This Excel tutorial explains how to use the Excel **PMT function** with syntax and examples.

The Microsoft Excel **PMT function** returns the payment amount for a loan based on an interest rate and a constant payment schedule.

The syntax for the Microsoft Excel **PMT function** is:

PMT( interest_rate, number_payments, PV, [FV], [Type] )

*interest_rate* is the interest rate for the loan.

*number_payments* is the number of payments for the loan.

*PV* is the present value or principal of the loan.

*FV* is optional. It is the future value or the loan amount outstanding after all payments have been made. If this parameter is omitted, the PMT function assumes a *FV* value of 0.

*Type* is optional. It indicates when the payments are due. *Type* can be one of the following values:

Value | Explanation |
---|---|

0 | Payments are due at the end of the period. (default) |

1 | Payments are due at the beginning of the period. |

If the *Type* parameter is omitted, the PMT function assumes a *Type* value of 0.

The **PMT function** can be used in the following versions of Microsoft Excel:

- Excel 2013, Excel 2011 for Mac, Excel 2010, Excel 2007, Excel 2003, Excel XP, Excel 2000

The **PMT function** can be used in Microsoft Excel as the following type of function:

- Worksheet function (WS)
- VBA function (VBA)

Let's look at an example to how you would use the **PMT examples** and explore how to use the **PMT function** as a worksheet function in Microsoft Excel:

This first example returns the monthly payment on a $5,000 loan at an annual rate of 7.5%. The loan is paid off in 2 years (ie: 2 x 12). All payments are made at the beginning of the period.

=PMT(7.5%/12, 2*12, 5000, 0, 1)

This next example returns the weekly payment on a $8,000 loan at an annual rate of 6%. The loan is paid off in 4 years (ie: 4 x 52). All payments are made at the end of the period.

=PMT(6%/52, 4*52, 8000, 0, 0)

This next example returns the annual payment on a $6,500 loan at an annual rate of 5.25%. The loan is paid off in 10 years (ie: 10 x 1). All payments are made at the end of the period.

=PMT(5.25%/1, 10*1, 6500, 0, 0)

This final example returns the monthly payment on a $5,000 loan at an annual rate of 8%. The loan is paid on for 3 years (ie: 3 x 12) with a remaining balance on the loan of $1,000 after the 3 years. All payments are made at the end of the period.

=PMT(8%/12, 3*12, 5000, -1000, 0)

The **PMT function** can also be used in VBA code in Microsoft Excel.

Let's look at some Excel PMT function examples and explore how to use the **PMT function** in Excel VBA code:

Dim LValue As Currency LValue = Pmt(0.08/12, 3*12, 5000, -1000, 0)

In this example, the variable called LValue would now contain the value of ($132.01)

