PMT Calculator

Online Excel financial function PMT calculator, calculate your monthly payments.

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PMT Calculator

  • PMT is a financial function used to figure out the loan payments based on constant payments and a constant interest rate.

    PMT =
    P xAPR
    N
    1 - ( 1 +APR
    N
    )(-N x Y)

    P = Loan amount
    APR = Annual percentage rate
    N = Number of payments per year (monthly payment means 12 payments in a year)
    Y = Term of the loan (number of years)

    If the interest rate is equal to zero:
    PMT = Loan amount ÷ Total number of payments

    Example:
    calculate the monthly payment for a loan of $100,000 at an annual rate of 6% and a 5-year term.

    PMT =

    P x APR/ N
    1 - (1 + APR/N) (-N x Y)
    =
    100,000 x 0.06÷12
    1 - (1 + 0.06÷12) (-12 x 5)
    =
    500
    0.259
    = 1,933.28

    monthly payment = $1,933.28
    total payment number = 12 x 5 = 60 payment
    total payment = 60 x 1,933.28 = $115,996.809
    total interest = 115,996.809 - 100,000 = $15,996.809