The Excel MIRR function is a financial function that returns the modified internal rate of return (MIRR) for a series of cash flows, taking into account both discount rate and reinvestment rate for future cash flows.


Calculate modified internal rate of return

Return value 

Calculated return as percentage


  • values - Array or reference to cells that contain cash flows.
  • finance_rate - Required rate of return (discount rate) as percentage.
  • reinvest_rate - Interest rate received on cash flows reinvested as percentage.


=MIRR(values, finance_rate, reinvest_rate)

Usage notes 

The standard Internal rate of return function (IRR) assumes all cash flows are reinvested at the same rate as the IRR. The modified internal rate of return function (MIRR) accepts both the cost of investment (discount rate) and a reinvestment rate for cash flows received.

In the example shown, the formula in F6 is:


In this example, we assume that the reinvestment rate is the same as the cost of capital, so we set both the finance_rate and reinvest_rate to the value in F4, which is 10%.


  • The values array must contain at least one positive value and one negative value.
  • Values should be in chronological order.
  • MIRR assumes cash flows at regular periods.
Dave Bruns Profile Picture

AuthorMicrosoft Most Valuable Professional Award

Dave Bruns

Hi - I'm Dave Bruns, and I run Exceljet with my wife, Lisa. Our goal is to help you work faster in Excel. We create short videos, and clear examples of formulas, functions, pivot tables, conditional formatting, and charts.