> For the complete documentation index, see [llms.txt](https://docs.valq.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.valq.com/model/formula-functions/finance-functions/pmt.md).

# PMT

The PMT function calculates the payments for a loan based on constant payments and a constant interest rate.

### Syntax

PMT(Rate,Nper,PV,FV?,Type?) - > Number 

### Arguments

<table><thead><tr><th width="145">Arguments</th><th width="194">Datatype</th><th>Description</th></tr></thead><tbody><tr><td>Rate</td><td>Number, Node reference</td><td>The interest rate per period.</td></tr><tr><td>Nper</td><td>Number, Node reference</td><td>The total number of periods.</td></tr><tr><td>PV</td><td>Node reference</td><td>The present value or initial investment. Cash outflows are considered as negative and cash inflows as positive.</td></tr><tr><td>FV?</td><td>Node reference</td><td>The future or residual value. This is an optional argument and if omitted, it is considered to be zero.</td></tr><tr><td>Type?</td><td>Number </td><td>Indicates when the payments are made. Type is zero if payments are made at the end of the period and non-zero if payments are made at the start of the period. This is an optional argument and when omitted, it is considered to be zero.</td></tr></tbody></table>

### Example

Consider a $10,000 loan at an annual rate of 10% that is to be paid off in 1.5 years. All payments are made at the beginning of the month.

<table><thead><tr><th width="88">Periods</th><th width="133">1</th><th width="73">2</th><th width="82">3</th><th width="73">4</th><th width="77">5</th><th width="75">6</th><th width="77">7</th><th width="73">8</th><th width="75">9</th><th width="81">10</th><th width="77">11</th><th width="73">12</th><th width="75">13</th><th width="77">14</th><th width="79">15</th><th width="77">16</th><th width="77">17</th><th width="79">18</th></tr></thead><tbody><tr><td>Periodic Rate</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td><td>0.83%</td></tr><tr><td><mark style="color:purple;">Number of periods</mark></td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td></tr><tr><td><mark style="color:orange;">Loan Amount</mark></td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td><td>10000</td></tr><tr><td>Type</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr></tbody></table>

To calculate the monthly payments that are to be made, the formula should be written in the \[PMT] node:

<mark style="color:blue;">**`PMT`**</mark>**`( 0.83% ,`**<mark style="color:purple;">**`[Number of periods]`**</mark>**`,`**<mark style="color:orange;">**`[Loan Amount]`**</mark>**`,0,1)`**

We are dividing the annual rate by 12 to get the period rate.

### Result

**Monthly Payments**

<table data-header-hidden><thead><tr><th width="88">Column1</th><th width="134">Column2</th><th width="75">Column3</th><th width="82">Column4</th><th width="75">Column5</th><th width="77">Column6</th><th width="75">Column7</th><th width="79">Column8</th><th width="75">Column9</th><th width="83">Column10</th><th width="83">Column11</th><th width="83">Column12</th><th width="83">Column13</th><th width="83">Column14</th><th width="83">Column15</th><th width="83">Column16</th><th width="83">Column17</th><th width="83">Column18</th><th width="83">Column19</th></tr></thead><tbody><tr><td>PMT</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td><td>₹ -595.61</td></tr></tbody></table>


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