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- ABS (WS, VBA)
- ACCRINT (WS)
- ACCRINTM (WS)
- ACOS (WS)
- ACOSH (WS)
- ADDRESS (WS)
- AGGREGATE (WS)
- AMORDEGRC (WS)
- AMORLINC (WS)
- AND (WS)
- AND (VBA)
- AREAS (WS)
- ASC (VBA)
- ASIN (WS)
- ASINH (WS)
- ATAN (WS)
- ATAN2 (WS)
- ATANH (WS)
- ATN (VBA)
- AVEDEV (WS)
- AVERAGE (WS)
- AVERAGEA (WS)
- AVERAGEIF (WS)
- AVERAGEIFS (WS)
- BETA.DIST (WS)
- BETA.INV (WS)
- BETADIST (WS)
- BETAINV (WS)
- BIN2DEC (WS)
- BIN2HEX (WS)
- BIN2OCT (WS)
- BINOM.DIST (WS)
- BINOM.INV (WS)
- BINOMDIST (WS)
- CASE (VBA)
- CBOOL (VBA)
- CBYTE (VBA)
- CCUR (VBA)
- CDATE (VBA)
- CDBL (VBA)
- CDEC (VBA)
- CEILING (WS)
- CEILING.PRECISE (WS)
- CELL (WS)
- CHAR (WS)
- CHDIR (VBA)
- CHDRIVE (VBA)
- CHIDIST (WS)
- CHIINV (WS)
- CHITEST (WS)
- CHOOSE (WS, VBA)
- CHR (VBA)
- CINT (VBA)
- CLEAN (WS)
- CLNG (VBA)
- CODE (WS)
- COLUMN (WS)
- COLUMNS (WS)
- COMBIN (WS)
- COMBINA (WS)
- COMPLEX (WS)
- Concat with & (WS, VBA)
- CONCATENATE (WS)
- CONVERT (WS)
- COS (WS, VBA)
- COSH (WS)
- COUNT (WS)
- COUNTA (WS)
- COUNTBLANK (WS)
- COUNTIF (WS)
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- COVAR (WS)
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- DATE (WS)
- DATEADD (VBA)
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- DATEDIFF (VBA)
- DATEPART (VBA)
- DATESERIAL (VBA)
- DATEVALUE (WS, VBA)
- DAVERAGE (WS)
- DAY (WS, VBA)
- DAYS360 (WS)
- DB (WS)
- DCOUNT (WS)
- DCOUNTA (WS)
- DDB (WS, VBA)
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- DIR (VBA)
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- DOLLAR (WS)
- DPRODUCT (WS)
- DSTDEV (WS)
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- DVAR (WS)
- DVARP (WS)
- ERROR.TYPE (WS)
- EVEN (WS)
- EXACT (WS)
- EXP (WS, VBA)
- FACT (WS)
- FALSE (WS)
- FILEDATETIME (VBA)
- FILELEN (VBA)
- FIND (WS)
- FIX (VBA)
- FIXED (WS)
- FLOOR (WS)
- FORECAST (WS)
- FORMAT Dates (VBA)
- FORMAT Numbers (VBA)
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- FREQUENCY (WS)
- FV (WS, VBA)
- GETATTR (VBA)
- GROWTH (WS)
- HLOOKUP (WS)
- HOUR (WS, VBA)
- HYPERLINK (WS)
- IF (WS)
- IF-THEN-ELSE (VBA)
- IFs (more than 7) (WS)
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- INDEX (WS)
- INDIRECT (WS)
- INFO (WS)
- INSTR (VBA)
- INSTRREV (VBA)
- INT (WS, VBA)
- INTERCEPT (WS)
- IPMT (WS, VBA)
- IRR (WS, VBA)
- ISBLANK (WS)
- ISDATE (VBA)
- ISERR (WS)
- ISERROR (WS, VBA)
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- ISNA (WS)
- ISNONTEXT (WS)
- ISNULL (VBA)
- ISNUMBER (WS)
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- ISPMT (WS)
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- MATCH (WS)
- MAX (WS)
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- MINVERSE (WS)
- MIRR (WS, VBA)
- MKDIR (VBA)
- MMULT (WS)
- MOD (WS)
- MONTH (WS, VBA)
- MONTHNAME (VBA)
- N (WS)
- NA (WS)
- NETWORKDAYS (WS)
- NETWORKDAYS.INTL (WS)
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- NPV (WS, VBA)
- ODD (WS)
- OFFSET (WS)
- OR (WS)
- OR (VBA)
- PERCENTILE (WS)
- PERCENTRANK (WS)
- PERMUT (WS)
- PI (WS)
- PMT (WS, VBA)
- POWER (WS)
- PPMT (WS, VBA)
- PRODUCT (WS)
- PROPER (WS)
- PV (WS, VBA)
- QUARTILE (WS)
- RADIANS (WS)
- RAND (WS)
- RANDBETWEEN (WS)
- RANDOMIZE (VBA)
- RANK (WS)
- RATE (WS, VBA)
- REPLACE (WS)
- REPLACE (VBA)
- REPT (WS)
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- RND (VBA)
- ROMAN (WS)
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- RTRIM (VBA)
- SEARCH (WS)
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- SMALL (WS)
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- SQRT (WS)
- STDEV (WS)
- STDEVA (WS)
- STDEVP (WS)
- STDEVPA (WS)
- STR (VBA)
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- SWITCH (VBA)
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- TEXT (WS)
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- TIMESERIAL (VBA)
- TIMEVALUE (WS, VBA)
- TODAY (WS)
- TRANSPOSE (WS)
- TRIM (WS, VBA)
- TRUE (WS)
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- UCASE (VBA)
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- VAL (VBA)
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- VARPA (WS)
- VDB (WS)
- VLOOKUP (WS)
- WEEKDAY (WS, VBA)
- WEEKDAYNAME (VBA)
- YEAR (WS, VBA)
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