Devon Coombs Academy
Free finance calculators
These are the 68 interactive calculators from the Academy's free finance courses, each on its own page and free to use with no account. They cover real estate underwriting, valuation and returns, debt sizing, startup and venture math, and fund economics, and each one links back to the course chapter that teaches the concept.
Real Estate
15 toolsIncome Waterfall
Calculates effective gross income for a rental property by walking gross potential rent down through vacancy, loss to lease, credit loss, and concessions, then adding other income.
Open calculatorNOI, OER & Cap Rate
Calculates net operating income, the operating expense ratio, and the implied cap rate for an income property.
Open calculatorLease Economics: Expense Stop & Net Effective Rent
Calculates expense-stop or base-year expense recoveries and the net effective rent for a single office or retail lease.
Open calculatorComparable Sale Adjustment (Proper Sequence)
Adjusts a comparable sale price in the standard appraisal sequence, transactional adjustments first (financing, then market conditions) and property adjustments after (location, physical, nonrealty), with percentage adjustments compounding.
Open calculatorQuick-Check Screener
Screens an asking price with four quick checks, price per unit, price per square foot, gross rent multiplier, and implied cap rate, each flagged against a market benchmark.
Open calculatorAfter-Tax Cash Flow & Tax at Sale
Calculates annual depreciation and tax savings, the tax due at sale split into depreciation recapture and capital gain, and the resulting after-tax levered IRR and NPV on the chapter’s worked deal.
Open calculatorOwn vs. Lease
Compares owning corporate real estate against leasing by treating ownership as an incremental investment, rent avoided plus the depreciation shield each year and after-tax sale proceeds at exit, solved to an IRR against the firm’s real estate hurdle.
Open calculatorSale-Leaseback vs. Refinancing
Compares a sale-leaseback against a mortgage refinancing side by side, calculating the implied financing rate, the tax on the embedded gain, and net after-tax proceeds from each route.
Open calculatorDevelopment Spread
Calculates yield-on-cost, the development spread over the market cap rate, and the value created by building rather than buying.
Open calculatorFour-Quadrant Capital Map
Places an investment in the four-quadrant map of real estate capital, public or private crossed with equity or debt, showing representative vehicles, the benchmark index, and the control-versus-liquidity tradeoff for that quadrant.
Open calculatorDiPasquale-Wheaton Four-Quadrant Model
Solves the DiPasquale-Wheaton four-quadrant model to a long-run equilibrium rent, asset price, construction rate, and stock, and shows the rent overshoot that follows a demand shock while supply catches up.
Open calculatorREIT Qualification Tester
Tests a company against the core REIT qualification rules, the 75 percent asset test, the 75 and 95 percent income tests, the 90 percent distribution requirement, the 100-shareholder minimum, and the 5/50 ownership rule.
Open calculatorCap-Rate Expansion & Leverage
Isolates how exit cap-rate expansion hits property value and, magnified by leverage, the equity beneath it, holding NOI and debt fixed.
Open calculatorYield on Renovation Cost
Calculates the yield on a renovation program as the incremental stabilized income divided by the renovation spend that produced it.
Open calculatorReprice a Diligence Finding
Converts a quantifiable due-diligence finding into a recommended purchase-price credit, the cost to cure grossed up by a contingency for overrun risk.
Open calculatorValuation & Returns
19 toolsDiscounted Cash Flow (DCF)
Estimates the value of an income property by projecting annual NOI, capitalizing a terminal value at an exit cap rate, and discounting both back to present value.
Open calculatorLevered vs Unlevered Returns (IRR)
Builds a full acquisition model with a driver-based NOI forecast, financing, and sale, then solves for unlevered and levered IRR, equity multiple, cash-on-cash, and debt coverage.
Open calculatorCompound Annual Growth Rate (CAGR)
Calculates the compound annual growth rate between a beginning and an ending value, alongside total growth and the naive linear average for comparison.
Open calculatorCap Rate Toolkit, Direct Cap · Band of Investment · R = Y − g
Values a property by direct capitalization and builds a cap rate two more ways, from a band-of-investment blend of debt and equity and from the growth decomposition R = Y − g.
Open calculatorUnlevered Property DCF
Values a property from unlevered cash flows, growing NOI and escalating reserves each year and adding a reversion at an exit cap rate net of selling costs, all discounted at the property rate.
Open calculatorValuation Sensitivity
Builds one-variable and two-variable direct-capitalization sensitivity tables showing how value moves as the cap rate and NOI change.
