Excel FV Function

Excel FV Function


The Excel FV function is a financial function that returns the future value of an investment. 


Get the future value of an investment

Return value 

future value


=FV (rate, nper, pmt, [pv], [type])


  • rate – The interest rate per period.
  • nper – The total number of payment periods.
  • pmt – The payment made each period. Must be entered as a negative number.
  • pv – [optional] The present value of future payments. If omitted, assumed to be zero. Must be entered as a negative number.
  • type – [optional] When payments are due. 0 = end of period, 1 = beginning of period. Default is 0.

Usage notes 

The future value (FV) function calculates the future value of an investment assuming periodic, constant payments with a constant interest rate.


1. Units for rate and nper must be consistent. For example, if you make monthly payments on a four-year loan at 12 percent annual interest, use 12%/12 (annual rate/12 = monthly interest rate) for rate and 4*12 (48 payments total) for nper. If you make annual payments on the same loan, use 12% (annual interest) for rate and 4 (4 payments total) for nper.

2. If pmt is for cash out (i.e deposits to saving, etc), payment value must be negative; for cash received (income, dividends), payment value must be positive.

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