NPER function

This article describes the formula syntax and usage of the NPERfunction 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:

  • 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?

  1. Select the example in this article.

    Important   Do not select the row or column headers.

    selecting an example from help

    Selecting an example from Help

  2. Press CTRL+C.

  3. In Excel, create a blank workbook or worksheet.

  4. In the worksheet, select cell A1, and press CTRL+V.

    Important   For the example to work properly, you must paste it into cell A1 of the worksheet.

  5. 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


Present value


Future value


Payment is due at the beginning of the period (see above)


Description (Result)

=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)

Applies To: Excel 2010, Excel Starter, Excel Online, SharePoint Online

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