The only required arguments are the first three for interest rate, number of payments, and loan amount. The syntax for the function is PMT(rate, number_payments, loan_amount, future_value, type) Select the cell where you want to calculate the monthly payment this is where you'll insert the PMT (payment) function. Get the annual interest rate, number of payments you'd like, and total loan amount and enter these into your sheet. Related: 7 Essential Microsoft Excel Functions for Budgeting To find out in Excel, you simply need the basic loan information and a handy function.
Calculate a Loan Payment in Excelįor many people, affording a new car involves knowing what the monthly payment will be.
With a few simple functions and your data, you can easily get basic loan calculations in Microsoft Excel.
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