Mortgage payment formula in Excel and Google Sheets

In English-language Excel and Google Sheets, calculate a level mortgage payment with:

=PMT(annual_rate/12, years*12, -loan_amount)

For $2,000,000 at 9% over 20 years:

=PMT(9%/12, 20*12, -2000000)

The result is approximately $17,994.52. The negative principal represents cash received and makes the payment return as a positive outflow. Without the minus sign, the spreadsheet normally displays a negative payment.

Do not use the annual rate directly with monthly periods or enter the property price when a down payment reduces the financed amount. Small differences can result from precision, payment timing or lender-specific conventions.

Validate the result with the mortgage calculator.