Financialintermediate
Calculate a fixed loan payment with PMT
=PMT(B1/12,B2*12,-B3)
Function reference
PMT in Excel & Google Sheets
PMT is used in 1 formula pattern in this library. Browse worked examples below, or use the generator to build a custom variation for your specific data.
1 intermediateBuild a custom PMT formula →
When to use PMT
- Calculate monthly mortgage payments, car loan instalments, or any amortising loan payment from the interest rate, term, and principal.
Worked examples (1)
Common errors with PMT
PMT returns a negative number
PMT returns a negative value when the principal (pv) is positive because it represents a cash outflow. Negate the principal (-B3) or wrap the result in ABS() to get a positive payment amount.
Wrong payment amount
Make sure the rate and nper are in the same time unit. For monthly payments, the rate must be monthly (annual rate / 12) and nper must be total months (years × 12).
Frequently asked questions
How do I calculate an annual payment instead of monthly?
Use the annual rate directly and the total years as nper — =PMT(B1, B2, -B3) — without dividing or multiplying.
Need a custom variation?
Describe your specific PMT problem and get a formula written for your exact data.
Open generator with PMT