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FV Function
Summary
The FV function calculates the future value of an investment based on periodic payments and a constant interest rate. It helps forecast how much an investment will grow over time, accounting for regular contributions and compound interest.
Syntax
FV(rate,nper,pmt,[pv],[type])Parameters
| Parameter | Type | Required | Description |
|---|---|---|---|
| rate | Number |
Yes | Interest rate per period. Match units with nper (monthly rate for monthly periods) |
| nper | Number |
Yes | Total payment periods (e.g., 4*12=48 for 4-year monthly loan) |
| pmt | Number |
Yes | Periodic payment (negative for investments/savings, positive for loans) |
| pv | Number |
No | Current value of investment/loan (negative for initial investment) |
| type | Number |
No | Payment timing: 0=end of period (default), 1=beginning |
Using the FV Function
FV is crucial for financial forecasting, retirement planning, and loan amortization analysis. Use it to determine how much regular savings will grow or how much you'll owe on a loan after payments. Always match rate and nper time units and use consistent sign conventions.
Common FV Examples
Monthly Savings Growth
=FV(0.06/12,10*12,-200,-500,1)$2,581.40 - 10 years monthly $200 savings at 6% with $500 initial deposit (beginning of period)
Simple Investment Projection
=FV(0.12/12,12,-1000)$12,682.50 - 1 year monthly $1,000 investments at 12% annual rate
Loan Balance Forecast
=FV(0.11/12,35,-2000,,1)$82,846.25 - Remaining balance after 35 months $2,000 payments at 11% (beginning of period)
Annual Retirement Savings
=FV(0.06/12,12*12,-100,-1000,1)$2,301.40 - 12 years monthly $100 contributions with $1,000 start at 6%
Frequently Asked Questions
Common Errors and Solutions
#NUM! or #VALUE!
Cause: Rate=0 with pmt=0, or mismatched data types
Solution: Verify rate>0 when using pmt, ensure all numeric inputs
>>$10^308 or very large numbers
Cause: High rates with many periods
Solution: Reduce periods or rate, or check calculation logic
Unexpected positive/negative results
Cause: Inconsistent sign convention
Solution: Investments: negative pmt/pv → positive FV. Loans: positive pmt → negative FV
Notes
- Cash outflows (deposits, loan payments) = negative
- Cash inflows (loan proceeds, withdrawals) = positive
- Rate and nper must use same time units
- Available in Excel 2007 and later
- Part of Excel's 60+ financial functions
Compatibility
Available in: Excel 2007, Excel 2010, Excel 2013, Excel 2016, Excel 2019, Excel 2021, Microsoft 365
Not available in: Excel 2003 and earlier
Content last reviewed: December 9, 2025
Update frequency: As needed
Excel versions tested: Excel 2007+