Free calculator
NOI calculator
Estimate a rental’s net operating income — annual rent minus operating expenses, before the mortgage. Enter your own numbers for the figure cap rate, DSCR, and debt yield are all built from.
The short answer
Last updated: July 2026
How do I calculate net operating income?
Net operating income (NOI) is a rental’s annual gross rent minus its annual operating expenses — taxes, insurance, management, repairs, and vacancy — but not the mortgage. Subtract operating costs from rental income to get it. A unit collecting $31,200 with $9,000 of expenses has an NOI near $22,200. This estimate uses your inputs.
Primary references on this page:
After the estimate:
Self-management softwareNOI calculator
The property's net operating income.
Enter the annual gross rent and the annual operating expenses to estimate net operating income — what the property earns before any mortgage payment.
Annual gross rent
$
Total rent collected in a year (monthly rent × 12), plus any other property income.
Annual operating expenses (excl. mortgage)
$
Taxes, insurance, management, repairs, vacancy — everything but loan payments.
Input-driven result
Your inputs
Formula
Result below
Net operating income (NOI)
$22,200
Annual rent $31,200 − operating expenses $9,000. NOI excludes the mortgage.
Monthly NOI
$1,850
Annual NOI spread across 12 months.
Annual NOI composition
Gross rent
$31,200
Operating expenses
-$9,000
Net operating income
$22,200
Estimate based on your inputs. Not a promise of results.
Estimate only. NOI measures the property on its own — it excludes mortgage payments, depreciation, capital improvements, and income taxes. It's the figure cap rate, DSCR, and debt yield are all built from.
How it works
How this tool works.
Net operating income is the number underneath almost every rental metric. It’s what the property earns in a year after operating costs but before financing — the figure cap rate, DSCR, and debt yield are all built from, so getting it right matters.
This calculator keeps it simple: enter the annual gross rent and the annual operating expenses, and it estimates NOI and the monthly figure behind it. It’s arithmetic on the numbers you enter, not a projection of your actual results.
Make the result useful
Build NOI from recurring property operations
NOI is income after operating expenses but before financing and income taxes. It is the bridge between a rent roll and cap rate, valuation, or debt coverage analysis.
Separate recurring operating expenses from capital projects and mortgage debt. A new roof may matter deeply to the investment decision, but it is not normally a monthly operating expense in the same way as insurance or property taxes.
Questions landlords ask
Questions about this tool and its limits.
Built by a landlord who's done every one of these jobs by hand.
Aptoria was built by an owner-operator managing a Brooklyn portfolio — the 11pm calls, the awkward rent texts, the April receipt-pile — not by a software team guessing at the problem.
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