An annuity converts a lump sum into a series of regular payments over a set period, and the payment amount depends on the principal, the interest rate credited during the payout period, and how long the payments are spread across.
This calculator uses the standard annuity payment formula to determine the fixed monthly payment that would fully distribute the principal (plus credited interest) over your chosen payout period.
This same underlying formula also applies to calculating a loan's monthly payment, since a loan and an annuity payout are mathematically the reverse of each other — one distributes a lump sum outward, the other accumulates payments toward paying one off.
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Frequently asked questions
What's the difference between an annuity and a loan payment calculation?
The underlying math is essentially the same formula reversed — a loan payment calculates what you owe to fully repay a borrowed amount, while an annuity payment calculates what you'd receive to fully distribute a lump sum you've invested.
Does this account for taxes on annuity payments?
No, this calculates the gross payment amount only; annuity payments are often taxable, so consult a tax professional for guidance on your actual after-tax income from an annuity.