# Present Value of Annuity Calculator

> Calculate the present value of level, growing, or perpetual periodic payments.

Page: https://askcalculators.com/calculator/present-value-of-annuity-calculator/
Definition: https://askcalculators.com/calculator/present-value-of-annuity-calculator/definition.json
JSON Schema: https://askcalculators.com/calculator/present-value-of-annuity-calculator/schema.json
Version: 1.0.0
Maintained by: AskCalculators (software project; not a credentialed reviewer)
Qualified review: pending. Automated checks do not establish professional approval.
Page status: Live
Review status: Pending

## Use
Open the calculator page and enter values. Query-string parameters can restore and bookmark a calculation.
Example: https://askcalculators.com/calculator/present-value-of-annuity-calculator/?annuityType=level&payment=1000&discountRate=5&growthRate=2&periods=20&paymentTiming=end

## Inputs
- annuityType: Annuity type; type=select; required; default=level; values=level|growing|perpetuity
- payment: First periodic payment; type=money; required; default=1000; min=0
- discountRate: Discount rate per period; type=percent; required; default=5; min=-99.99; max=1000
- growthRate: Payment growth rate per period; type=percent; required; default=2; min=-99.99; max=1000
- periods: Number of payments; type=number; required; default=20; min=1; max=10000
- paymentTiming: First payment timing; type=select; required; default=end; values=end|begin

## Outputs
- presentValue: Present value; format=currency; primary
- firstPayment: First payment; format=currency
- lastPayment: Last payment; format=currency
- undiscountedPayments: Sum of projected payments; format=currency
- annuityFactor: Present-value factor; format=number

## Formula
level PV = PMT[1−(1+i)^−n]/i; growing PV = PMT[1−((1+g)/(1+i))^n]/(i−g)

## Rules
- Empty optional inputs are undefined, not zero.
- Hidden conditional inputs are ignored.
- Do not invent missing required inputs.

Notice: Annuity valuations are sensitive to rates, timing, fees, taxes, guarantees, and payment assumptions.