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WorksheetFunction.Pmt method (Excel)

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

Syntax

expression.Pmt (Arg1, Arg2, Arg3, Arg4, Arg5)

expression A variable that represents a WorksheetFunction object.

Parameters

Name Required/Optional Data type Description
Arg1 Required Double Rate - the interest rate for the loan.
Arg2 Required Double Nper - the total number of payments for the loan.
Arg3 Required Double Pv - the present value, or the total amount that a series of future payments is worth now; also known as the principal.
Arg4 Optional Variant Fv - the future value, or a cash balance you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (zero), that is, the future value of a loan is 0.
Arg5 Optional Variant Type - the number 0 (zero) or 1; indicates when payments are due.

Return value

Double

Remarks

For a more complete description of the arguments in Pmt, see the Pv function.

The following table describes the values that can be used for Arg5.

Set type equal to If payments are due
0 or omitted At the end of the period
1 At the beginning of the period

The payment returned by Pmt includes principal and interest but no taxes, reserve payments, or fees sometimes associated with loans.

Make sure that you are consistent about the units that you use for specifying rate and nper. If you make monthly payments on a four-year loan at an annual interest rate of 12 percent, use 12%/12 for rate and 4*12 for nper. If you make annual payments on the same loan, use 12 percent for rate and 4 for nper.

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