PMT function

[Guest]

In order to calculate monthly repayment on a mortgage for a house, I use =
PMT(Interest rate, Repayment periods ,Cost of House).
I'd like to work backwards and start with a known monthly repayment,
interest rate and repayment period, and from there, calculate the cost of
house that it will buy.
I would be grateful if somebody could post a reply.
Thank you

 

[JE McGimpsey]

One way:

=PV(rate, per, -pmt)

So for a total payment of $1,000 and an annual rate of 6% for a 30 year
mortgage:

=PV(6%/12, 12*30, -1000)

= $166,791.61