Sources and method

The worksheet uses three published inputs and leaves everything else to you. Each is listed here with its source and date.

The published inputs

Input	Value used	Source	Date
10-year Treasury yield	Shown on the worksheet next to the field	U.S. Treasury, Daily Treasury Par Yield Curve Rates	Latest business day at the time the site was built; the worksheet prints the date
Max loan-to-value, 80%	Starting value	Fannie Mae Multifamily term sheet, Conventional Properties (“Maximum LTV 80%”); Freddie Mac Optigo Fixed-Rate Loans term sheet (80% for terms of 7 years or longer)	Fannie: © 2025 term sheet, archived copy of November 17, 2025; Freddie: term sheet dated 4/26
Min debt service coverage, 1.25x	Starting value	Same two term sheets (“Minimum DSCR 1.25x”; Freddie: “1.25x” amortizing DCR)	Same

A program’s maximum LTV and minimum coverage are ceilings and floors, not what every lender offers. The lender spread over Treasury is not published by any agency; the worksheet’s 1.75 is a placeholder for you to replace.

The formulas

• Gross scheduled rent: units × monthly rent × 12, by unit type, summed.
• Collected income: (gross rent + other income) × (1 − vacancy and bad debt).
• Operating expenses: the expense lines + management at its percentage of collected income + reserves per unit × units.
• Net operating income (NOI): collected income − operating expenses.
• Value at a cap rate: NOI ÷ cap rate. With the tax reset box ticked: (NOI before property tax) ÷ (cap rate + tax rate), because the buyer’s tax bill is a share of the price they pay.
• Loan constant: the annual payment per dollar borrowed at the rate (Treasury + spread) over the amortization.
• Price financing supports: NOI ÷ (DSCR × loan constant × LTV). Above that price the loan is limited by income, not by loan-to-value. With the tax reset: (NOI before tax) ÷ (DSCR × constant × LTV + tax rate).
• Refinance loan: the lesser of LTV × midpoint value and NOI ÷ (DSCR × constant).

Refresh

A script downloads the Treasury yield curve and New York Fed SOFR data with curl and writes them with their dates into the site’s data file, then the site is rebuilt. Treasury publishes the curve each business day. The term sheet limits are checked by hand when Fannie Mae or Freddie Mac revises a term sheet.

Live rates between builds

The worksheet’s Treasury field starts at the yield in the site’s data file. When the page loads it also asks this site’s /api/live endpoint, which reads a rate feed that pulls Treasury’s curve every business day. If that feed has a newer day than the file, the field, the hint next to it and the date move to the newer reading, and the worksheet re-runs. If you’ve already typed your own rate, it’s left alone. If the feed is down, nothing changes.

You can use the same endpoint: GET /api/live?ids=UST5,UST7,UST10,SOFR returns each series’ latest value and date, the readings a week and a month earlier, a freshness status and the publisher’s link. Add &history=60 for 60 days of daily points. CORS is open.

To put the rates on your own site, paste this:

<iframe src="https://multifamily.forsale/embed/rates?ids=UST5,UST7,UST10,SOFR" width="100%" height="150" style="border:0" title="Rates from Worth Sheet" loading="lazy"></iframe>

Terms: Treasury yields are U.S. government data. SOFR is from the Federal Reserve Bank of New York; its content is subject to the Terms of Use at newyorkfed.org, and this site isn’t affiliated with the New York Fed. Credit “Data: Worth Sheet (multifamily.forsale)” with a link if you republish what you take from here. No warranty. For bulk or commercial use, email hello@multifamily.forsale.

Not affiliated

Worth Sheet isn’t affiliated with the U.S. Treasury, Fannie Mae or Freddie Mac. Their documents are public and cited as sources.