Free calculator · Debt & Financing
NOI → 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. Inputs include annual NOI, capital project and reserve line items, principal and interest payments, equity invested, and a cap rate.
By Devon Coombs, CPA, MBA · Teaching Professor of Finance, Santa Clara University · Reviewed August 2026
From the author: Devon Coombs, CPA, MBA teaches finance at Santa Clara University and works with corporate teams on practical AI.
AI training for finance teams · Consulting · The 10 Laws of Finance
Interactive Tool
NOI → Cash Flow After Debt Service
Inputs
The waterfall
Net Operating Income
$236,218
Unit turn costs
−$10,000
Marketing & leasing
−$8,000
Construction / capital projects
−$15,000
Capital expense reserves
−$30,000
Cash Flow Before Debt Service
$173,218
Principal payments
−$22,893
Interest payments
−$51,584
Cash Flow After Debt Service
$98,741
Cash-on-Cash
6.6%
CFADS ÷ $1,500,000
NOI DSCR
3.17×
coverage 2.33× on CFBDS
Implied Value
$4,294,873
NOI ÷ 5.5%
Learn the concept
This calculator comes from the free Real Estate Finance course, where the concept is taught with readings, worked examples, and practice questions.
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Built by Devon Coombs, CPA, MBA, Teaching Professor of Finance at Santa Clara University.