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Excel

PMT function in Excel

Returns the periodic payment for an annuity

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

PMT syntax and parameters

Five arguments, three required.

  • ratenumberRequired

    The interest rate for the loan.

  • npernumberRequired

    The total number of payments for the loan.

  • pvnumberRequired

    The present value, or the total amount that a series of future payments is worth now; also known as the principal.

  • fvnumberOptional

    The future value, or a cash balance you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (zero), that is, the future value of a loan is 0.

  • typenumberOptional

    The number 0 (zero) or 1 and indicates when payments are due.

PMT examples

Formulas you'll actually reuse.

  1. Monthly payment on a $320k, 30-year loan at 4.5%:

    =PMT(4.5%/12, 360, -320000)

    Result1621.39

  2. What to save monthly to hold $15,000 in two years:

    =PMT(3%/12, 24, 0, 15000)

    Result-607.03

PMT in Google Sheets

Same name — your formula ports as-is.

Try PMT in the playground

Edit the example — nothing to install.

Preloaded with the PMT formula from Example 1 — change anything and watch it respond.

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Related functions

More ways Excel gets this done.