Present Value Interest Factor (PVIF) Table

Updated April 19, 2025

Understanding how money changes value over time is essential for making informed financial decisions. The present value interest factor (PVIF) table simplifies evaluating investments, planning loans, or determining what a future dollar is worth today.

What is the present value interest factor (PVIF)?

The present value interest factor (PVIF) is a tool used to calculate the current value of a future sum of money, given a specific interest rate and time period. It’s grounded in the principle of the time value of money: a dollar today is worth more than a dollar in the future due to its earning potential.

PVIF serves as a multiplier, discounting future amounts back to present value. To save you from performing complex calculations manually, PVIF values are typically pre-calculated and arranged conveniently in tables. Each PVIF value relies on two variables:

The interest rate (for example, 5% or 10%)
The number of time periods (for example, 1 year or 5 years)

This makes the PVIF table a valuable resource for scenarios involving loans, investments, or evaluating any situation where future cash flows need to be analyzed in present terms.

PVIF table

Periods (n)	1%	2%	3%	4%	5%	6%	7%	8%	9%	10%	11%	12%	13%	14%	15%	16%	20%
1	0.9901	0.9804	0.9709	0.9615	0.9524	0.9434	0.9346	0.9259	0.9174	0.9091	0.9009	0.8929	0.8850	0.8772	0.8696	0.8621	0.8333
2	0.9803	0.9612	0.9426	0.9246	0.9070	0.8900	0.8734	0.8573	0.8417	0.8264	0.8116	0.7972	0.7831	0.7695	0.7561	0.7432	0.6944
3	0.9706	0.9423	0.9151	0.8890	0.8638	0.8396	0.8163	0.7938	0.7722	0.7513	0.7312	0.7118	0.6931	0.6750	0.6575	0.6407	0.5787
4	0.9610	0.9238	0.8885	0.8548	0.8227	0.7921	0.7629	0.7350	0.7084	0.6830	0.6587	0.6355	0.6133	0.5921	0.5718	0.5523	0.4823
5	0.9515	0.9057	0.8626	0.8219	0.7835	0.7473	0.7130	0.6806	0.6499	0.6209	0.5935	0.5674	0.5428	0.5194	0.4972	0.4761	0.4019
6	0.9420	0.8880	0.8375	0.7903	0.7462	0.7050	0.6663	0.6302	0.5963	0.5645	0.5346	0.5066	0.4803	0.4556	0.4323	0.4104	0.3349
7	0.9327	0.8706	0.8131	0.7599	0.7107	0.6651	0.6227	0.5835	0.5470	0.5132	0.4817	0.4523	0.4251	0.3996	0.3759	0.3538	0.2791
8	0.9235	0.8535	0.7894	0.7307	0.6768	0.6274	0.5820	0.5403	0.5019	0.4665	0.4339	0.4039	0.3762	0.3506	0.3269	0.3050	0.2326
9	0.9143	0.8368	0.7664	0.7026	0.6446	0.5919	0.5439	0.5002	0.4604	0.4241	0.3909	0.3606	0.3329	0.3075	0.2843	0.2630	0.1938
10	0.9053	0.8203	0.7441	0.6756	0.6139	0.5584	0.5083	0.4632	0.4224	0.3855	0.3522	0.3220	0.2946	0.2697	0.2472	0.2267	0.1615
11	0.8963	0.8043	0.7224	0.6496	0.5847	0.5268	0.4751	0.4289	0.3875	0.3505	0.3173	0.2875	0.2607	0.2366	0.2149	0.1954	0.1346
12	0.8874	0.7885	0.7014	0.6246	0.5568	0.4970	0.4440	0.3971	0.3555	0.3186	0.2858	0.2567	0.2307	0.2076	0.1869	0.1685	0.1122
13	0.8787	0.7730	0.6810	0.6006	0.5303	0.4688	0.4150	0.3677	0.3262	0.2897	0.2575	0.2292	0.2042	0.1821	0.1625	0.1452	0.0935
14	0.8700	0.7579	0.6611	0.5775	0.5051	0.4423	0.3878	0.3405	0.2992	0.2633	0.2320	0.2046	0.1807	0.1597	0.1413	0.1252	0.0779
15	0.8613	0.7430	0.6419	0.5553	0.4810	0.4173	0.3624	0.3152	0.2745	0.2394	0.2090	0.1827	0.1599	0.1401	0.1229	0.1079	0.0649
16	0.8528	0.7284	0.6232	0.5339	0.4581	0.3936	0.3387	0.2919	0.2519	0.2176	0.1883	0.1631	0.1415	0.1229	0.1069	0.0930	0.0541
17	0.8444	0.7142	0.6050	0.5134	0.4363	0.3714	0.3166	0.2703	0.2311	0.1978	0.1696	0.1456	0.1252	0.1078	0.0929	0.0802	0.0451
18	0.8360	0.7002	0.5874	0.4936	0.4155	0.3503	0.2959	0.2502	0.2120	0.1799	0.1528	0.1300	0.1108	0.0946	0.0808	0.0691	0.0376
19	0.8277	0.6864	0.5703	0.4746	0.3957	0.3305	0.2765	0.2317	0.1945	0.1635	0.1377	0.1161	0.0981	0.0829	0.0703	0.0596	0.0313
20	0.8195	0.6730	0.5537	0.4564	0.3769	0.3118	0.2584	0.2145	0.1784	0.1486	0.1240	0.1037	0.0868	0.0728	0.0611	0.0514	0.0261
21	0.8114	0.6598	0.5375	0.4388	0.3589	0.2942	0.2415	0.1987	0.1637	0.1351	0.1117	0.0926	0.0768	0.0638	0.0531	0.0443	0.0217
22	0.8034	0.6468	0.5219	0.4220	0.3418	0.2775	0.2257	0.1839	0.1502	0.1228	0.1007	0.0826	0.0680	0.0560	0.0462	0.0382	0.0181
23	0.7954	0.6342	0.5067	0.4057	0.3256	0.2618	0.2109	0.1703	0.1378	0.1117	0.0907	0.0738	0.0601	0.0491	0.0402	0.0329	0.0151
24	0.7876	0.6217	0.4919	0.3901	0.3101	0.2470	0.1971	0.1577	0.1264	0.1015	0.0817	0.0659	0.0532	0.0431	0.0349	0.0284	0.0126
25	0.7798	0.6095	0.4776	0.3751	0.2953	0.2330	0.1842	0.1460	0.1160	0.0923	0.0736	0.0588	0.0471	0.0378	0.0304	0.0245	0.0105

