Rental property calculator

Mortgage payment, NOI, cap rate, cash flow and cash-on-cash return for one property, calculated the way lenders and investors do: the mortgage and capital improvements are kept out of NOI.

✓ TestedSame arithmetic as the tested rental spreadsheet

Cash flow per year–

Loan amount
Monthly mortgage (P&I)
NOI (income − operating expenses)
Mortgage paid per year
Cap rate (NOI ÷ price)
Cash-on-cash (cash flow ÷ cash invested)
Cash invested

Formulas

NOI            = income − operating expenses
Cap rate       = NOI ÷ purchase price
Cash flow      = NOI − mortgage payments − capital improvements
Cash-on-cash   = cash flow ÷ (down payment + closing + rehab)

The mortgage is financing, not an operating expense, so it stays out of NOI. The full worked example walks through a real duplex. Not investment advice.