This article describes the formula syntax and usage of the NPER function (function: A prewritten formula that takes a value or values, performs an operation, and returns a value or values. Use functions to simplify and shorten formulas on a worksheet, especially those that perform lengthy or complex calculations.) in Microsoft Excel.
Returns the number of periods for an investment based on periodic, constant payments and a constant interest rate.
For a more complete description of the arguments in NPER and for more information about annuity functions, see PV.
The NPER function syntax has the following arguments (argument: A value that provides information to an action, an event, a method, a property, a function, or a procedure.):
- Rate Required. The interest rate per period.
- Pmt Required. The payment made each period; it cannot change over the life of the annuity. Typically, pmt contains principal and interest but no other fees or taxes.
- Pv Required. The present value, or the lump-sum amount that a series of future payments is worth right now.
- 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 0 (the future value of a loan, for example, is 0).
- Type Optional. The number 0 or 1 and indicates when payments are due.
|Set type equal to
||If payments are due
|0 or omitted
||At the end of the period
||At the beginning of the period
The example may be easier to understand if you copy it to a blank worksheet.
How do I copy an example?
- Select the example in this article. If you are copying the example in Excel Online, copy and paste one cell at a time.
Important: Do not select the row or column headers.
Selecting an example from Help
- Press CTRL+C.
- Create a blank workbook or worksheet.
- In the worksheet, select cell A1, and press CTRL+V. If you are working in Excel Online, repeat copying and pasting for each cell in the example.
Important: For the example to work properly, you must paste it into cell A1 of the worksheet.
- To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.
After you copy the example to a blank worksheet, you can adapt it to suit your needs.
||Annual interest rate
||Payment made each period
||Payment is due at the beginning of the period (see above)
|=NPER(A2/12, A3, A4, A5, 1)
||Periods for the investment with the above terms (59.67387)
|=NPER(A2/12, A3, A4, A5)
||Periods for the investment with the above terms, except payments are made at the beginning of the period (60.08212)
|=NPER(A2/12, A3, A4)
||Periods for the investment with the above terms, except with a future value of 0 (-9.57859)