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MIRR function in Excel

Returns the internal rate of return where positive and negative cash flows are financed at different rates

=MIRR(values, finance_rate, reinvest_rate)

MIRR syntax and parameters

Three arguments, three required.

  • valuesanyRequired
  • finance_rateanyRequired
  • reinvest_rateanyRequired

MIRR examples

Formulas you'll actually reuse.

  1. IRR with realistic assumptions — outlays financed at 6%, inflows reinvested at 4%:

    =MIRR(B2:B7, 6%, 4%)

    Result0.102

  2. How much the plain IRR overstates the return:

    =MIRR(B2:B7, 6%, 4%) - IRR(B2:B7)

    Result-0.0504

MIRR in Google Sheets

Same name — your formula ports as-is.

Try MIRR in the playground

Edit the example — nothing to install.

Preloaded with the MIRR formula from Example 1 — change anything and watch it respond.

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MIRR errors

What they mean — and the fixes.

  • #DIV/0!

    The cash flows contain no negative (or no positive) value — MIRR needs at least one of each.

Related functions

More ways Excel gets this done.