--- title: "PMT function in Excel: syntax and examples | PracticeExcel" description: "How to use PMT in Excel and Google Sheets: the monthly payment on a loan, with the rate per period and the number of payments." canonical_url: "https://practiceexcelonline.com/functions/pmt" locale: en meta: "og:description": "How to use PMT in Excel and Google Sheets: the monthly payment on a loan, with the rate per period and the number of payments." "og:image": "https://practiceexcelonline.com/_og/d/c_Page%2Ctitle_~UE1UIGZ1bmN0aW9uIGluIEV4Y2VsOiBzeW50YXggYW5kIGV4YW1wbGVz%2Cdescription_~SG93IHRvIHVzZSBQTVQgaW4gRXhjZWwgYW5kIEdvb2dsZSBTaGVldHM6IHRoZSBtb250aGx5IHBheW1lbnQgb24gYSBsb2FuLCB3aXRoIHRoZSByYXRlIHBlciBwZXJpb2QgYW5kIHRoZSBudW1iZXIgb2YgcGF5bWVudHMu%2Ceyebrow_Excel%2Bfunctions%2Csite_practiceexcel%2Ccode_~UE1UKHJhdGUsIG5wZXIsIHB2LCBbZnZdLCBbdHlwZV0p%2Cp_Ii9mdW5jdGlvbnMvcG10Ig%2Cs_5aTYCfzvFNPGCtbY.png" "og:image:height": "600" "og:image:type": image/png "og:image:width": "1200" "og:title": "PMT function in Excel: syntax and examples | PracticeExcel" "twitter:image": "https://practiceexcelonline.com/_og/d/c_Page%2Ctitle_~UE1UIGZ1bmN0aW9uIGluIEV4Y2VsOiBzeW50YXggYW5kIGV4YW1wbGVz%2Cdescription_~SG93IHRvIHVzZSBQTVQgaW4gRXhjZWwgYW5kIEdvb2dsZSBTaGVldHM6IHRoZSBtb250aGx5IHBheW1lbnQgb24gYSBsb2FuLCB3aXRoIHRoZSByYXRlIHBlciBwZXJpb2QgYW5kIHRoZSBudW1iZXIgb2YgcGF5bWVudHMu%2Ceyebrow_Excel%2Bfunctions%2Csite_practiceexcel%2Ccode_~UE1UKHJhdGUsIG5wZXIsIHB2LCBbZnZdLCBbdHlwZV0p%2Cp_Ii9mdW5jdGlvbnMvcG10Ig%2Cs_5aTYCfzvFNPGCtbY.png" --- > Index of every page on this site: [llms.txt](https://practiceexcelonline.com/llms.txt) # **The PMT function** Returns the payment per period on a loan with a fixed interest rate, paid off in equal payments. The result is negative because it is money going out. = PMT( ## **Syntax** ``` PMT(rate, nper, pv, [fv], [type]) ```
**rate **
The interest rate per period. For monthly payments on an annual rate, divide it by 12.
**nper **
The number of payments. For monthly payments over 5 years, that is 5*12.
**pv **
The amount borrowed today.
**fv **(optional)
What is left when the last payment is made. Leave it out for 0, a loan paid off in full.
**type **(optional)
0 or left out if payments are due at the end of each period, 1 if at the start.
## **Examples** D1`=PMT(1B2/12,2B3*12,3-B1)` | | A | B | C | D | | --- | --- | --- | --- | --- | | 1 | Amount borrowed | 500000 | | **9666.400765** | | 2 | Annual interest rate | 0.06 | | | | 3 | Years | 5 | | | **In plain words:** The monthly payment on 3the amount in B1 over 2the years in B3, counted in months at 1the annual rate in B2, split into months. B1=PMT(0.04,10,-100000) | | A | B | | --- | --- | --- | | 1 | | **12329.09443** | ## **Practice PMT** - [**1****Monthly loan payment with PMT**→](https://practiceexcelonline.com/practice/loan-payments/pmt-loan-payment) - [**2****Total interest on a loan**→](https://practiceexcelonline.com/practice/loan-payments/total-interest-on-a-loan) ## **Questions**
### Why does PMT give a negative number? Excel treats money you receive as positive and money you pay as negative. Enter the loan amount as a negative number, like -B1, or put a minus in front of PMT to get a positive payment.