How to use the PVIF table in real life

The PVIF table allows you to quickly determine the present value of a future amount without needing a calculator. Suppose you’re offered $1,000 two years from now, and you want to calculate its present value using an interest rate of 2%. Here’s the process:

Locate the row for the number of periods—in this example, 2 years (n = 2).
Find the column corresponding to the interest rate—here, 2%.
Identify the PVIF value at their intersection—in this case, 0.9612.
Multiply the PVIF by the future amount:
$\$1,000 \times 0.9612 = \$961.20$

Thus, $1,000 two years from now has a present value of $961.20 at a 2% interest rate. Practically, this means you’d need to invest $961.20 today at 2% interest to grow it to $1,000 in two years.

Frequently asked questions

What if my interest rate or time period isn’t in the table?

If the PVIF table doesn’t include your exact interest rate or period (for example, 2.5% or 7 years), you can estimate by choosing the closest available values. For a more precise result, consider using our dedicated PVIF calculator—just enter your specific numbers to get an accurate calculation immediately. Alternatively, you can calculate PVIF yourself using the formula:

\text{PVIF} = \frac{1}{(1 + r)^n}

Here, r represents the interest rate (as a decimal), and n is the number of periods.

Why do PVIF values decrease as time or interest rates increase?

PVIF values decrease because, as the time period increases or the interest rate goes up, future money is worth less today. A higher interest rate or a longer period means money today has more earning potential, making future dollars comparatively less valuable. In other words, you’d need less money today to grow to a given future amount if you have more time or a higher interest rate. That’s why the PVIF values shrink as these variables rise.