Calculate the future value, present value or payment of an annuity — ordinary or due — with any payment frequency and growth option.
An annuity due is worth one extra period of interest compared with an ordinary annuity, because each payment is invested sooner.
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How to use this tool
Future value, present value, or the payment needed to reach a target.
Use the annual rate; the calculator converts it to the per-period rate.
Yearly, quarterly or monthly payments.
Under Advanced options: end-of-period (ordinary) or beginning-of-period (due).
Formula & worked example
$1,000 a year for 10 years at 5% grows to $12,577.89 (ordinary annuity) or $13,206.79 if paid at the beginning of each period. The present value of those same payments is $7,721.73.
Limitations — read this before you rely on it
This assumes a fixed rate and equal, on-time payments. Real annuities involve fees, taxes, inflation and insurer terms that change the outcome — this is a calculation aid, not financial advice.
Frequently asked questions
A series of equal payments made at regular intervals — for example retirement income or a structured settlement.
Ordinary annuity payments come at the end of each period; annuity-due payments come at the beginning, so each payment earns interest for one extra period.
What a future stream of payments is worth in today's money, after discounting for interest.
Future and present value both equal payment × number of payments, since no interest is earned or discounted.
A loan is the mirror image: its present value is the amount borrowed, and the payment formula is the same one used here.