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# Pmt

> Use the Sigma Pmt function to return the periodic payment for an investment.

The **Pmt** function returns the periodic payment for an investment.

You can use it to calculate constant payments for an investment or a loan, based on the loan amount, number of periods, and constant interest rate.

To determine how much of the payment is allocated to interest and how much to principal, use the [IPmt](/docs/ipmt) and [PPmt](/docs/ppmt) functions.

**Pmt** is part of the set of financial functions that Sigma supports.

## Syntax

`Pmt(rate, nperiods, pv, [fv], [type])`

The **Pmt** function has the following arguments:

|       |                     |
| ----- | ------------------- |
| **0** | End of period       |
| **1** | Beginning of period |

## Notes

* Be consistent with the units for **rate** and **nperiods** arguments. If you make monthly payments on a two-year loan at an annual interest rate of 7%, use the **rate** calculation of 0.07/12 and **nperiods** calculation of 2\*12. For annual payments on the same loan, use the **rate** of 0.07 and **nperiods** of 2.
* **Pmt** returns the payment calculation that includes both the principal and interest portions. It does not include taxes, reserve payments, or fees.
* To calculate the total amount paid over the duration of the loan, multiply the returned **Pmt** value by **nperiods**.

## Examples

`Pmt(.07/12,2*12,10000)`

The monthly payment for a two-year loan of \$10,000, with an annual interest rate of 7% is \$447.73.

`Pmt(.07,2,10000)`

The annual payment for a two-year loan of \$10,000, with an annual interest rate of 7% is \$5,530.92.

![Screenshot of results showing information duplicated in surrounding text.](https://fdr-prod-docs-files-public.s3.us-east-1.amazonaws.com/sigma.docs.buildwithfern.com/751bf6867d920baa11ff5218199433ac30f44442e04356612ebdb3e81fa793e0/assets/docs-images/397e8e4-function-pmt-example.png?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6KXJSKKNFOCF7G4B%2F20261007%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20261007T070700Z&X-Amz-Expires=604800&X-Amz-Signature=5589104a28fa7e326fde95ffc652450faace5dd12fc366733cbcd6fdf832c651&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)

The yearly payment for a loan of \$100,000, with an annual interest rate of 10% over 30 years, compounded yearly, is \$10,607.92. Same conditions at half the time (15 years) result in a yearly payment of \$13,147.38.

## Related resources

* [IPmt](/docs/ipmt)
* [PPmt](/docs/ppmt)
* [PV](/docs/pv)
* [FV](/docs/fv)
* [NPer](/docs/nper)
* [PMT function in Microsoft documentation](https://support.microsoft.com/en-us/office/pmt-function-0214da64-9a63-4996-bc20-214433fa6441)