Debt Sizer & DSCR Calculator
Reverse-engineer your financing stack. Enter the purchase price, T-12 NOI, and your DSCR target. See the max loan a lender will write, the equity you'll need, and the levered return that follows. No login required.
Inputs
Reverse-engineer your debt stack from a DSCR target.
The receipt-backed figure a cap rate is quoted against. The replacement reserve below is deducted from it to reach the sizing basis.
Enter the unit count to apply the $300/unit/year reserve, or switch to an annual total. Without a unit count the reserve cannot be computed, and it is left unmodelled rather than assumed to be zero.
How agency lenders underwrite: Fannie Mae defines underwritten NCF as NOI less replacement reserves and tests DSCR against it. The target itself does not move with the basis — 1.25x stays 1.25x, only the income it is applied to changes. Real lender underwriting may also adjust income, expenses, reserves, the rate floor and the amortization term, so this is an estimate of proceeds, not a commitment.
- Property NOI (receipt-backed)
- $0
- less replacement reserves
- not modelled
- Underwritten NCF
- $0
- DSCR-sized loan @ 1.25x on underwritten NCF
- $0
Underwritten NCF after replacement reserves is the income available for lender DSCR sizing.
Conventional renters at prevailing market rents. Standard agency execution.
Underwritten NCF after replacement reserves is the income available for lender DSCR sizing. Cash flow, cash-on-cash and IRR below are after reserves on either basis — reserves are a real dollar leaving the deal whether or not the DSCR test counts them.
Sizing convention: the max loan is solved on the amortizing payment constant over 30 years. Add an interest-only period above to see the year-1 coverage and cash flow a partial-IO term sheet produces.
Tenant & Occupancy Context
How the market-rate renter base shapes your debt and exit.
- Agency (Fannie/Freddie) typically prices best for stabilized 5+ unit deals.
- Trailing 90-day occupancy ≥ 90% is usually required for max proceeds.
Year-1 Debt Service
Max Loan Sensitivity
Rows: rate (±100 bps). Cols: DSCR target. Every cell is solved on the same income basis (underwritten NCF) and capped at the same 75% LTV as the headline.
| Rate ↓ / DSCR → | 1.15x | 1.20x | 1.25x | 1.30x | 1.40x |
|---|---|---|---|---|---|
| 5.50% | $0 | $0 | $0 | $0 | $0 |
| 6.00% | $0 | $0 | $0 | $0 | $0 |
| 6.50% | $0 | $0 | $0 | $0 | $0 |
| 7.00% | $0 | $0 | $0 | $0 | $0 |
| 7.50% | $0 | $0 | $0 | $0 | $0 |