What Belongs in a Real Pro Forma
A real pro forma projects year-by-year NOI growth, debt service (with separate interest and principal), loan balance amortization, and exit value at a target cap rate net of cost of sale. The output isn't just "cash flow" — it's equity multiple, total profit, and (paired with the IRR calculator) annualized return.
What This Replaces
This calculator replaces the $99 Argus-clone Excel templates being sold across the internet. It runs on your inputs, your assumptions, and your hold period — no software install, no template gymnastics, and the output is emailable as a branded PDF.
Pair this with the IRR + EM Calculator, the NPV Calculator, and the Waterfall for the full sponsor underwriting package.