MYGA Calculator With Today’s Top Rates

How Much Will a MYGA Grow?

A MYGA (multi-year guaranteed annuity) pays one locked interest rate for a set number of years, so its growth is fully predictable. At a hypothetical 6.00% rate, a $100,000 MYGA grows to about $133,823 over a 5-year term, all of it tax-deferred. The calculator below does something no generic annuity calculator does: it loads today’s top MYGA rate for your chosen term straight from our live feed of 90+ top annuity companies.

How this MYGA calculator works: pick a guarantee term and the rate field fills in with today’s highest compound rate for that term, along with the carrier offering it and its AM Best rating. You can accept that rate or type in any rate you have been quoted. The projection compounds your premium annually for the full term and shows a year-by-year schedule plus a tax-aware comparison to a CD at the same rate.

Why This Calculator Uses Live Rates

Most annuity calculators make you guess at a rate, and a guess that is off by half a percent changes a 5-year projection on $100,000 by thousands of dollars. Our rate feed refreshes throughout the day from 90+ top annuity companies, the same data behind our fixed annuity rates page. That means the number you start from is a rate you could actually apply for today.

The prefilled rate is always a compound rate. Some MYGAs advertise simple interest, which produces a higher headline number but less growth over the term, so we exclude those from the prefill to keep the projection honest.

How to Use the MYGA Calculator

1. Enter your investment amount. Use the sum you would actually move, whether it comes from a maturing CD, savings, or an old annuity. Most MYGAs accept between $2,500 and $1 million.
2. Pick your guarantee term. Terms run from 2 to 10 years, and the calculator immediately shows today’s top rate for whichever term you select. Longer terms usually pay more but lock your money up longer.
3. Set your tax bracket and calculate. The results show your guaranteed ending value, total interest, a year-by-year schedule, and how much further ahead you finish versus a CD taxed every year.

What Is a MYGA?

A multi-year guaranteed annuity is a contract with an insurance company that locks in one interest rate for the full guarantee period, typically 2 to 10 years. It is the insurance industry’s answer to a CD, with two key differences: rates are usually higher, and interest compounds tax-deferred until you withdraw it. Principal is protected by the issuing carrier and backstopped by your state guaranty association.

If you want the deeper mechanics of fixed annuity growth, our fixed annuity calculator page walks through the compounding and tax math step by step. This page focuses on getting you from a real rate to a real projection as fast as possible.

Choosing Your Guarantee Term

Shorter terms of 2 to 3 years keep your money accessible sooner and let you reinvest if rates rise. Longer terms of 5 to 10 years usually lock in a higher rate and defer taxes for longer. There is no universally correct answer, only the right term for when you will need the money.

Many buyers split the difference with a ladder, placing portions into 3-year, 5-year, and 7-year contracts so a piece matures every few years. Our guide to MYGA ladders vs CD ladders shows how that strategy works in practice. You can model each rung separately in the calculator above.

From Projection to Real Contracts

Once the projection looks right, the next step is seeing which carriers actually offer that rate. The rate marketplace lists every MYGA in our feed and can be filtered by your state, amount, and term. For a curated view by term, see today’s 5-year fixed annuity rates or the full fixed annuity rates page.

Rates are set by each carrier and can change without notice, which is why we never publish a static rate table. The IRS rules that govern how this tax deferral works are laid out in IRS Publication 575.

Frequently Asked Questions

What is the difference between a MYGA and a fixed annuity?

A MYGA is a type of fixed annuity where the rate is guaranteed for the entire contract term. A traditional fixed annuity may only guarantee its rate for the first year and can renew at a lower rate afterward. When people compare annuities to CDs, they almost always mean MYGAs.

What is a good MYGA rate right now?

It changes daily, which is why this calculator pulls today’s top rate for each term instead of quoting a number that would go stale. As a rule of thumb, a competitive MYGA should beat the best CD of the same term. Check the live rates page for today’s leaders by term.

Is MYGA interest taxed every year?

No. Interest compounds tax-deferred inside the contract, and you owe ordinary income tax only when you withdraw it. That is the main reason a MYGA finishes ahead of a CD paying the identical rate, since CD interest is taxed every year even if you never touch it.

What happens if I withdraw from a MYGA early?

Withdrawals beyond your penalty-free allowance trigger surrender charges, which typically start around 7 to 9 percent and decline each year of the term. Most contracts let you withdraw interest or up to 10 percent annually without penalty. See our full guide to annuity surrender charges before committing.

Can I ladder multiple MYGAs?

Yes, and it is one of the most popular MYGA strategies. Splitting your money across staggered terms means a contract matures every year or two, giving you regular chances to reinvest at current rates or take cash without penalty. Run each rung through the calculator above to see the combined effect.