How to Use Home Loan EMI Calculation Using in (PMT Formula) Excel EMI is defined by Investopedia as "A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years (Months) , the loan is paid off in full. PMT is one of the Financial Functions Formula in Excel, calculates the payment for a loan based on constant payments and a constant interest rate. PMT FUNCTION FORMULA Syntax is : - PMT(rate, nper, pv, [fv], [type]) The PMT Function Formula syntax has the following arguments: Rate Mandatory. The interest rate for the loan. Nper Mandatory. The total number of payments for the loan. Pv Mandatory. The present value, or the total amount that a series of future payme...