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HMO All-In Yield Calculator (UK, 2026)

Model total cash invested (deposit, SDLT, legal, conversion, furniture), gross yield on price vs all-in project cost, net yield after mortgage and running costs, and cash-on-cash return for UK HMO conversions.

Purchase & conversion

Purchase price

Deposit (%)

Additional property SDLT surcharge (+5%)

Typical for buy-to-let and second homes (England & NI).

Legal + survey

Conversion / refurb (fire, bathrooms, kitchen)

Furniture & white goods

Income & running costs

Total monthly gross rent (HMO)

Mortgage interest rate (interest-only, %)

Management (% of rent)

Utilities + void reserve (per month)

All-in cash & returns

SDLT (est.)

£12,900

Mortgage loan

£165,000

Total cash invested (deposit + SDLT + legal + conversion + furniture)

£109,400

Total project cost (price + purchase-side costs + conversion)

£274,400

Gross yield on purchase price

15.00%

Gross yield on all-in project cost

12.03%

Net yield after interest & costs (on price)

6.57%

Cash-on-cash return (NOI / cash invested)

13.22%

NOI = annual rent minus mortgage interest, management and your monthly utilities/void reserve (annualised). Does not include income tax, licence fees or capital repairs.

Illustrative only. SDLT uses standard England residential bands with optional +5% additional-property surcharge. Add HMO licence fees and EPC upgrades in your own spreadsheet. For tax on rental profit see our BTL tax guide.

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