# PVIFA Calculator – Present Value Interest Factor of an Annuity

URL: https://speedycalculator.com/calculators/finance/pvifa/
Last updated: 2026-10-25

> The PVIFA calculator works out the present value interest factor of an annuity – the present value of $1 received each period for n periods – and the present value of any payment amount.

## Inputs

- Interest rate per period (%)
- Number of periods
- Payment per period
- Annuity type

## Results

- PVIFA
- Present value of the payments
- FVIFA (future value factor)

## Formula

```
PVIFA = [1 − (1 + r)^−n] ÷ r
PV of annuity = payment × PVIFA
Annuity due: PVIFA × (1 + r)
```

## Explanation

PVIFA tables were used before calculators to value annuities, loans and leases. Multiplying the factor by the payment gives the present value; dividing a loan amount by it gives the payment.

### How to use the PVIFA Calculator – Present Value Interest Factor of an Annuity

- **Interest rate per period**
- **Number of periods**
- **Payment per period**
- **Annuity type**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter the interest rate per period, the number of periods and, optionally, the payment.

### Tips

- Use the nominal annual rate and pick the compounding frequency your bank or broker states.
- Small differences in return or fees compound into large differences over decades.
- Run the calculation with a cautious, a central and an optimistic return to see the range of outcomes.
- Past returns do not guarantee future returns – nothing here is investment advice.

### Common mistakes to avoid

- Comparing an APR with an APY or effective rate.
- Ignoring inflation, taxes and fees when judging a real return.
- Entering a percentage as a decimal (5 instead of 0.05 is correct here).

### Inputs explained

FieldWhat to enterInterest rate per periodIn %Number of periodsA numberPayment per periodAmount in your currencyAnnuity typeChoose one: Ordinary annuity, Annuity due

### What each result means

- **PVIFA** = pvann([Interest rate per period]÷100, [Number of periods], 1, [Annuity type])
- **Present value of the payments** = [Payment per period]×[PVIFA]
- **FVIFA (future value factor)** = fvc([Interest rate per period]÷100, [Number of periods], 0, 1, [Annuity type])

### Example values

How the main result changes when **Interest rate per period** changes and everything else stays at the example values above:

Interest rate per period (%)PVIFA2.58.75213.758.212857.72176.257.27377.56.8641106.1446

## Worked example

Inputs — Interest rate per period: 5 %; Number of periods: 10; Payment per period: $1,000; Annuity type: Ordinary annuity.

Results — **PVIFA = 7.72173**; Present value of the payments = $7,721.73; FVIFA (future value factor) = 12.57789.

## FAQ

**What is PVIFA?**
The present value of an annuity paying $1 per period.

**How is PVIFA used?**
Multiply it by the payment to get the annuity's present value.

**What about an annuity due?**
Multiply the factor by (1 + r).

**What formula does the PVIFA Calculator – Present Value Interest Factor of an Annuity use?**
PVIFA = [1 − (1 + r)^−n] ÷ r.