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Rental Refinance Calculator

Is refinancing that rental worth it after closing costs?

Enter the loan you already have and the offers you're considering. See keep vs rate-and-term vs cash-out side by side: new payment, break-even, cash out after costs, and what happens to cash flow and DSCR.

  • Excel
  • Google Sheets
  • Instant download

$17

Up to 5 rentals · Rate-and-term vs cash-out · Break-even in months

Buy on Gumroad · $17Or buy on Etsy

Gumroad: secure checkout, instant download link by email. Etsy: download from You › Purchases.

What's inside

  • Compare tab: current loan, rate-and-term and cash-out in three columns, plus loan balances over 30 years
  • Break-even in months: closing costs ÷ monthly savings
  • Cash-out: maximum loan at your LTV limit or just the cash you need, net cash after payoff and costs, new DSCR and cash flow
  • Closing costs tab: points, lender fees, appraisal, title, recording, prepayment penalty; roll into the loan or pay in cash
  • Net result: after the number of years you choose, compared with keeping the current loan
  • Dashboard: up to 5 properties with 2 charts
  • What-If grids: for other rates, terms and LTVs
  • Your own targets: break-even, DSCR and cash flow, with Yes/No checks

You get: The calculator with made-up sample properties, a blank copy, and an 11-page PDF guide with a worked example. Fixed-rate, monthly-payment loans.

Works in: Microsoft Excel 2010+ (desktop or web) and Google Sheets.

Rental Refinance Calculator comparing the current loan, rate-and-term and cash-out refinance

Screenshots from the real file

Compare tab with three loan options side by side
Compare tab with three loan options side by side
Break-even in months for a rental refinance
Break-even in months for a rental refinance
Cash-out refinance at a maximum loan-to-value with net cash and DSCR
Cash-out refinance at a maximum loan-to-value with net cash and DSCR
Dashboard for up to five rental properties
Dashboard for up to five rental properties
Overview of every tab in the refinance calculator
Overview of every tab in the refinance calculator
How it works: enter your current loan and the new offer
How it works: enter your current loan and the new offer

Frequently asked questions

How is this different from the Rental Property Analysis Calculator?

The Analysis Calculator checks a deal before you buy it (including a BRRRR refinance as part of the deal). The Refinance Calculator starts from a loan you already have and shows whether a new loan, with or without cash out, is worth it after closing costs.

What is break-even?

Total closing costs divided by the monthly savings: the number of months it takes for the lower payment to earn the costs back. If the payment doesn't go down, it says "No savings".

Can it show how much cash I can take out?

Yes. Set your maximum loan-to-value (for example 75%). The calculator shows the new loan, the cash you receive after paying off the current loan and the closing costs, and the new payment, cash flow and DSCR.

My property is paid off. Can I use it?

Yes. Enter a current balance of 0 and use the cash-out option.

Does it work in Google Sheets?

Yes. Upload the .xlsx file to Google Drive and open it with Google Sheets (File › Save as Google Sheets). Formulas, dropdowns and highlights work. Charts may look slightly different, and you may want to re-apply sheet protection (right-click a tab › Protect sheet).

Which version of Excel do I need?

Excel 2010 or newer, on Windows, Mac or the web. There are no macros or add-ons. Apple Numbers is not supported.

How do I get the files?

Right after payment, Gumroad shows a download page and emails you a link. On Etsy, go to You › Purchases and reviews › Download Files.

Can I use another currency?

Yes. Amounts display in $, but the math works for any currency.

Can I get a refund?

Because these are digital downloads, refunds aren't usually offered. If something doesn't work, email us and we'll help you get it working.

Can I share or resell the files?

They're licensed for your personal use with your own properties. Please don't resell or share them.

Buy on Gumroad · $17Or buy on Etsy

Calculation tool, not financial, mortgage, tax or legal advice; it does not tell you whether to refinance. ARM, interest-only and balloon loans are not modelled. Personal-use licence; please don't resell or share the files. Made by Spruce Sheets with the help of AI tools; every formula was tested before release.

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