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Definition: XL Loan payments

Excel can be used as a monthly loan payment calculator by entering the appropriate values.

Compute a Mortgage Payment
Select the Function (Fx) button on the Home ribbon or main toolbar and then select PMT (payment) from the Financial category. Follow these instructions:

1. Highlight a cell to place the result.
2. Click Function button.
3. Select PMT from Financial category.
4. In Rate, enter interest rate, followed by a percent sign,
then a slash and number of payments per year.
5. In Nper, enter duration of loan in months,
in this case, a 30 year loan.
6. In Pv (present value), enter amount of loan.
7. View monthly payment at bottom.