Excel for Office 365 Excel for Office 365 for Mac Excel 2019 Excel 2016 Excel 2019 for Mac Excel 2013 Excel 2010 Excel 2007 Excel 2016 for Mac Excel for Mac 2011 Excel Online Excel for iPad Excel for iPhone Excel for Android tablets Excel for Android phones Excel Mobile Excel Starter 2010 PMT, one of the, calculates the payment for a loan based on constant payments and a constant interest rate. Use the to figure out a monthly loan payment. At the same time, you'll learn how to use the PMT function in a formula.
The Excel PMT function is a financial function that returns the periodic payment for a loan. You can use the NPER function to figure out payments for a loan.
Syntax PMT(rate, nper, pv, [fv], [type]). Note: For a more complete description of the arguments in PMT, see the PV function. The PMT function syntax has the following arguments: • Rate Required. The interest rate for the loan. • Nper Required. The total number of payments for the loan. • Pv Required.
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The present value, or the total amount that a series of future payments is worth now; also known as the principal. • Fv Optional. 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. • Type Optional.
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The number 0 (zero) or 1 and indicates when payments are due. Set type equal to If payments are due 0 or omitted At the end of the period 1 At the beginning of the period Remarks • The payment returned by PMT includes principal and interest but no taxes, reserve payments, or fees sometimes associated with loans.
• Make sure that you are consistent about the units you use for specifying rate and nper. If you make monthly payments on a four-year loan at an annual interest rate of 12 percent, use 12%/12 for rate and 4*12 for nper.
If you make annual payments on the same loan, use 12 percent for rate and 4 for nper. Tip To find the total amount paid over the duration of the loan, multiply the returned PMT value by nper. Example Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet.
For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data. Data Description 8% Annual interest rate 10 Number of months of payments $10,000 Amount of loan Formula Description Result =PMT(A2/12,A3,A4) Monthly payment for a loan with terms specified as arguments in A2:A4.
($1,037.03) =PMT(A2/12,A3,A4) Monthly payment for a loan with with terms specified as arguments in A2:A4, except payments are due at the beginning of the period. ($1,030.16) Data Description 6% Annual interest rate 18 Number of months of payments $50,000 Amount of loan Formula Description Live Result =PMT(A12/12,A13*12, 0,A14) Amount to save each month to have $50,000 at the end of 18 years.
• Select cell D2 to make it the. • Select the Formulas tab of the. • Choose Financial functions to open the function drop-down list. • Select PMT in the list to bring up the function's dialog box. • Select the Rate line in the dialog box.
• Select cell B2 to enter this. • Type a forward slash ( /) followed by the number 12 in the Rate line of the dialog box to get the interest rate per month. • Select the Nper line in the dialog box. • Select cell B3 to enter this cell reference.
• Select the Pv line in the dialog box. • Select cell B4 in the spreadsheet.
• Select OK to close the dialog box and complete the function. • The answer ($943.56) appears in cell D2. • When you select cell D2 the complete function =PMT(B2/12,B3,B4) appears in the above the.
The PMT function calculates the payment for a loan that has constant payments and a constant interest rate. Enter an interest rate, the number of payments, and the loan amount on the worksheet. Then, refer to those cells in the PMT formula. Watch this short video to see the steps for setting up a payment calculation, using the PMT function. Instructor: Debra Dalgleish, Contextures Inc. Get Debra's weekly Excel tips: More Excel Tips and Tutorials: Subscribe to Contextures YouTube: '---------------------- Transcript - Calculate Loan Payments with Excel PMT Function In Excel, to calculate monthly payments, you can use the PMT function. In this example, we're going to enter the annual rate, and then the number of payments we have to make, the amount that we'll be borrowing, and then we'll use the PMT function in this cell to calculate the monthly payment.
The annual rate that we're going to pay is 5%. In this cell, we're going to borrow the amount over four years. There are 12 months per year, so 48 months.
I'll be making 48 payments, and the amount that we're going to borrow is $10,000. Those are the three numbers that we need in order to calculate the monthly payment. Here is the syntax for the PMT function. We'll start by typing equals, and then PMT, open bracket, and now I'm going to click on the cell where I entered the rate. I'll click here where it says 5%, but it's not 5% per month. That's the annual rate.