This article describes the formula syntax and usage of the IPMT function in Microsoft Excel.


Returns the interest payment for a given period for an investment based on periodic, constant payments and a constant interest rate.


IPMT(rate, per, nper, pv, [fv], [type])

The IPMT function syntax has the following arguments:

Set type equal toIf payments are due
0At the end of the period
1At the beginning of the period



Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.

10.00%Annual interest
1Period for which you want to find the interest paid.
3Years of loan
$8,000Present value of loan
FormulaDescriptionLive Result
=IPMT(A2/12, A3, A4*12, A5)Interest due in the first month for a loan with the terms in A2:A5.($66.67)
=IPMT(A2, 3, A4, A5)Interest due in the last year for a loan with the same terms, where payments are made yearly.($292.45)

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