# PMT

Calculates the payment for a loan based on constant payments and a constant interest rate.

## Syntax

```
PMT(<rate>, <nper>, <pv>[, <fv>[, <type>]])
```

### Parameters

Term | Definition |
---|---|

rate | The interest rate for the loan. |

nper | The total number of payments for the loan. |

pv | The present value, or the total amount that a series of future payments is worth now; also known as the principal. |

fv | (Optional) The future value, or a cash balance you want to attain after the last payment is made. If fv is omitted, it is assumed to be BLANK. |

type | (Optional) The number 0 or 1 which indicates when payments are due. If type is omitted, it is assumed to be 0. The accepted values are listed below this table. |

The **type** parameter accepts the following values:

Set type equal to |
If payments are due |
---|---|

0 or omitted | At the end of the period |

1 | At the beginning of the period |

**Note:** For a more complete description of the arguments in PMT, see the PV function.

## Return Value

The amount of a single loan payment.

## Remarks

The payment returned by PMT includes principal and interest but no taxes, reserve payments, or fees sometimes associated with loans.

Make sure that you are consistent about the units you use for specifying rate and nper. If you make monthly payments on a four-year loan at an annual interest rate of 12 percent, use 0.12/12 for rate and 4*12 for nper. If you make annual payments on the same loan, use 0.12 for rate and 4 for nper.

type is rounded to the nearest integer.

An error is returned if:

- nper < 1

**Tip**: To find the total amount paid over the duration of the loan, multiply the returned PMT value by nper.

- This function is not supported for use in DirectQuery mode when used in calculated columns or row-level security (RLS) rules.

## Examples

### Example 1

Data |
Description |
---|---|

8% | Annual interest rate |

10 | Number of months of payments |

\$10,000 | Amount of loan |

The following DAX query:

```
EVALUATE
{
PMT(0.08/12, 10, 10000, 0, 1)
}
```

Returns the monthly payment amount, paid at the beginning of the month, for a loan with the terms specified above.

[Value] |
---|

-1030.16432717797 |

**Note:** 1030.16432717797 is the payment per period. As a result, the total amount paid over the duration of the loan is approximately 1030.16 * 10 = \$10,301.60. In other words, approximately \$301.60 of interest is paid.

### Example 2

Data |
Description |
---|---|

6% | Annual interest rate |

18 | Number of years of payments |

\$50,000 | Amount of loan |

The following DAX query:

```
EVALUATE
{
PMT(0.06/12, 18*12, 0, 50000)
}
```

[Value] |
---|

-129.081160867991 |

Returns the amount to save each month to have \$50,000 at the end of 18 years, using the terms specified above.

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