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The Time Value of Money Calculator is the most sophisticated, most flexible calculator on financial-calculators.com and I think on the entire internet. If you are someone who needs date accurate results with irregular cash flows (loans, payments, deposits, withdrawals, investments), this is the calculator you should study and use. Questions? Remember, I'm here to help. More below...»

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What is Time Value of Money?

Time Value of Money (TVM) is the concept that the value of money itself changes over time. Having a dollar today is worth more than a dollar tomorrow. Present value, future value, amount, interest rate and term are some common time value of money calculations. Our online TVM calculator is capable of performing any of these calculations with regular or irregular amounts on any date for savings or loan cash flows.

Calculator's Features

Solve for any unknown

  • Payment or loan amount
  • Deposit or withdrawal
  • Yields: APR, APY or IRR
  • Balance as of a specific date
  • Date a specific balance is reached *
  • Present value (PV)
  • Future value (FV)
  • Balloon payment amount
  • Payment required to reach a specific balloon
  • Number of payments
  • Interest rates - nominal or effective *
  • Discounted values
  • Remaining balance
  • Deposit required

Any type of calculation method

  • Normal amortization or investment
  • Rule-of-78s
  • Canadian methods
  • US Rule — simple interest
  • Supports 360, 364 and 365 day years
  • Exact day or periodic interest calculations

Scheduled (but adjustable) Payment Frequencies

  • Daily
  • Weekly
  • Bi-weekly
  • Twice monthly (Half-month)
  • Every 4 weeks
  • Monthly
  • Bi-monthly (every two months)
  • Quarterly
  • Every 4 months
  • Semi-annual
  • Annual

 * Feature only available in C-Value! ™,
our cash flow calculator for Windows™

Flexible Reports & Schedules

  • Amortization & investment schedules
  • Schedules with details or totals only *
  • Custom headers and labels *
  • Change fonts, colors *
  • Select a fiscal year end *
  • Reg. Z APR disclosure report *

Handles any type of cash flow

  • Normal
  • Interest only
  • Enter your own payment amount
  • Negative amortization
  • Skipped payments or deposits
  • Fixed principal + interest
  • Percent step amounts
  • Dollar step amounts
  • Balloon payments
  • Extra payments
  • Payments to interest
  • Cash flow amounts set to any random date

Compounding Frequencies

  • Exact day simple
  • Daily compounding
  • Weekly
  • Bi-weekly
  • Twice monthly (Half-month)
  • Every 4 weeks
  • Monthly
  • Bi-monthly (every two months)
  • Quarterly
  • Every 4 months
  • Semi-annual
  • Annual
  • Continuous
  • Change the frequency of compounding during a cash flow
  • No compounding option when rate changes

TVM Tutorials

The below tutorials walk you through the steps for setting up the indicated financial calculation. We recommend that you right click on a link and select "Open in New Window" so you can have the calculator handy in this window as you read.

  1. Calculate Payment
    • loan or mortgage periodic payment calculation
    • also an introduction to this calculator
  2. Investment Cash Flow
    • calculating final value
  3. Calculate Income From An Investment
    • How to calculate income you can expect from an investment
  4. Adjustable Rate Mortgage or Loan
    • ARM with interest rate changes on any date you desire
  5. Calculate a Loan's Term
    • How to solve for an unknown number of payments
  6. Calculate Loan Amount
    • How much can I borrow?
  7. Balloon Payment Calculation
    • Calculate the balloon amount
  8. Balloon Loan Calculation
    • Calculate the periodic payment required to result in a specified balloon
  9. Random Extra Principal Payment
    • How to prepay principal on any date
  10. Loan with Series of Extra Principal Payments
    • How to calculate loan or mortgage with extra payments
  11. Construction Loan
    • Generally a short term loan with multiple borrows
  12. Monthly Skipped Payments
    • Loan or mortgage with scheduled skipped payments
  13. Odd Length First Period
    • Interest payment options for initial period
  14. Interest Only Loan
    • Initial series of interest only payments
  15. Biweekly Mortgage Payments
    • Pay 1/2 the monthly payment every other week to reduce the total interest paid
  16. US Rule
    • No interest charged on interest — separate tracking of interest balance
  17. How much do I have to save or invest?
    • State your goal - calculate periodic investment amount needed to reach goal
  18. Paying for College
    • You may have longer than you think
    • Multiple investments with multiple, overlapping withdrawals
    • Demonstrates solving for unknown in complex cash flow
  19. Future Value Calculation
    • How to set up simple or complex cash flows to calculate FV
  20. Present Value Calculation
    • How to discount a simple or complex cash flow to find its PV
  21. Calculate PV of Fixed Principal + Interest Loan
    • Calculate PV of the declining payment amount
    • Demonstrates the cash flow analytics of this calculator
  22. Calculate Rate of Return (ROR) on Annuity
    • How to set up an annualized ROR calculation
  23. Calculate Time It Takes to Reach Investment Goal
    • Set a goal and see how long it takes to reach it
  24. Calculate ROI for X Days
    • Exact day return on investment calculation
  25. Calculate Loan Balance — Loan Payoff Calculation
    • Enter payments for any amount on date made — audit balance due


Let us know below if you have an idea for an additional time value of money tutorial.

20 thoughts on “time-value-of-money

  1. I am looking for a simple excel spreadsheet or your calculator to track a construction loan (multiple draws) showing accruing principal and interest at a fixed rate with a maximum of 14 draws. I am the lender in this case.

