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Monthly loan payment

Work out the fixed monthly payment for a loan or mortgage.

The formula

Argument separator
Excel and Google Sheets
=PMT(B1/12, B2*12, -B3)

How it works

  1. B1/12

    The yearly interest rate (for example 6%) turned into a monthly rate.

  2. B2*12

    The loan length in years turned into months.

  3. -B3

    The loan amount, negative so the payment shows as a positive number.

Example

B1: RateB2: YearsB3: AmountResult
6%303000001798.65

Tips

  • Total interest paid: =PMT(…)*B2*12-B3.