### How do I get the monthly payment on an annual rate? Divide the annual rate by 12 and multiply the number of years by 12, so rate and number of payments are both in months.
## **Related functions** - [**NPV**](https://practiceexcelonline.com/functions/npv) - [**IRR**](https://practiceexcelonline.com/functions/irr) ```json {"@context":"https://schema.org","@graph":[{"@id":"https://practiceexcelonline.com/#identity","@type":"Organization","name":"PracticeExcel","url":"https://practiceexcelonline.com/","logo":{"@id":"https://practiceexcelonline.com/#logo"}},{"@id":"https://practiceexcelonline.com/#website","@type":"WebSite","inLanguage":"en-US","name":"PracticeExcel","url":"https://practiceexcelonline.com/","alternateName":["Practice Excel Online","PracticeExcelOnline.com"],"publisher":{"@id":"https://practiceexcelonline.com/#identity"},"workTranslation":{"@id":"https://excelopgaver.dk/#website"}},{"@id":"https://practiceexcelonline.com/functions/pmt#webpage","description":"How to use PMT in Excel and Google Sheets: the monthly payment on a loan, with the rate per period and the number of payments.","name":"PMT function in Excel: syntax and examples","url":"https://practiceexcelonline.com/functions/pmt","@type":["WebPage","FAQPage"],"breadcrumb":{"@id":"https://practiceexcelonline.com/functions/pmt#breadcrumb"},"isPartOf":{"@id":"https://practiceexcelonline.com/#website"},"mainEntity":[{"@id":"https://practiceexcelonline.com/functions/pmt#/schema/question/1"},{"@id":"https://practiceexcelonline.com/functions/pmt#/schema/question/2"}],"potentialAction":[{"@type":"ReadAction","target":["https://practiceexcelonline.com/functions/pmt"]}],"primaryImageOfPage":{"@id":"https://practiceexcelonline.com/#logo"}},{"@id":"https://practiceexcelonline.com/functions/pmt#breadcrumb","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","name":"Home","item":"https://practiceexcelonline.com","position":1},{"@type":"ListItem","name":"Excel functions","item":"https://practiceexcelonline.com/functions","position":2},{"@type":"ListItem","name":"PMT function in Excel: syntax and examples","position":3}]},{"@id":"https://practiceexcelonline.com/functions/pmt#article","description":"How to use PMT in Excel and Google Sheets: the monthly payment on a loan, with the rate per period and the number of payments.","headline":"PMT function in Excel: syntax and examples","inLanguage":"en-US","thumbnailUrl":"https://practiceexcelonline.com/_og/d/c_Page%2Ctitle_~UE1UIGZ1bmN0aW9uIGluIEV4Y2VsOiBzeW50YXggYW5kIGV4YW1wbGVz%2Cdescription_~SG93IHRvIHVzZSBQTVQgaW4gRXhjZWwgYW5kIEdvb2dsZSBTaGVldHM6IHRoZSBtb250aGx5IHBheW1lbnQgb24gYSBsb2FuLCB3aXRoIHRoZSByYXRlIHBlciBwZXJpb2QgYW5kIHRoZSBudW1iZXIgb2YgcGF5bWVudHMu%2Ceyebrow_Excel%2Bfunctions%2Csite_practiceexcel%2Ccode_~UE1UKHJhdGUsIG5wZXIsIHB2LCBbZnZdLCBbdHlwZV0p%2Cp_Ii9mdW5jdGlvbnMvcG10Ig%2Cs_5aTYCfzvFNPGCtbY.png","@type":["Article","TechArticle"],"author":{"@id":"https://practiceexcelonline.com/#identity"},"image":{"@id":"https://practiceexcelonline.com/#/schema/image/1"},"isPartOf":{"@id":"https://practiceexcelonline.com/functions/pmt#webpage"},"mainEntityOfPage":{"@id":"https://practiceexcelonline.com/functions/pmt#webpage"},"publisher":{"@id":"https://practiceexcelonline.com/#identity"}},{"@id":"https://practiceexcelonline.com/functions/pmt#/schema/question/1","@type":"Question","inLanguage":"en-US","name":"Why does PMT give a negative number?","acceptedAnswer":{"@type":"Answer","text":"Excel treats money you receive as positive and money you pay as negative. 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