MIRR Calculator
Get a more realistic project return by setting separate finance and reinvestment rates, and compare it with IRR.
Quick answer
Modified internal rate of return (MIRR) = (FV of positive flows at the reinvestment rate / PV of negative flows at the finance rate)^(1/n) - 1, where n is the number of periods.
MIRR Calculator
Cost of funding the negative cash flows.
Return earned on positive cash flows until the end.
Cash Flows (outflows negative)
MIRR
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IRR (for comparison)
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IRR minus MIRR
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FV of Inflows
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PV of Outflows
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Cash flow by period
MIRR Working
| Period | Cash flow (₹) | Growth factor (reinvest) | FV of inflow (₹) | Discount factor (finance) | PV of outflow (₹) |
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Assumptions & method
- MIRR = (FV of positive flows ÷ PV of negative flows)^(1 ÷ n) − 1, where n is the last period number.
- FV of inflows = Σ positive cash flow × (1 + reinvestment rate)^(n − t). PV of outflows = Σ |negative cash flow| ÷ (1 + finance rate)^t. Period 0 is today.
- IRR is the rate where the net present value of all flows is zero, found by numerical search between −95% and 1,000%. If several rates qualify, the lowest is shown and a note says so.
- All rates are per period and constant. Cash flows occur at the end of each period (period 0 is immediate). Enter outflows as negative numbers.
- Not included: taxes, inflation, financing structure, risk beyond the rates you choose, and flows beyond the periods listed.
Results are estimates based on the figures you enter. They are not guarantees and not financial advice.
What is the modified internal rate of return?
The internal rate of return assumes every cash inflow is reinvested at the IRR itself, which overstates the result for high-return projects and can produce several answers when cash flows change sign more than once. The modified internal rate of return fixes both problems. It compounds all inflows to the end of the project at a reinvestment rate you set, discounts all outflows to today at a finance rate, and then finds the single annual rate that grows the discounted outflows into the compounded inflows. This calculator shows the MIRR, the IRR for comparison and the working in a table.