Free calculator
Annuity calculator
Solve payment, present value, or future value for a level stream of cash flows: you supply a nominal annual rate, how many payments per year, the number of periods, and whether cash flows fall at the end of each period (ordinary) or the beginning (annuity due). This is the same PMT / PV / FV family as Google Sheets and Excel—not a life-insurance income quote, lottery payout, or tax-qualified plan engine.
When to use this calculator
Transparent annuity-factor checks before you paste PMT / PV / FV into a model.
- Back into a level payment that amortizes a PV over n periods at your rate (same PMT idea as a fixed loan—then open the amortization schedule for principal/interest rows).
- Find the periodic deposit that reaches a target FV under a flat rate (sinking-fund shape).
- Discount a constant rent or royalty stream to a PV for a quick DCF building block (still your rate, still a teaching setup).
- Compare ordinary vs due timing with one toggle before you lock
TYPEin Sheets or Excel.
We use textbook level annuity identities with one periodic interest rate i = (nominal annual %) ÷ (payments per year) on the same calendar as your n payments.
Periodic rate
Your nominal annual % is divided by payments per year to match PMT/PV/FV in Sheets and Excel when you pass rate/m as the first argument.
Ordinary annuity (end of period)
PV is PMT × (1 − (1+i)^−n) ÷ i; FV is PMT × ((1+i)^n − 1) ÷ i . At i = 0, both collapse to PMT × n.
Annuity due (beginning of period)
We scale the ordinary result by (1+i) so timing matches TYPE = 1 in spreadsheet functions.
What each solve mode does
PMT from PV inverts the PV formula (like a fixed loan payment). PMT from FV inverts the FV formula (like a sinking fund). PV and FV modes hold PMT fixed and solve the lump.
We intentionally do not print a full amortization table here—use the amortization schedule calculator when you need principal vs interest by period.
For age-based retirement accumulation with contributions, use the retirement savings calculator; for lump + monthly growth with richer compounding picks, use compound interest.
See also: Amortization schedule calculator · Retirement savings calculator · Compound interest calculator
Google Sheets & Excel (PMT, PV, FV)
Functions expect the periodic rate (annual ÷ payments per year as a decimal), n as the count of payments, and cash-flow sign conventions—outflows are often negative inside the function even when this page shows a positive magnitude.
=PMT(annualRate/12, nPeriods, -pv, 0, 0)Use annualRate/12 and nPeriods when payments per year is 12. Last 0 = TYPE ordinary; use 1 for due.
=PMT(annualRate/12, nPeriods, 0, -fv, 0)PV argument is 0 when you only save toward FV; fv is negated to follow the usual payment as outflow sign style.
=PV(annualRate/12, nPeriods, -pmt, 0, 0)Returns PV as a loan-style sign in Excel—compare absolute value to this page if needed.
=FV(annualRate/12, nPeriods, -pmt, 0, 0)End-of-period payments; flip the last 0 to 1 for due.
Frequently asked questions
What is ordinary vs annuity due?
Ordinary (end of period): the first payment is one period after “today.” Annuity due (beginning): the first payment is today (or the start of the first period). In Excel, that is TYPE 0 vs TYPE 1 in PMT, PV, and FV.
How is this different from the amortization schedule calculator?
Both use level payment math, but the amortization tool is loan-shaped: it builds a month-by-month table of principal, interest, and balance. This page is a compact PV/FV/PMT solver for any equal stream—then you can jump to the schedule when you need rows.
How is this different from the compound interest calculator?
The compound interest tool is a timeline engine: starting balance, contributions, compounding frequency, and optional inflation in one nest-egg story. This page solves one classic annuity identity at a time with n abstract periods—better for PMT/PV/FV parity drills.
How is this different from the retirement savings calculator?
The retirement tool speaks in ages and a monthly savings habit toward a retirement date. This page speaks in n periods and a rate you type—closer to a spreadsheet cell block than a life event planner.
Why is my result different from Bankrate, Schwab, or an “income annuity” quote?
Many top “annuity calculator” results price insurance products with mortality, joint life, and carrier assumptions. We never pull those tables—you only see math from your rate and timing choices.
Does this cover lottery or structured-settlement payouts?
Only in the sense of equal payments and a rate you supply for illustration. Real lottery and court deals have tax, discount, and fee rules we do not model.
How do I match this in Google Sheets or Excel?
Pass rate = annual ÷ m as a decimal per payment, nper = n, and use TYPE 0/1 for ordinary vs due. Keep PV/FV signs consistent with whether money is in or out in your convention—this page shows positive magnitudes for readability.
Is this investment, tax, or insurance advice?
No. It is a free educational utility for spreadsheet-style annuity factors—not a fiduciary recommendation, tax position, or product solicitation.