Why is my FV result negative when I expect positive?

FV inherits the sign from pmt and pv. If you enter pmt=-150 (outflow), the result is negative. Flip pmt to 150 (inflow) to get a positive result, or interpret the negative as the funds accumulated in your account.

What is the difference between type=0 and type=1?

type=0 assumes payments arrive at the end of each period; type=1 assumes they arrive at the beginning. Beginning-of-period payments earn one extra compounding cycle, so type=1 always yields a slightly larger future value.

Can I use FV if my interest rate changes each year?

No—FV assumes a constant rate throughout all periods. If your rate varies, build a multi-step calculation (compound each period separately) or use more complex tools like XNPV, which accepts dated, irregular cash flows.

How do I use FV to compare two savings plans?

Calculate FV for each plan with identical nper, rate, and pmt parameters except for the one that differs. Example: =FV(0.06/12, 60, -200) versus =FV(0.08/12, 60, -200) shows how a higher rate (Plan B) yields more. The difference reveals the value of a better rate.

FV function

FV returns the future value of a series of regular cash flows at a constant interest rate, modeling compound growth over time.

=FV(rate, nper, pmt, [pv], [type])

Generate a FV formula

Describe what you need. The generator will reach for FV where FV is the right tool, and tell you when it is not.

Arguments

How FV reads its arguments

Argument	Required	Description
rate	Required	Interest or growth rate per period as a decimal (0.05 for 5%). The function breaks mathematically if rate equals exactly −1.
nper	Required	Total number of periods; must be positive. Represents time units (months, years) over which growth compounds.
pmt	Required	Payment amount per period. Use consistent sign: negative for cash outflows (savings), positive for inflows (loan repayment received).
pv	Optional	Optional; default 0. Present value or starting balance. Typically negative (initial investment) but can be positive (initial debt).
type	Optional	Optional; default 0. Set to 0 for payments at period end, 1 for payments at period start; affects one compounding cycle per period.

Returns

A number representing the future value in the same currency as input amounts.

Availability

Excel: All · Google Sheets: Supported

Worked examples

1. Project annual support contract revenue with compound growth

Ticket ID	Agent	CSAT	Monthly Revenue
T001	Alice	5	150
T002	Bob	4	150
T003	Carol	5	150

=FV(0.06/12, 12, -150)

Result: 1872.96

A support contract worth $150/month, compounded monthly at 6% annual interest (0.5% per month), grows to $1,872.96 over 12 months. Each monthly payment earns interest for the remaining periods.

2. Include existing support fund balance in projection

Starting Balance	Monthly Payment	Rate	Months
500	150	0.5%	12

=FV(0.06/12, 12, -150, -500)

Result: 2432.59

With a $500 starting balance plus $150/month revenue, the fund grows to $2,432.59. The initial $500 compound over all 12 months, while each payment adds its own growth period.

3. Calculate with support fees collected at month start instead of end

Payment Timing	Amount	Monthly Rate	Periods
Beginning	150	0.5%	12

=FV(0.06/12, 12, -150, -500, 1)

Result: 2448.22

When type=1, payments arrive at the beginning of each period, gaining one extra month of compounding. This yields $2,448.22—$15.63 more than end-of-period collection (type=0).

Common errors

Which FV error are you seeing?

Error	Why it happens	How to fix it
#NUM!	rate parameter equals exactly −1 (or is undefined/infinite), which makes the internal divisor zero in the FV formula: ((1+rate)^nper − 1) / rate.	Verify rate is between −0.99 and a reasonable positive percentage. If rate comes from a calculation, add a guard like =IF(rate=-1, -0.99, rate).
#VALUE!	One or more of rate, nper, or pmt arguments contain text, a cell reference with text, or are formatted as text instead of numbers.	Check that all numeric inputs are actual numbers. Use VALUE(text) to convert text to numbers, or re-enter the cell with =<raw number> instead of '<number> (which forces text).
#NUM!	nper is zero or negative; periods must be a positive count. Negative periods have no financial meaning.	Ensure nper is a positive integer or decimal. If dynamic, wrap with MAX(nper, 0.01) or validate the source data for calculation errors.

Tips and when to use something else

Sign convention: pmt and pv should use consistent signs (both negative for savings/investment, or flip one if they represent opposite directions). Result sign follows this convention.
Period alignment: rate and nper must use the same time unit. If rate is annual (0.06), nper must be years; if rate is monthly (0.06/12), nper must be months. Misaligned units are the most common FV mistake.
For variable payment amounts or irregular cash flows, use NPV or XNPV instead; FV assumes every payment is identical and spaced equally.
Unlike PV (present value of future payments), FV calculates the opposite: tomorrow's value of today's cash flows. Use PV when you need to discount future amounts back to today.

Related functions

PMTPMT calculates the constant periodic payment needed to repay a loan or investment over a fixed number of periods at a fixed interest rate.PVReturns the present value of an investment based on a series of regular payments and a constant interest rate.RATERATE calculates the interest rate per period for an investment or loan given regular periodic payments and present/future values.NPERNPER returns the number of payment periods needed to pay off a loan or reach an investment goal at a fixed interest rate.NPVNPV returns the net present value of a series of cash flows discounted to their present value today, helping you decide if an investment creates value.

Frequently asked questions

Why is my FV result negative when I expect positive?: FV inherits the sign from pmt and pv. If you enter pmt=-150 (outflow), the result is negative. Flip pmt to 150 (inflow) to get a positive result, or interpret the negative as the funds accumulated in your account.
What is the difference between type=0 and type=1?: type=0 assumes payments arrive at the end of each period; type=1 assumes they arrive at the beginning. Beginning-of-period payments earn one extra compounding cycle, so type=1 always yields a slightly larger future value.
Can I use FV if my interest rate changes each year?: No—FV assumes a constant rate throughout all periods. If your rate varies, build a multi-step calculation (compound each period separately) or use more complex tools like XNPV, which accepts dated, irregular cash flows.
How do I use FV to compare two savings plans?: Calculate FV for each plan with identical nper, rate, and pmt parameters except for the one that differs. Example: =FV(0.06/12, 60, -200) versus =FV(0.08/12, 60, -200) shows how a higher rate (Plan B) yields more. The difference reveals the value of a better rate.

Need a different formula?

The full generator is not scoped to one function — describe any spreadsheet problem and it will pick.

Open the formula generator

Reviewed 2026-09-17