Formula Guide

The Excel NPER Function
explained simply

NPER calculates how many payment periods are needed to pay off a loan or reach a savings goal, given a fixed payment and rate.

ExcelPro · 4 min read · Updated June 2026
Contents
  1. What does NPER do?
  2. Syntax
  3. 3 examples
  4. FAQ

What does NPER do?

NPER works out how many payment periods it will take to pay off a loan, or to reach a savings target, given a constant interest rate and fixed regular payment.

It answers questions like "how many months until this loan is paid off" or "how many years of saving $X per month until I reach $Y".

Syntax

=NPER(rate, pmt, pv, [fv], [type])
ArgumentDescription
rate requiredThe interest rate per period.
pmt requiredThe payment each period (negative, since it leaves your hand).
pv requiredThe present value or loan amount.
fv optionalThe future value or target balance. Defaults to 0.
type optional0 = payments at end of period (default), 1 = start.

Examples

Example 1
How many months to pay off a loan
=NPER(0.05/12,-200,5000)

At $200/month and 5% annual interest, a $5,000 loan takes about 26.5 months to pay off.

Example 2
How long to reach a savings goal
=NPER(0.04/12,-300,0,20000)

Saving $300/month at 4% annual interest, this calculates how many months are needed to reach $20,000.

Example 3
Compare a higher payment
=NPER(0.05/12,-300,5000)

The same $5,000 loan paid off faster at $300/month instead of $200 — fewer periods needed.

Common mistakes

⚠️ Mismatched rate and payment frequency

If pmt is monthly, rate must be the monthly rate (annual rate divided by 12), or the result will be wrong.

FAQ

Can NPER return a fractional number of periods?
Yes — a result like 26.5 months means the loan is paid off partway through the 27th payment.

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Related formulas

PMT RATE FV