SIP Calculator in Excel: Future Value of a Monthly SIP with the FV Function (and a Yearly Step-Up)

By Ravindra Bagale · Last updated: 17 October 2026

Download the template: sip-calculator-fv-template.xlsx: example data with real formulas. Yellow cells are inputs you can type over; green cells hold formulas; blue rows are headers and totals. Replace the example data with your own and everything recalculates.

Made-up data: every name, amount, shop and date on this page is made up for practice. Cities are used only to make the examples feel real.

1. The example

Shraddha's plan (made-up, and 12% is only an assumption, not a promise): ₹5,000 a month for 15 years, paid at the start of each month, expected return 12% a year.

If she raises the SIP by 10% every year (₹5,000, ₹5,500, ₹6,050 …), she invests ₹19,06,349 and the value grows to ₹41,37,359, which is ₹17,57,702 more than the flat SIP.

Short intro to FV. =FV(rate, nper, pmt, [pv], [type]) gives the value of regular payments after nper periods. rate is the rate per period (per month here), pmt is the payment (typed with a minus sign because money goes out of your pocket), pv is money already invested (0 here) and type is 1 when you pay at the start of each period, 0 at the end. FV and its partners PMT and NPER are also used in the savings goal calculator.

2. Build it step by step

Step 1. Type the inputs

1. In A4:A8 type Monthly SIP, Expected return per year, Years, Step-up every year, SIP date in month.
2. In B4:B7 type 5000, 12%, 15 and 10% (yellow input cells).
3. Select B8 > Data > Data Validation > List and type Start of month,End of month (drop-down lists). Pick Start of month.

Step 2. Monthly rate and number of instalments

1. In B10 type =(1+B5)^(1/12)-1: 0.9489%. This turns 12% a year into the equal monthly rate that grows to 12% in a year.
2. In B11 type =B6*12: 180 instalments.

Step 3. Final value with FV

1. In B12 type =FV(B10,B11,-B4,0,IF(B8="Start of month",1,0)): ₹23,79,657.
2. The minus sign before B4 makes the answer positive. Without it FV shows −₹23,79,657.
3. The IF turns the drop-down into the type argument: 1 for start of month, 0 for end (IF function). With End of month the value is ₹23,57,289.

Step 4. Invested and gain

1. In B13 type =B4*B11: ₹9,00,000.
2. In B14 type =B12-B13: ₹14,79,657 estimated gain.
3. In B15 type =FV(B5/12,B11,-B4,0,1) only to compare: ₹25,22,880. Dividing 12% by 12 treats 1% a month as if it equals 12% a year, which overstates the result by ₹1,43,223.

Step 5. Year-by-year step-up table

1. In A17:E17 type Year, Monthly SIP, Invested this year, Total invested, Value at year end. Type 1 to 15 in A18:A32.
2. In B18 type =$B$4*(1+$B$7)^(A18-1): ₹5,000 in year 1, ₹5,500 in year 2.
3. In C18 type =B18*12. In D18 type =C18 and in D19 =D18+C19.
4. In E18 type =FV($B$10,12,-B18,0,IF($B$8="Start of month",1,0)): ₹63,832 after year 1.
5. In E19 type =E18*(1+$B$10)^12+FV($B$10,12,-B19,0,IF($B$8="Start of month",1,0)). Last year's value grows for 12 more months, and this year's SIPs are added. Copy B19:E19 down to row 32.

Step 6. Summary and chart

1. In E11 type =D32 (₹19,06,349), in E12 =E32 (₹41,37,359) and in E13 =E12-B12 (₹17,57,702).
2. Select E18:E32 > Home > Conditional Formatting > Data Bars (data bars).
3. Select D17:E32 > Insert > Line (line charts). The gap between the two lines is the gain.

3. Formulas used

Every formula above is written in the template, so you can click a cell and see it in the formula bar. All values on this page were recalculated in the file.

4. Common mistakes

1. Typing the yearly rate into FV. =FV(12%,180,-5000) treats 12% as a monthly rate and gives a huge number. The rate must be per month because the payments are monthly.
2. Using 12%/12 as the monthly rate. It overstates the value. (1+12%)^(1/12)-1 = 0.9489% is the monthly rate that really compounds to 12% a year.
3. Forgetting the minus sign. FV follows cash-flow signs: money you pay is negative. -B4 makes the result positive.
4. Leaving type empty. An empty type means end of month. Most SIPs debit early in the month, so use 1, or pick it from the drop-down.
5. Treating the result as guaranteed. Mutual fund returns go up and down. Try 8%, 10% and 12% in B5 and plan with the lower number.

5. More real examples

Example 1: Child's education goal. Ruhi is 11. A goal 7 years away: type 7 in B6 and change B4 until B12 reaches the amount you need, or use Goal Seek on B12 by changing B4.

Example 2: Lump sum plus SIP. Already have ₹1,00,000 invested? Put it in the pv argument as −100000: =FV(B10,B11,-B4,-100000,1).

Example 3: Compare three return rates. Copy column B to C and D with 8% and 10% in row 5 to see a cautious, middle and hopeful value side by side.

Quick revision cards

Englishमराठीहिंदी

Quick revision

Each card shows formulas from this page, each with an example and its answer from the template. Scan the QR code on a card to open this lesson. All names and numbers are made up for practice.

More cards: Ravi Sir's Cards.

6. Frequently asked questions

What is the SIP formula in Excel?

=FV(monthly rate, months, -SIP amount, 0, 1). With 12% a year, ₹5,000 a month for 15 years gives ₹23,79,657 when the monthly rate is (1+12%)^(1/12)−1.

Why does my Excel SIP value differ from an online calculator?

Calculators differ in two things: the monthly rate (12%/12 or the compounded rate) and start or end of month. Change B8 and compare B12 with B15 to see both effects.

How do I calculate a step-up SIP in Excel?

Make a yearly table: SIP of the year = first SIP × (1+step-up)^(year−1), and value = last year's value × (1+monthly rate)^12 + FV of this year's 12 SIPs.

How much is ₹5,000 a month for 15 years at 12%?

About ₹23.8 lakh at the start of every month, using the compounded monthly rate. It is an estimate; real returns vary.

Can I find the SIP needed for a target amount?

Yes. Use PMT: =PMT(B10,B11,0,-target,1) gives the monthly SIP, or use Goal Seek on B12.

7. Quick quiz

Ten questions on this page. Sign in to save your score.