Annuity Calculator

Future value of a series of level payments at a fixed rate.

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Educational estimate only — not investment, lending, or financial advice. Confirm figures with statements or a qualified professional before you act.

About this tool

Enter a payment, an annual rate, a number of years and how often you pay. The calculator gives the future value of the annuity along with total contributions and the interest earned.

How to use

1
Step 1
Enter the payment per period as a negative number (money paid in).
2
Step 2
Enter the annual rate and the number of years.
3
Step 3
Set payments per year and whether each payment is made at the end or the start of the period.
4
Step 4
Press Calculate.

How it works

An ordinary annuity pays at the end of each period; an annuity-due pays at the start. Paying at the start earns one extra period of interest on each payment. Interest compounds at the same frequency as payments, so a monthly plan compounds monthly.

FV = PMT × [(1 + i)^n − 1] ÷ i      i = annual rate ÷ payments per year, n = years × payments per year

Worked example

200 a month for 10 years at 6%

Input
PMT −200; 6%; 10 years; 12 a year; end of period
Output
FV $32,775.87; contributions $24,000; interest $8,775.87
Walkthrough
There are 120 payments at 0.5% a month. The growth factor is 163.8793, so 200 × 163.8793 = 32,775.87. Paid at the start of each month instead, the future value is $32,939.75.

Limitations

  • Fixed level payments and a constant rate.
  • Compounding frequency equals payment frequency.
  • No tax, fees or inflation.

Questions

What is the future value of 200 a month for 10 years at 6%?
$32,775.87, of which $24,000 is contributions and $8,775.87 is interest.
What is the difference between an ordinary annuity and annuity-due?
Ordinary pays at the end of each period; due pays at the start. Due is worth slightly more: $32,939.75 against $32,775.87 here.
Should I enter the payment as negative?
Yes, as the field suggests, because it is money going out. The result is shown as a positive future value.
Can I use quarterly or annual payments?
Yes, set payments per year to 4 or 1.

Features

  • Ordinary or due annuity
  • Total interest earned
  • Any payment frequency
  • Runs in your browser

Guides

Related resources

Guides and videos from around the web—opens on YouTube or the publisher’s site.

  • Introduction to interest

    Khan Academy

    Simple vs compound framing for NOM/EFF conversions.

    Watch on YouTube

  • Introduction to bonds

    Khan Academy

    Coupon and yield basics for bond calculators.

    Watch on YouTube

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