TVM Calculator (Time Value of Money)
Solve classic TVM problems with N, I/Y, PV, PMT and FV. Supports end-of-period and beginning-of-period payments, suitable for loans, annuities, savings plans and CFA/FRM style practice.
Time Value of Money (TVM) Calculator
Enter any four variables among N, I/Y, PV, PMT and FV, select the unknown variable and payment timing, then click Calculate.
This tool is for learning and estimation only and does not constitute any investment, loan or financial advice.
TVM Input Area
Payment Timing
Most loans and bonds use end-of-period payments; some rents and annuities use beginning-of-period payments.
Unknown Variable (to be calculated)
Make sure the other four variables are filled in clearly. Empty fields are treated as unknown.
Result
After filling in four variables and selecting the unknown variable, click "Calculate" to see the result here.
Sign convention: Positive numbers usually represent cash inflow (receive), and negative numbers represent cash outflow (pay). For example, taking out a loan: PV is positive (receive money), PMT is negative (repay each period).
This tool is implemented purely in the browser and does not store any data. All calculations are for teaching/learning and estimation only and do not constitute any investment or lending recommendation.
Typical Use Cases
- Calculate the monthly payment (PMT) for a fixed-rate loan given loan amount, rate and term
- Calculate future value (FV) of regular savings given periodic contribution and expected return
- Back-solve required interest rate (I/Y) given present value, payment and target future value
- Estimate the number of periods (N) needed to reach a certain savings target
Key Features
- Five Variables: Directly supports the standard five TVM variables N, I/Y, PV, PMT and FV
- Flexible Payment Timing: Switch between end-of-period (End) and beginning-of-period (Begin) payments
- Sign Convention Hints: Built-in cash flow direction hints to avoid common sign mistakes
- Exam Friendly: Close to BA II Plus style logic, suitable for CFA/FRM candidates to practice TVM questions
Understanding TVM (Time Value of Money)
TVM (Time Value of Money) is a core concept in finance, meaning that one unit of money today is not equal to one unit of money in the future. Interest, compounding and payment timing will all change the value of cash flows across time.
This fundamental principle helps us compare investment options, evaluate loans, and make informed financial decisions. The TVM calculator simplifies these calculations by handling the complex formulas behind present value, future value, and periodic payments.
Frequently Asked Questions
What do N, I/Y, PV, PMT, and FV represent?
These are the five standard TVM variables: N (number of periods), I/Y (interest rate per period),PV (present value), PMT (periodic payment), and FV (future value). You can solve for any one variable by providing values for the other four.
What's the difference between End and Begin payment modes?
End mode assumes payments occur at the end of each period (common for loans), while Begin modeassumes payments occur at the beginning (common for annuities and rent payments). This affects how interest compounds, so choosing the correct mode is important for accurate calculations.
How do I handle negative values in TVM calculations?
In TVM calculations, cash outflows (like loan payments or investments) are typically entered as negative values, while cash inflows (like returns or loan proceeds) are positive. The calculator includes hints to help you get the signs correct and avoid common mistakes.
Can I use this calculator for exam preparation (CFA, FRM)?
Yes, the calculator follows BA II Plus style logic and uses the standard TVM variable names, making it excellent for practicing exam-style questions. However, always verify with your exam rules about allowed calculators.
Are my financial data and calculations stored or transmitted?
No, all calculations happen entirely in your browser. Your financial data never leaves your device and is never transmitted to any server, ensuring complete privacy for sensitive financial information.
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