Test your loan against a higher refi rate and a softer NOI — the 2026 maturity-wall question.
Will this loan still clear DSCR when it refinances at today's rate — and how much does a rate shock or a softer year hurt? Required: current NOI, the loan balance carried into the refinance, the refi rate, and the new amortization.
Stress test
Refi DSCR
—
Stressed DSCR
—
NOI vs. refi debt service
Reverse-solve — max loan from a target DSCR
Enter NOI, refi rate, amortization, and a target DSCR to size the maximum supportable loan.
Refi DSCR = current NOI ÷ debt service on the new loan. Stressed DSCR re-runs it with the rate increase and NOI haircut applied. Reverse-solve sizes the largest loan whose payment keeps DSCR at your target. The full UpsideIQ underwrite models the refinance, the equity left in the deal, and the exit.
Pre-filled with a worked example — edit any field to run your own deal.
Built by LFO Capital's institutional CRE underwriting team · computed, not guessed — deterministic math, not an AI estimate · how we calculate →
See a full institutional AI deal analysis
This ratio is one number. Enter your email and we'll send a complete UpsideIQ deal analysis — 10-year DCF, reserves, refinance, exit, and a graded score on a real deal — alongside your calculator results. See what an institutional underwrite actually looks like. No spam.
A chatbot guesses the math. This is computed.
The refinance question
A loan that cleared DSCR at a 4% pay rate in 2021 may not clear at a 7% refinance rate today. That gap is the heart of the 2026 commercial maturity wall — hundreds of billions of dollars of CRE debt maturing into rates far above where it was originated. Before you assume a refinance is routine, run the coverage at the rate you would actually get.
Refinance DSCR = current NOI ÷ the debt service on the new loan (the balance you carry into the refi, amortized at today's rate). If that number is under the lender's floor, the loan does not refinance at the current balance — you face a cash-in refinance (pay the balance down), a higher rate with a worse ratio, or a sale.
Stress testing
Lenders do not underwrite to today's pay rate alone. They re-run DSCR with a rate-up (a stressed refinance or floating-rate cap) and an NOI-down haircut (a softer year, a lost tenant). The calculator above lets you push both at once and watch the ratio move — if a modest stress drops you below 1.20×, the deal has thin refinance resilience even if it looks fine today.
Reverse-solve: loan sizing from a target DSCR
Run it backwards to size debt: pick the DSCR a lender requires, and the maximum debt service it allows is NOI ÷ target DSCR. Convert that annual payment back into a loan amount at the going rate and amortization and you have the maximum loan the property's income supports — which, on tight deals, is your real proceeds cap, below what LTV alone would allow.
Divide current NOI by the debt service on the NEW loan — the balance you carry into the refinance, amortized at today's rate over the new term. If the result is below the lender's minimum, the loan will not refinance at that balance without a paydown.
What is the 2026 maturity wall?
A large volume of commercial mortgages originated at low rates are maturing in 2025–2027 and must refinance into substantially higher rates. Many clear LTV but fail DSCR at the new rate, forcing cash-in refinances, extensions, or sales — which is why refinance DSCR is the metric to stress now.
How do lenders stress-test DSCR?
They re-run the ratio at a higher (stressed) interest rate, a haircut to NOI, or both — and for floating-rate or near-maturity loans they test the rate you would actually refinance into, not the current pay rate. A deal that passes at the pay rate can fail under a realistic stress.
How do I find the maximum loan a DSCR allows?
Maximum annual debt service = NOI ÷ the target DSCR. Convert that payment back into a principal balance at the going rate and amortization (the present value of the payment stream) and you have the largest loan the income supports at that coverage.