This article describes the formula syntax and usage of the NPER function 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:

Set type equal toIf payments are due
0 or omittedAt 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.

0.12Annual interest rate
-100Payment made each period
-1000Present value
10000Future value
1Payment is due at the beginning of the period (see above)
FormulaDescriptionLive Result
=NPER(A2/12, A3, A4, A5, 1)Periods for the investment with the above terms59.6738657
=NPER(A2/12, A3, A4, A5)Periods for the investment with the above terms, except payments are made at the beginning of the period60.0821229
=NPER(A2/12, A3, A4)Periods for the investment with the above terms, except with a future value of 0-9.57859404

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