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title: "PV function in Excel: syntax and examples | PracticeExcel"
description: "How to use PV in Excel and Google Sheets: how much you can borrow for a monthly payment, and what a future amount is worth today."
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> Index of every page on this site: [llms.txt](https://practiceexcelonline.com/llms.txt)

# **The PV function**

Returns the present value, what a series of equal future payments, or one future amount, is worth today at a given interest rate.

=

PV(

## **Syntax**

```
PV(rate, nper, pmt, [fv], [type])
```

<dl><dt>**rate **</dt>
<dd>The interest rate per period. For monthly payments on an annual rate, divide it by 12.</dd>
<dt>**nper **</dt>
<dd>The number of payments.</dd>
<dt>**pmt **</dt>
<dd>The payment each period, negative for money paid out. Use 0 for none.</dd>
<dt>**fv **(optional)</dt>
<dd>An amount at the end, negative for money paid out. Left out, 0.</dd>
<dt>**type **(optional)</dt>
<dd>0 or left out if payments are made at the end of each period, 1 if at the start.</dd></dl>

## **Examples**

B1`=PV(<sup>1</sup>0.05/12,<sup>2</sup>5*12,<sup>3</sup>-300)`

|  | A | B |
| --- | --- | --- |
| 1 |  | **15897.2119** |

**In plain words:** What <sup>2</sup>5 years of monthly payments <sup>3</sup>of 300 are worth today at <sup>1</sup>5% a year, counted monthly.

B1=PV(0.04,10,0,-10000)

|  | A | B |
| --- | --- | --- |
| 1 |  | **6755.641688** |

D1=PV(B2/12,B3\*12,-B1)

|  | A | B | C | D |
| --- | --- | --- | --- | --- |
| 1 | Monthly payment | 1500 |  | **250187.4216** |
| 2 | Annual interest rate | 0.06 |  | |
| 3 | Years | 30 |  | |

## **Questions**

<details>

<summary>

### How much can I borrow for a given monthly payment?

</summary>

Use =PV(rate/12,years\*12,-payment). With 300 a month for 5 years at 5%, =PV(5%/12,60,-300) shows you can borrow about 15,897.

</details>

<details>

<summary>

### What is the difference between PV and NPV?

</summary>

PV values equal payments at a fixed rate. NPV values a list of cash flows that can differ from period to period, such as the returns of a project.

</details>

## **Related functions**

- [**FV**](https://practiceexcelonline.com/functions/fv)
- [**PMT**](https://practiceexcelonline.com/functions/pmt)
- [**NPV**](https://practiceexcelonline.com/functions/npv)
- [**RATE**](https://practiceexcelonline.com/functions/rate)

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