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=NPER()

Returns the number of periods for an investment based on periodic, constant payments and a constant interest rate.

Applies To: Excel for Microsoft 365Excel for Microsoft 365 for MacExcel 2024Excel 2024 for MacExcel 2021Excel 2021 for MacExcel 2019Excel 2016

=NPER(rate,pmt,pv,[fv],[type])

Hover argument names in the table for details.

Output typeNumber

Popularity45 / 100

VolatileNo

Dynamic ArrayNo

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Argument	Type	Required	Description
`rate`	Number	Required	The interest rate per period.
`pmt`	Number	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`	Number	Required	The present value, or the lump-sum amount that a series of future payments is worth right now.
`fv`	Number	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`	Number	Optional	The number 0 or 1 and indicates when payments are due. 0 or omitted = At the end of the period; 1 = At the beginning of the period.

▦ Data

Cell	Value	Description
`A2`	0.12	Annual interest rate
`A3`	-100	Payment made each period
`A4`	-1000	Present value
`A5`	10000	Future value
`A6`	1	Payment is due at the beginning of the period (see above)
`A7`	0.12	Annual interest rate
`A8`	-100	Payment made each period
`A9`	-1000	Present value
`A10`	10000	Future value
`A11`	1	Payment is due at the beginning of the period (see above)

Periods for the investment with the above terms =NPER(A2/12, A3, A4, A5, 1)

Result: 59.6738657

Periods for the investment with the above terms, except payments are made at the beginning of the period =NPER(A2/12, A3, A4, A5)

Result: 60.0821229

Periods for the investment with the above terms, except with a future value of 0 =NPER(A2/12, A3, A4)

Result: -9.57859404

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