Excel Function

PMT

Calculates the payment for a loan or annuity.

PMT(rate, nper, pv, [fv], [type])

Arguments

rate

Required

Specify the interest rate per period. For monthly calculations, use the annual rate divided by 12.

nper

Required

Specify the number of payment periods.

pv

Required

Specify the present value. In loan calculations, this is the principal.

fv

Optional

Specify the future value. If omitted, it is treated as 0.

type

Optional

Specify when payments are due: 0/omitted = end of period, 1 = beginning of period.

Practice Preview

Use PMT to calculate the payment per period for a loan with rate 0.005 per period, 60 periods, and principal 1200000.

Example Table

#
ASlip ID
BUnit Price
CQuantity
DAmount
2S001120.53361.5
3S00298.25491
4S003450.72901.4
5S004300.441201.6
6S005150.96905.4
7
8

How to Use (Formula)

=PMT(0.005, 60, 1200000, 0, 0)

Result

-23199.361835

Practice This Function

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PMT FAQ

How do I use PMT in Excel?

Use PMT when you want to calculate a loan payment. Enter Rate, nper, pv in that order, then add optional arguments when needed.

Where can I practice PMT?

Use the "Start Function Practice" button to jump straight into PMT drills.

What arguments does PMT use?

The main arguments are Rate, nper, pv, fv, Payment timing. Start with the required ones, then add optional arguments if needed.