Modified Internal Rate of Return (MIRR) Calculator

The Modified Internal Rate of Return (MIRR) is an important return metric that fixes the problems associated with the Internal Rate of Return (IRR). As such, the MIRR is a metric that finance professionals must understand. This simple MIRR calculator makes it easy to quickly calculate the MIRR for any set of cash flows.

MIRR Calculator in Excel

We also created an Excel based MIRR calculator for you to download and use.

How to Use The MIRR Calculator

Here is how you can use this MIRR calculator, step by step.

1. Download the MIRR calculator using the form above.
2. Adjust the number of periods you want in your holding period.
3. Input your cash flows.
4. View the calculated MIRR

As you can see, we’ve made it simple to use our MIRR calculator.

MIRR Calculator Example

Let’s walk through a simple example using this MIRR calculator. Suppose we have the following cash flows:

As you can see there are 3 different internal rates of return calculated for this set of cash flows. To solve this problem we can instead use the modified internal rate of return to analyze these cash flows. Here’s how this is done with our modified internal rate of return calculator:

As you can see, the projected cash flows result in an MIRR of 6.50%. This assumes a safe rate of 5% and a reinvestment rate of 10%. This 6.50% MIRR allows us to set our reinvestment and finance rates, which will produce a more reliable rate of return. Also, the MIRR can easily solve the multiple IRR problem.