Reference > Functions > PMT function

Calculates the payment for a loan based on constant payments and a constant interest rate.

Syntax

PMT(rate,nper,pv,type)

Rate	is the interest rate for the loan, consistent with the number of payment periods. For example if the annual interest rate is 9% (0.09) and the payments are made monthly, then Rate should be 0.09/12.
Nper	total number of payments for the loan.
Pv	present value of the loan, also known as the principal.
Type	indicates when payments are due. Set to 0 if payments are due at the end of each period; 1 if payments are due at the beginning of each period.

This function is identical to Excel's PMT function with a future value of 0.

Examples:

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