Article updated on February 13, 2018

The FV function returns the future value of an investment based on a constant interest rate.

You can use FV with either periodic, constant payments, or a single lump sum payment.

Formula in cell B3:


The picture above shows a table that calculates the future value of $1000 with 10% interest rate for 5 years.

Excel Function Syntax

FV(ratenperpmt, [pv], [type])


rate Required. The interest rate you want to use.
nper Required. The total number of payments.
pmt Required. The payment made each period.
[pv] Optional. The present value.
[type] Optional. When payments are due. 0 (zero) is the default value.
0 - At the end of the period.
1 - At the beginning of the period.

Example 2

The FV function calculates the future value if you save $1000 each year with an interest rate of 10% for five years.