How to Use Excel PMT Function to Calculate Loan Payments
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How to Use the Excel PMT Function
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The PMT or Payment function is part of the family of financial functions in Excel. It is useful for calculating a steady stream of payments required to bring any loan balance to zero over a specific period of time. More simply, PMT is a loan payment calculator, and is well suited in Excel to explore different scenarios.
The PMT Function can also be used to evaluate leases, where effectively the loan does not have a 0 balance at the end of its life.
Calculate:
Mortgage loan payments
Auto loan payments
Personal Loan payments
