FormulaCraft

PMT

PMT returns the fixed payment for a loan based on a constant interest rate and term. Use a monthly rate and number of months for a monthly payment.

Excel
=PMT(0.06/12, 60, -20000)
Google Sheets
=PMT(0.06/12, 60, -20000)

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How it works

  1. 10.06/12 is the monthly rate (6% annual ÷ 12).
  2. 260 is the number of monthly payments.
  3. 3-20000 is the loan amount (negative because it is money out).

Need a version for your data?

Try: “Work out the monthly payment on a 20000 loan at 6% over 5 years”

Related

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Written and reviewed by FormulaCraft Team. Each formula on this page is run through our verification engine before publishing.

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