TVM Calculator

Time value of money: solve for N, I/Y, PV, PMT, or FV from the other four.

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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

Work out what money will be worth, or how long it takes to grow. Leave out the one value you want, enter the rest and read the answer. Common uses: future value of savings, the rate needed to reach a goal, and the number of months to get there.

How to use

1
Step 1
Choose the value to solve for.
2
Step 2
Enter the other four values, using negative numbers for money you pay in.
3
Step 3
Check payments per year, compounds per year and payment timing.
4
Step 4
Press Calculate.

How it works

TVM stands for time value of money: a sum today is worth more than the same sum later because it can earn interest. Starting money and regular deposits both grow at the periodic rate, and the future value is the total of the two. Paying at the start of each period, annuity-due, earns one extra period of interest on each deposit.

FV = −PV × (1 + i)^N − PMT × [(1 + i)^N − 1] ÷ i      i = rate ÷ compounds per year

Worked example

A starting sum plus monthly deposits

Input
PV −10,000; PMT −150; 6%; N 120; monthly; solve FV
Output
FV $42,775.87
Walkthrough
The 10,000 grows to 18,193.97 by itself (1.005^120 = 1.8194), and 150 a month for 120 months at 0.5% grows to 24,581.90. Together that is 42,775.87. Paying at the start of each month instead, with no opening balance, gives 24,704.81 against 24,581.90.

Limitations

  • A constant rate and level deposits only.
  • No tax, fees or inflation.
  • Rate and period solves can be sensitive to the inputs.

Questions

How do I calculate the future value of 10,000 with 150 a month at 6%?
Over 120 months it grows to $42,775.87: $18,193.97 from the lump sum and $24,581.90 from the deposits.
How long to reach 20,000 starting with 5,000 and saving 250 a month at 5%?
Solving for N gives about 49.94 months, so roughly 50 monthly deposits.
What rate do I need to repay 25,000 with 500 a month over 60 months?
Solving for I/Y with PV 25,000 and PMT −500 gives about 7.42%.
What is the difference between end and start-of-period payments?
Start-of-period deposits earn one extra period of interest, so the future value is slightly higher.

Features

  • Future value, present value, payment, term and rate
  • Annuity-due option
  • Runs in your browser

Guides

Related resources

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

  • Compound interest introduction

    Khan Academy

    Core compounding behind TVM and ICONV tools.

    Watch on YouTube

  • Calculating simple and compound interest

    Khan Academy

    Worked examples to compare with calculator output.

    Watch on YouTube

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