Modified Internal Rate of Return Calculator
Calculate MIRR with separate financing and reinvestment rates from signed, equally spaced cash flows.
Enter CF0 at time zero through CFN at equally spaced period ends. At least one positive and one negative flow and N ≥ 1 are required. Both rates and the MIRR result are per the selected period unit; use one currency throughout.
Manual inputs stay in this browser. No external data is fetched. This is a mathematical estimate, not investment advice.
References: Microsoft · MIRR
A QUICK WALKTHROUGH
How to use this tool
- Cash flows (comma or newline separated; use a dot for decimals)
- Enter CF0 at time zero through CFN at equally spaced period ends. At least one positive and one negative flow and N ≥ 1 are required. Both rates and the MIRR result are per the selected period unit; use one currency throughout.
- Calculate
Formula
PV− = Σ(CFt<0) CFt/(1+f)^t; FV+ = Σ(CFt>0) CFt×(1+g)^(N−t); MIRR = (FV+/−PV−)^(1/N)−1. N = final period index, f/g = rates (%) / 100.
Assumptions and limits
Enter CF0 at time zero through CFN at equally spaced period ends. At least one positive and one negative flow and N ≥ 1 are required. Both rates and the MIRR result are per the selected period unit; use one currency throughout.
Manual inputs stay in this browser. No external data is fetched. This is a mathematical estimate, not investment advice.
Manual inputs stay in this browser. No external data is fetched. This is a mathematical estimate, not investment advice.
GOOD TO KNOW
Common questions
Why enter separate finance and reinvestment rates?
MIRR discounts negative cash flows at the financing rate and compounds positive flows at the reinvestment rate, avoiding the single-rate reinvestment assumption of ordinary IRR.
What does the period unit change?
It defines the spacing of the supplied cash flows. Rates and the resulting MIRR are per that same period, so monthly flows require monthly rates and a monthly interpretation.
Can MIRR be calculated without both positive and negative flows?
No. At least one flow of each sign and two or more equally spaced periods are required; all amounts must use the same unit.