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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:

  • 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


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.




Annual interest rate


Payment made each period


Present value


Future value


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



Live Result

=NPER(A2/12, A3, A4, A5, 1)

Periods for the investment with the above terms


=NPER(A2/12, A3, A4, A5)

Periods for the investment with the above terms, except payments are made at the beginning of the period


=NPER(A2/12, A3, A4)

Periods for the investment with the above terms, except with a future value of 0


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