Open calculatorInvestment Decision, NPV, IRR & MIRR
Evaluates a single property acquisition on unlevered and levered NPV and IRR, equity multiple, cash-on-cash, and MIRR.
Open calculatorCAPM & Expected NPV
Calculates a CAPM required return from the risk-free rate, beta, and market risk premium, plus a probability-weighted expected NPV across bull, base, and bear scenarios.
Open calculatorPortfolio Risk & Sharpe
Calculates two-asset portfolio volatility with correlation, the diversification benefit versus the weighted average, and the Sharpe ratio, plus an equal-weight ladder showing risk decline as assets are added.
Open calculatorScenario Expected Return
Probability-weights bear, base, and bull IRRs and equity multiples into an expected return, compared against a required hurdle.
Open calculatorLoss-Recovery Asymmetry & Survival
Calculates the gain needed to recover a given loss of capital and the equity cushion that survives a value decline at a given leverage level.
Open calculatorScenario Weighting
Probability-weights base, upside, and stress IRRs into an expected IRR and contrasts it with the simple three-way average.
Open calculatorSensitivity Table, Levered IRR
Shades a five-year levered-IRR grid across annual rent growth and exit cap rate by whether each cell clears a chosen return floor, using modeled outputs from the course’s worked deal.
Open calculatorValuation Ratios, P/E and PEG
Calculates the price-to-earnings ratio and the growth-adjusted PEG ratio for a profitable company.
Open calculatorCompound Growth (CAGR)
Calculates the compound annual growth rate implied by a beginning value, a target ending value, and a number of years, and contrasts the small early-year gains with the larger late-year gains the same rate produces.
Open calculatorTerminal Value, Gordon Growth
Calculates a Gordon growth terminal value, its present value, and the resulting enterprise value alongside the explicit-period cash flows.
Open calculatorIRR vs MIRR
Calculates IRR and modified IRR side by side, with MIRR compounding interim cash flows forward at an explicit reinvestment rate instead of at the IRR itself.
Open calculatorProbability-Weighted Scenario Value
Calculates a startup’s expected value as the probability-weighted sum of failure, downside, base, and upside outcomes, with failure explicitly included at its own value.
Open calculatorTrading Comps, Multiple → EV → Equity Value
Values a company by trading comparables, applying the median peer EV/Revenue multiple to target revenue and netting out debt to reach equity value.
Open calculatorDebt & Financing
4 toolsLoan Sizing & The Binding Constraint
Sizes the maximum commercial mortgage under LTV, DSCR, and debt yield tests and shows which constraint binds.
Open calculatorNOI → Cash Flow After Debt Service
Calculates cash flow before and after debt service by netting capital costs, reserves, and loan payments out of NOI, then relates the result to equity invested and an implied value at a cap rate.
Open calculatorCommercial Mortgage, Payment, Balloon & the Yield Ladder
Calculates the monthly payment, mortgage constant, Year 1 interest and principal split, balloon balance at maturity, and the yield ladder from note rate to lender yield to effective borrowing cost, held to term or prepaid early.
Open calculatorConstruction Take-Out Sizing
Sizes the permanent take-out loan to the smallest of the LTV, DSCR, and debt yield tests on the stabilized property, then nets it against the construction loan to show cash returned or the gap to fill.
Open calculatorVenture & Startup Finance
17 toolsUnit Economics, CAC · LTV · LTV:CAC · Payback
Calculates customer acquisition cost, customer lifetime value, the LTV:CAC ratio, and the CAC payback period for a subscription business.
Open calculatorRunway & Default Alive / Default Dead
Projects whether a startup reaches profitability before its cash runs out, the default alive or default dead question, along with current and worst-case runway.
Open calculatorTAM / SAM / SOM, Bottom-Up Market Sizing
Sizes a market bottom-up into TAM, SAM, and SOM dollar figures from unit counts and contract value rather than top-down percentages.
Open calculatorPricing Sensitivity, Price Change → Operating Profit
Calculates how a price change, net of any volume response, flows through to operating profit, holding variable cost per customer constant.
Open calculatorLiquidation Waterfall, Who Gets Paid at Exit
Splits an exit between preferred and common shareholders under non-participating, participating, and capped participating preference structures, including the point where the preferred converts to common.
Open calculatorSubscription MRR Model
Projects monthly recurring revenue forward month by month, with ending MRR equal to beginning MRR plus new MRR minus churned MRR.
Open calculatorFinancing Need, Sizing the Raise
Calculates how much a startup needs to raise, the cumulative net burn to the next milestone plus a minimum cash floor minus cash on hand.
