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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 field, enter:
interest rate
percent sign
number of payments per year
5. In Nper, enter duration of loan in months.
6. In Pv (present value), enter amount of loan.
7. Result is at bottom.