The standard approach to calculating credit valuation adjustment (CVA) involves the use of a Monte Carlo simulation to calculate the expected exposure as this is the most general solution and allows the impact of close‐out netting to be fully included. Nevertheless there is a place for analytic models, although they are limited compared to the general solution provided by Monte Carlo models. A limited number of analytic solutions are available for the CVA of single derivatives. This chapter derives these, and covers interest rate swaps, interest rate caps and floors and FX forwards. As most of these formulae are for trades on a standalone basis, the CVA calculation will not be correct for more than one transaction in given netting set. Analytic CVA formulae are frequently used as a point of comparison for Monte Carlo models and sometimes used in pricing where performance is critical.