Annuity Calculator
Enter a level payment, an interest rate and a term to get the present value and future value of a fixed-period annuity. Or start from a present or future value and solve for the payment. Life annuities are not covered.
Last updated November 4, 2026
Years times payments per year must be a whole number, at most 1,200.
Result
PV $94,281.35 | FV $155,282.28
| Measure | Value |
|---|---|
| Payment per period | $1,000.00 |
| Number of payments | 120 |
| Total of payments | $120,000.00 |
| Present value | $94,281.35 |
| Future value | $155,282.28 |
| Interest earned (FV - payments) | $35,282.28 |
Fixed-period annuity with a constant rate. Life annuity pricing, taxes and fees are not included.
Show the work
Formula: PV = P x (1 - (1 + i)^-n) / i; FV = P x ((1 + i)^n - 1) / i; due: x (1 + i)
- Periods: 10 x 12 = 120. Rate per period: 5 / 100 / 12 = 0.00416667.
- Growth factor: (1 + 0.00416667)^120 = 1.647009.
- Annuity factors: PV = (1 - 1 / 1.647009) / 0.00416667 = 94.28135; FV = (1.647009 - 1) / 0.00416667 = 155.282279.
- PV = 1,000 x PV factor = $94,281.35; FV = $155,282.28.
Result: PV $94,281.35 | FV $155,282.28
How an annuity is valued
PV = P × (1 − (1 + i)^−n) ÷ i
FV = P × ((1 + i)^n − 1) ÷ i
annuity due: × (1 + i)
P is the payment, i the rate per period (annual rate ÷ payments per year) and n the number of payments. An ordinary annuity pays at the end of each period; an annuity due pays at the start, so each value is multiplied by (1 + i). At 0 percent, PV and FV both equal P × n. To find a payment, the value you entered is divided by the matching factor.
For 1,000 a year at 5 percent for 10 years, 1.05^10 = 1.628895. The present value is 7,721.73 and the future value is 12,577.89.
See how we calculate for the formulas, sources and review schedule behind every calculator.
What this covers
This is a fixed-period annuity with level payments and a constant rate. Life annuities, which depend on life expectancy and insurer pricing, are out of scope, as are taxes, fees and inflation adjustments.
General information, not financial advice
This calculator gives a general estimate from the numbers you enter. It is not financial or tax advice, and your actual results can differ. Check important decisions with a qualified professional or the official source.
How to use the Annuity Calculator
- Choose what to find: present and future value, or a payment.
- Enter the payment or the target value.
- Enter the annual rate, the years and the payments per year.
- Pick ordinary or due timing.
- Read the results, then use Copy, Print or Share.
Worked example
A payment of 1,000 a year for 10 years at 5 percent has a present value of 7,721.73 and a future value of 12,577.89 when paid at the end of each year.
| Payment | Rate and term | Present value | Future value |
|---|---|---|---|
| 1,000 yearly | 5%, 10 years | 7,721.73 | 12,577.89 |
| 500 monthly | 5%, 10 years | 47,140.68 | 77,641.14 |
| 250 quarterly | 4%, 5 years | 4,511.39 | 5,504.75 |
Frequently asked questions
What is the difference between an ordinary annuity and an annuity due?
An ordinary annuity pays at the end of each period and an annuity due at the start. Due payments earn one extra period of interest.
What is the present value of an annuity?
It is the lump sum today that matches all the future payments at the given rate. A higher rate makes that lump sum smaller.
Does this price a lifetime annuity from an insurer?
No. It handles fixed-period annuities only. Life annuity pricing depends on mortality and insurer rates, which this tool does not use.
What happens at a 0 percent rate?
No interest accrues, so the present and future values both equal the payment multiplied by the number of payments.