you know the periodic payment and want to know what that payment stream is worth today. The result changes with the interest rate, number of periods, payment frequency, and whether payments occur at the beginning or end of each period.

Future Value of an Annuity Calculator

Use future value when you want to project how a series of equal periodic payments can accumulate over time. Higher rates, more periods, and beginning-of-period deposits generally increase the future value.

Annuity Payment Calculator

Solve for the periodic payment when you know the target present value or future value. This is useful for loan-style cash flows, savings targets, and other level-payment calculations.

Ordinary Annuity vs. Annuity Due

An ordinary annuity assumes payments occur at the end of each period. An annuity due assumes payments occur at the beginning. Because each payment in an annuity due earns or avoids interest for one additional period, the values are not identical.

For loan payment and amortization work, use the Loan Payment Calculator. For complete editable schedules, see Amortization Pro.

How the annuity calculation works

An annuity is a series of equal payments made at regular intervals. Present value discounts those payments back to today. Future value compounds them forward to the end of the term. If you know the target present or future value, the same factors can be rearranged to solve for the required payment.

PV = PMT × [1 − (1 + r)⁻ⁿ] ÷ r
FV = PMT × [(1 + r)ⁿ − 1] ÷ r

For an annuity due, where each payment occurs at the beginning of the period, multiply the ordinary-annuity factor by (1 + r).

Ordinary annuity vs. annuity due

Timing	When payments occur	Effect
Ordinary annuity	End of each period	Each payment earns or is discounted for one fewer period.
Annuity due	Beginning of each period	Every payment receives one extra period of growth or discounting.

What can you solve for?

Present value: value today of a future level payment stream.
Future value: accumulated value at the end of the term.
Required payment: periodic amount needed to support a target PV or reach a target FV.

Related calculators

Frequently asked questions

What is the present value of an annuity?

The present value is the current value of a series of future equal payments discounted at the selected periodic interest rate.

What is the future value of an annuity?

The future value is the accumulated value of equal periodic payments after interest is applied over the selected number of periods.

How do I calculate an annuity payment?

Enter the rate, number of periods, payment frequency, timing, and the present-value or future-value target, then solve for the periodic payment.

What is an ordinary annuity?

An ordinary annuity assumes each payment occurs at the end of the payment period.

What is an annuity due?

An annuity due assumes each payment occurs at the beginning of the payment period.

Why is an annuity due worth more than an ordinary annuity?

Each annuity-due payment is shifted one period earlier, so it receives one additional period of interest or discounting compared with an ordinary annuity.