Returns the payment on the principal for a given period for an investment based on periodic, constant payments and a constant interest rate.
Syntax
PPMT(rate,per,nper,pv,fv,type)
For a more complete description of the arguments in PPMT, see PV.
Rate is the interest rate per period.
Per specifies the period and must be in the range 1 to nper.
Nper is the total number of payment periods in an annuity.
Pv is the present value — the total amount that a series of future payments is worth now.
Fv is 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 0 (zero), that is, the future value of a loan is 0.
Type is the number 0 or 1 and indicates when payments are due.
| Set type to | If payments are due |
| 0 or omitted | At the end of the period |
| 1 | At the beginning of the period |
Remark
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 12 percent annual interest, use 12%/12 for rate and 4*12 for nper. If you make annual payments on the same loan, use 12% for rate and 4 for nper.
Example 1
In the following example, the interest rate is divided by 12 to get a monthly rate. The years the money is paid out is multiplied by 12 to get the number of payments.
| Rate | Nper | PV | Formula | Description (Result) |
| 10% | 2 | 2000 | =PPMT([Rate]/12, 1, [Nper]*12, [PV]) | Payment on principle for the first month of loan (-75.62) |
Example 2
| Rate | Per | PV | Formula | Description (Result) |
| 8% | 10 | 200,000 | =PPMT([Rate], [Per], 10, [PV]) | Principal payment for the last year of the loan with the specified arguments (-27,598.05) |
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