Hello:

Sorry, pushed the wrong key, at the wrong time.

For this problem you don't Goal Seek, just use the Present Value function.
The Present value of the payments is equal to amount you owe, it is a "law
of finance." So in A1 to B5 enter:
(the numbers are in B1 to B5 if it does not line up)

Payment 1000
Annual Interest Rate 0.05
Years 30
Frequency of Payment 12
Present Value ($186,281.62) <---=PV(B2/B4,B3*B4,B1)

Pieter Vandenberg

: headly wrote:
: : Calculating mortgage payments in Excel using the PMT function, is this wrong?
: : When I use the calculator on any mortgage broker site I get a different
: : answer to a simple question: What amount could I borrow to result in a $1,000
: : monthly payment. Excel's goal seek give $190K and others say $160K, why such
: : a big discrepency? TIA