PMT

Get the periodic payment for a loan

Syntax

EXCEL Copy

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

Arguments

Parameter	Description
rate	The interest rate for the loan.
nper	The total number of payments for the loan.
pv	The present value, or total value of all loan payments now.
fv	[optional] The future value, or a cash balance you want after the last payment is made. Defaults to 0 (zero).
type	[optional] When payments are due. 0 = end of period. 1 = beginning of period. Default is 0.

Return Value

loan payment as a number

Details

The PMT function can be used to figure out the future payments for a loan, assuming constant payments and a constant interest rate. For example, if you are borrowing $10,000 on a 24 month loan with an annual interest rate of 8 percent, PMT can tell you what your monthly payments be and how much principal and interest you are paying each month.

See Also

FV PV RATE NPER PMT PPMT IPMT CUMPRINC