NOI Calculator — Net Operating Income for Rentals

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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.

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The short answer

Last updated: July 2026

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.

NOI 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.

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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.

Enter the annual gross rent — monthly rent times 12, plus any other property income.

Enter annual operating expenses: taxes, insurance, management, repairs, and a vacancy allowance, but not the mortgage.

The tool subtracts expenses from income to estimate NOI, then divides by 12 for a monthly figure.

Carry the NOI into the cap rate, DSCR, or debt yield calculators to size a deal or a loan.

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.

Worked example

With $48,000 effective annual income and $18,000 operating expenses, NOI is $30,000. A $24,000 annual mortgage payment is not deducted in NOI; it is used later when calculating cash flow or coverage.

Rental property bookkeeping →

Cap rate vs cash-on-cash →

Answers

Questions, answered plainly.

Does NOI include the mortgage?

No. NOI deliberately excludes mortgage payments so it measures the property itself, not how you financed it. That’s what lets you compare two properties on equal footing regardless of each owner’s loan.

What counts as an operating expense?

Recurring costs to run the property: property taxes, insurance, management, repairs and maintenance, utilities you pay, and a vacancy allowance. It excludes the mortgage, depreciation, capital improvements, and income taxes.

Is this NOI figure exact?

It’s an estimate based on the numbers you enter. Real NOI depends on actual expenses and vacancy over the year, which vary. Use itemized figures for underwriting rather than round assumptions.

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