Find what a sum of money and regular payments will be worth in the future at a given interest rate: the time value of money (TVM).
The future value formula
FV = PV × (1 + i)ⁿ + PMT × ((1 + i)ⁿ − 1) ÷ i
- PV: the amount you have today.
- PMT: the payment added each period.
- i: the rate per period (the yearly rate ÷ periods per year).
- n: the number of periods (years × periods per year).
$1,000 today plus $100 a month at 6% for 10 years: i = 0.005, n = 120, FV = $18,207.33.
Ordinary annuity vs annuity due
Payments at the end of each period (an ordinary annuity) are the normal case for savings plans and loan payments. Payments at the start (an annuity due), like rent paid in advance, each earn one extra period of interest, so the future value is higher by a factor of (1 + i).
Time value of money
A dollar today is worth more than a dollar later, because today's dollar can earn interest in the meantime. Future value moves money forward in time; present value moves it back. The same five numbers (PV, FV, PMT, rate and periods) are used on financial calculators like the TI BA II Plus and HP 12C: give any four and you can find the fifth.
How we checked this
Before every update, this calculator is run in a real browser with these known answers, and it must match all of them:
- $1,000 + $100/month at 6% for 10 years = $18,207.33 ✓
Last checked October 26, 2026. Spotted something wrong? The math is done in your browser with the formula shown on this page, so you can check any result by hand.
Questions people ask
What is future value?
What an amount of money, plus any regular payments, will grow to at a set interest rate after a set time.
What does TVM stand for?
Time value of money: the idea that money available now is worth more than the same amount later because it can earn interest.
How do I find the future value of $1,000 in 5 years at 7%?
1,000 × 1.07⁵ = $1,402.55 with yearly compounding.
What's the difference between future value and compound interest?
They use the same math. Future value calculators usually also handle regular payments and payment timing.