PMT Calculator (Loan Payment)
Calculate loan payments and total interest with the Excel PMT formula. Free mortgage and loan payment calculator.
Calculate loan payments using the same PMT formula as Excel. See exactly how much your monthly payment will be for any loan amount, interest rate, and term. Compare different loan scenarios to find the best option. Includes total interest calculation and ready-to-use Excel formulas.
How to Use This Tool
- Enter the loan principal amount
- Input the annual interest rate
- Specify the loan term in years or months
- Choose payment frequency (monthly, bi-weekly)
- View your payment amount and total interest
Common Use Cases
- •Mortgage payment planning
- •Car loan affordability check
- •Personal loan comparison
- •Student loan repayment planning
- •Equipment financing analysis
Benefits of This Tool
Loan Details
Enter your loan information to calculate payments
Payment Results
Monthly Payment
$1,389.58
Total of 300 Payments
$416,874.36
Total Interest Paid
$166,874.36
Interest as % of Principal
66.75%
=PMT(4.5%/12, 25*12, -250000, 0, 0)
Rate Comparison
See how different interest rates affect your payments
| Rate | Payment | Total Interest | vs Current |
|---|---|---|---|
| 3.50% | $1,251.56 | $125,467.68 | Save $41,406.68 |
| 4.00% | $1,319.59 | $145,877.63 | Save $20,996.73 |
| 4.50% < | $1,389.58 | $166,874.36 | Current |
| 5.00% | $1,461.48 | $188,442.53 | Cost $21,568.17 |
| 5.50% | $1,535.22 | $210,565.62 | Cost $43,691.26 |
What is the PMT function?
PMT calculates the payment for a loan based on constant payments and a constant interest rate. It's one of Excel's most useful financial functions, essential for loan planning and budgeting.
Need to create loan amortization schedules in Excel?
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Learn the Excel Formulas
=PMT(rate, nper, pv, [fv], [type])
=IPMT(rate, per, nper, pv, [fv], [type])
=PPMT(rate, per, nper, pv, [fv], [type])
=FV(rate, nper, pmt, [pv], [type])
=PV(rate, nper, pmt, [fv], [type])
=NPER(rate, pmt, pv, [fv], [type])
=RATE(nper, pmt, pv, [fv], [type], [guess])
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