Open calculatorPipeline Coverage, Working Back From the Target
Works backward from a revenue target to the qualified opportunities and total pipeline value required at a given conversion rate.
Open calculatorThe VC Method, Work Backward From Exit
Works backward from a projected exit to post-money and pre-money valuations and the ownership a venture investor needs today, including an adjustment for expected future dilution.
Open calculatorPost-Money SAFE, Ownership at Signing
Calculates the ownership a post-money SAFE fixes at signing, the investment divided by the post-money valuation cap, and shows how additional SAFEs on the same cap dilute the founders rather than earlier SAFE holders.
Open calculatorOwnership After the Round, the Option-Pool Shuffle
Calculates founder, investor, and option-pool ownership after a priced round under both a pre-money pool, which founders alone absorb, and a post-money pool shared pro rata.
Open calculatorFounder Dilution Across Rounds
Compounds founder ownership downward across successive financing events, multiplying retained ownership by one minus each round’s dilution.
Open calculatorAntidilution, Who Absorbs a Down Round
Calculates how a down round resets the preferred’s conversion under full-ratchet versus broad-based weighted-average antidilution, and what each protection does to founder ownership.
Open calculatorVenture Debt, Runway Extension & Its Cost
Calculates the runway extension venture debt buys, its share of the last equity round, and the total interest cost of carrying it.
Open calculatorThe Ask, Size the Raise, Price the Dilution
Sizes a fundraising ask from months to milestone times monthly burn, then prices the dilution correctly as the raise over the post-money valuation rather than over the pre-money.
Open calculatorAffordable Loss, the Constrained Founder’s Budget
Calculates an affordable-loss budget, the months of experimentation it buys, and the personal cash floor a founder keeps if the venture fails.
Open calculatorNote Conversion, Pre-Money vs Post-Money Method
Calculates how a convertible note converts under the fixed pre-money versus fixed post-money methods, and the founder ownership gap the choice of method creates.
Open calculatorFund Economics
8 toolsEquity Waterfall, Return of Capital, Pref & Promote
Distributes total sale proceeds through a simplified GP/LP equity waterfall of return of capital, then preferred return, then the promote split, with the pref paid on both LP and GP capital.
Open calculatorGP/LP Distribution Waterfall
Runs sale proceeds through a return-of-capital, preferred-return, and promote waterfall, separating the GP’s co-investor return from its sponsor promote and optionally layering in a sponsor fee stack.
Open calculatorCatch-Up & Clawback
Calculates a GP catch-up from the preferred return already paid and a clawback that trues up deal-by-deal promote against whole-fund results.
Open calculatorThe 2-and-20 Model, Fees & Carried Interest
Calculates lifetime management fees and carried interest for a venture fund, fees charged on committed capital plus carry on investment profit.
Open calculatorThe Distribution Waterfall, LP vs GP
Runs fund proceeds through the four-tier distribution waterfall, return of capital, preferred return, GP catch-up, then the carry split.
Open calculatorFund Multiples, DPI, RVPI, TVPI
Calculates the fund performance multiples DPI, RVPI, and TVPI, the realized, unrealized, and total value created per dollar paid in.
Open calculatorPower Law, Odds of Catching an Outlier
Calculates the probability a venture portfolio catches at least one outlier winner, one minus the miss rate compounded across every investment.
Open calculatorFund IRR & the J-Curve
Calculates a venture fund’s IRR from its capital call and distribution schedule and traces the cumulative cash J-curve from trough to final distribution.
Open calculatorCorporate Finance
5 toolsFCFF & FCFE, Free Cash Flow to the Firm and to Equity
Calculates free cash flow to the firm and free cash flow to equity from the same operating inputs, showing where the two measures diverge.
Open calculatorCost of Equity (CAPM) & WACC
Calculates a CAPM cost of equity, with an optional size premium, and blends it with the after-tax cost of debt into a weighted average cost of capital.
Open calculatorMM Proposition II, Leverage & the Cost of Equity
Calculates how leverage raises the cost of equity under Modigliani-Miller Proposition II without taxes, while the blended WACC stays at the unlevered return.
Open calculatorInterest Tax Shield, MM with Taxes (1963)
Calculates the interest tax shield created by permanent debt and the resulting levered firm value under Modigliani-Miller with corporate taxes.
Open calculatorWACC, Weighted Average Cost of Capital
Calculates the weighted average cost of capital by blending the cost of equity with the after-tax cost of debt at their capital-structure weights.
Open calculatorLearn the concepts
Every calculator here comes from a free course chapter that teaches the underlying concept with readings, worked examples, and practice questions.