PMT Google Sheet Formula

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PMT Formula Syntax

=PMT(0.05/12, 360, 200000)

Example Use Case

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

Understanding the PMT Formula

The PMT function in Excel calculates the payment for a loan based on constant payments and a constant interest rate. It's a loan calculation tool for payment estimation—like determining a monthly mortgage, car, or personal loan payment.

PMT(0.05/12, 360, 200000) calculates the monthly payment on a $200,000, 30-year loan at 5% annual interest. It takes rate, nper, pv, and optional fv and type arguments, providing the periodic payment amount—essential for budgeting or comparing loan options.

Why Use PMT?

PMT estimates regular payments—think loan planning or mortgage shopping. Its accurate calculation includes both principal and interest, making it a fundamental tool for financial planning, loan comparisons, or payment scheduling for any fixed-term financing.

Example with Sample Data

Parameters	Formula	Result
Rate: 5%/12 (monthly) Term: 360 months Principal: $200,000 Type: 0 (end of period)	=PMT(0.05/12, 360, 200000)	-$1,073.64
Rate: 4.5%/12 (monthly) Term: 360 months Principal: $200,000 Type: 0 (end of period)	=PMT(0.045/12, 360, 200000)	-$1,013.37
Rate: 6%/12 (monthly) Term: 60 months Principal: $30,000 Type: 0 (end of period)	=PMT(0.06/12, 60, 30000)	-$579.98

PMT calculates loan payments: -$1,073.64 per month for a $200,000 mortgage at 5% over 30 years. Lower rates reduce payments to -$1,013.37. Negative indicates payment outflow. It's a loan payment calculator.