PVIFA Calculator
Calculate the present value interest factor of an annuity (PVIFA) for loan and investment cash flows.
Present value interest factor of an annuity
The present value interest factor of an annuity (PVIFA) tells you how much a stream of equal payments is worth today at a given discount rate. Financial analysts use PVIFA tables for bond pricing, lease analysis, and capital budgeting when cash flows repeat each period.
For a full grid of factors, open the Present Value Annuity Factor Table. For a single future lump sum, use the Discount Factor Calculator.
PVIFA formula
For an ordinary annuity with rate \( i \) per period and \( n \) periods:
$$ \text{PVIFA} = \frac{1 - (1 + i)^{-n}}{i} $$
An annuity due multiplies the ordinary factor by \( (1 + i) \) because payments arrive at the beginning of each period.
Frequently Asked Questions
What is the difference between ordinary and due annuities?
Ordinary annuities assume payments at the end of each period (typical loans). Annuities due assume payments at the beginning (some leases and insurance premiums).
How do I get present value from PVIFA?
Multiply the periodic payment by PVIFA. The calculator shows both the factor and the present value for your payment input.
What if the interest rate is zero?
When the rate is 0%, PVIFA equals the number of periods because each payment is worth its face value with no discounting.
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