  2. I forgot to add that no interest payments are to be made during this term until the loan is moved to permanent financing.

    • Thank you, Bonita! I appreciate the comment. (I’m partial to this calculator too. 😉

      FYI, I just rolled out a small upgrade this morning that improves the movement with the cursor keys and tab key. Previously, using TAB would cause the focus to leave the calculator. That should no longer happen. There are a couple of other small improvements too with the arrow keys.

  3. I have a simple interest loan that had an “additional advance” 3 years into the note (additional money was loaned on the original note but payments remain the same. How do I account for that increasted principal?

    • The construction loan tutorial should get you started. It will show you how to enter the additional loan advance. Another way you can try it is to go to the last row of the input grid area and enter one more “loan” series for the amount and date you need. Click on the schedule button, and the calculator should sort the inputs and give you the schedule you need. If neither approach works, let me know what’s not as you expect, and I’ll come up with another approach.

    • Save is not a feature of the web version of this calculator. If you purchase a copy of C-Value! for Windows ($19.95) that program has the ability to save your entries.

      C-Value!

  4. This is great. I bought TValue loan software way back in the 90’s. The company disappeared around the time of the financial crash so I’ve not been able to use on my newer computers. I’ve been looking around and finally found your program, which seems very similar to TValue as far as I can tell.

    Just curious: are you somehow related to TValue (similar name and all) ?

    Also, I looked over your license terms. Am I able to use your software on both of my windows computers?

    Do you think you’ll ever have a chrome version?

    Sorry to bother you with so many questions. I’m in Nevada; where are you located?

    • Glad you like this calculator. We are not related to TValue™ in any way. The company that published it is Time Value Software. The online calculator and C-Value! have features that TValue™ does not have (the last time I checked). For one thing, charting. Also, this online calculator allows users to create series in any date order without a date checking error message. The calculator just sorts a series into the proper order. Also, the calculator works with any payment frequency and compounding frequency combination.

      Our software license terms allow users to use the software on any computer for which they are the exclusive user. So, install it an use it on a home desktop, a notebook and your office computer, no problem.

      It’s not likely there will be a chrome version. Too little demand I suspect. Most people seem to be happy using online calculators these days.

      New Jersey.

  5. (I’m pretty sure) that I, too, am a user of your calculators dating back to the DOS days. Pine Grove Software and ‘Karl’ are as I remember them, if fading memory serves me? Awesome stuff, very helpful. My question is, does the time value of money calculator take into account 2016 being a leap year? We are in a tug-of-war with a major national bank over the interest charged me on a car loan. I used your calculator, and 3 others on the internet, (loved the flexibility and the education I got while fiddling with the different settings!) but found no mention of leap year adjustments for your calculator. Obviously, this happens every four years and on a simple interest loan with daily interest, an extra day would make a difference in accrued interest. Thanks in advance for your help Karl.

    • Ahhh, DOS, wouldn’t want to go back, but I remember it fondly.

      To answer your question, "it depends" 🙂

      If you select a compounding frequency based on days (i.e. daily, exact/simple or continuous) then leap days are taken into account and the interest is calculated based on the number of days between payments.

      If you select a compounding frequency based on a period other than a day (i.e. weekly, monthly, etc.) then the number of days between payment are not considered – and this is not wrong. Feb. 15, 2015 to Mar. 15th, 2015 is one month just as Feb. 15, 2016 to Mar. 15, 2016 is one month. The interest is calculated based on the month. The annual rate divided by 12.

      Hope this helps.

  6. Thanks Karl, that was the answer I needed. Have another issue – we made all of our payments at the bank, face to face with a bank teller as opposed to mailing our payments. On one instance the teller incorrectly coded receipt of a payment that included our extra principal. She applied the extra principal towards our payment, and the ‘payment’ towards extra principle. Two weeks later it generated a late fee. The telephone folks got it all squared away by removing the late fee, ‘removing’ the payment made at the bank and re-coding it properly. Is there a way to reproduce that activity in your calculator? I tried adding the late fee as another loan, then removing it as a payment 3 days later, but it gave weird results in the schedule. Ultimately the goal is to reproduce their record of activity on the account within an amortization calculator to try and match the amount of interest they charged over the life of the loan.

    • I understand what you mean except for “weird results”. By any chance are you seeing a few days of interest charged on the fee until it’s removed? Is that what is weird? Since the bank made the error, there should not be any charges incurred by you. Why does the balance go out if you don’t include a late fee and off setting payment? It sounds to me as if the bank has to make the adjustment and not you (or the calculator).

    • If by "this" you mean this online version, it should, but I’ve not personally tried it on any MacBook. Are you having a problem?

      If you mean the C-Value! program which works in a similar way to this calculator, the answer is no, it won’t. It runs only on Windows computers.

      • Thank you for your help. Great online calculator but I have a Mac so I’ll be unable to purchase your product. I have no expertise on programming but I think you have a great product that a much wider customer base could use.

        Have a great day.

        Warmest regards.

        Frank Colunga

        • Thank you for your thoughts. In principle, I have no objection to having a version that runs on Mac, but the overall demand for for software running locally on a computer (Mac or Windows) seems to be dropping. Windows is still the dominant operating system and I only sell two copies of the program a day, on average. That doesn’t even pay for an hour of programming, if I were to put a value on my time. I doubt if Mac sales would ever justify the investment. (Though it’s possible as traffic to this website picks up, which has happened since the upgrade this past spring.)

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