FinancialLevel: IntermediateAvailable in: Excel 2007+
In this article
- Syntax
- Examples
- Example 1
- Power combo
- Common errors and fixes
- Related functions
PMT calculates the fixed periodic payment for a loan — the EMI on home, car and personal loans.
Syntax
=PMT(rate, nper, pv, [fv], [type])
| Argument |
What it means |
rate |
Interest per period — annual rate / 12 for monthly EMIs. |
nper |
Number of payments — years × 12. |
pv |
Loan amount (use a minus sign to get a positive EMI). |
Examples
Example 1
=PMT(9%/12, 20*12, -5000000)
EMI on a ₹50 lakh loan at 9% for 20 years (about ₹44,986).
Power combo
=PMT(B1/12, B2*12, -B3)*B2*12-B3
Total interest paid over the loan.
Common errors and fixes
| You see |
Why, and the fix |
Huge EMI |
Annual rate used without /12 — the rate and the number of periods must use the same unit. |
IPMT · PPMT · RATE · NPER
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