---
url: /cube-functions/pmt.md
description: >-
  Calculates the payment for a loan based on constant payments and a constant
  interest rate.
---

# PMT

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

```js
PMT(rate, nper, pv, fv, type)
```

#### Parameters

* `rate` - The interest rate per period.
* `nper` - The total number of payments.
* `pv` - The present value, or the total amount that a series of future payments is worth now.
* `fv` - The future value, or a cash balance that you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0. `(optional)`
* `type` - The number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0. `(optional)`

#### Examples

```js
PMT(0.05 / 12, 60, 30000)
```

**Result:** `-566.14`

**Note:** Calculates the monthly payment for a loan with a 5% annual interest rate, 60 payments, and a present value of $30,000.