Smith Manoeuvre Calculator/Spreadsheet

By now, most people here know that I’m interested in the Smith Manoeuvre. If you are new to this concept, you can read more about them in my article “Mastering The Smith Manoeuvre“.

Originally, I discovered the Smith Manoeuvre, through a great thread on that talks exclusively about the strategy. This includes the tax implications, the various mortgages available, and some calculations relating to potential return. I then knew a Smith Manoeuvre calculator will be very handy.

Smith Manoeuvre Calculator / Spreadsheet for Excel

Cannon_Fodder, a regular contributor of RFD has created an Excel spreadsheet that he is willing to share with the world. He was even gracious enough to allow me to share the spreadsheet with you!

Update: Cannon_Fodder has released version 2 of the SM Spreadsheet.

Since the Excel spreadsheet doesn’t come with a manual, I will provide a few notes on HOW to use the program. Note, you are going to have to enable macros when you open the program.

  • Go to the “input” tab which for the most part is the only sheet you’ll need. The other tabs are primarily “Calculation” sheets, however, they can be helpful to see exactly what is going on.
  • Enter all relevant information as it pertains to you. The only portion that I have confusion with was the “Periodic investments” portion. If you choose biweekly payments (26 payments/year), then your periodic investments will be calculated as bi-weekly also. So if you’re accustomed to investing monthly use this formula: Periodic Investment = (Monthly Investment * 12 / 26)
  • Everything else should be self explanatory. I didn’t fool around with the “Cash Flow Damn” option, so I won’t comment on that.
  • Remember that your “Starting LOC” value is the equity in your home. In mathematical terms: (Home Value x 75%) – Mortgage Balance.

This excel is how I do my own Smith Manoeuvre calculations. It has been tested many times over the years and it provides accurate responses. With that being said as a fair disclosure since this is an external resource I would like to note that I do not guarantee its accuracy.

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FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.
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3 years ago


It’s been a while since last post, crossing fingers people still check this thread.

I’m having trouble working it out in Excel or importing it in Google sheets. Although I file in the Input page, information still seems to be lacking.

Is it possible to obtain the password that protects the Calculations tab so I can look at formulas and reproduce them correctly in G Sheets?


5 years ago

Am I correct in my thinking this calculator doesn’t include capitalizing the LOC interest? If not, how does it get paid if you’re putting all your cash flow towards paying down the mortgage? If it does include capitalizing interest wouldn’t the total value owing on the LOC be much more than the original mortgage amount?
Thanks Mat

Michael Wollman
9 years ago

Thank you Cannon, I created my own spreadsheet before I found out about this site. I actually new to this and I found that your spreadsheet is an excellent tool.

9 years ago

Ok, I’ve answered my own question. Downloading on a Mac (or perhaps opening first on a Mac) screws things up with the file. Apparently the ActiveX controls do not work on a Mac.

So only download to on PC, and run on PC.

9 years ago

Also having difficulty getting macro to run. While some fields update automatically when data is entered, the Calculate button does not seem to work. In addition, it does not seem toggle when I click (does not appear to go down then up).

I notice too that if I try to change the checkboxes associated with Steps 1 – 4, it selects the field control, rather than checking on or off. Almost as if the form is not protected and therefore operational.

Have tried with Macros wide open, and with ActiveX controls also wide open, on both Mac (version 2011), and on Windows (Office 2007).

Any help greatly appreciated.

9 years ago

Great Idea, thanks Cannon.

Could you run the Rempel Maximum with the inputs below?

I would be very interested to see what happens with different dividend treatment: reinvest vs. pay down, re-borrow and invest.

House Value: 400,000
Mortgage: 200,000
Amortization: 25 years
Mortgage interest rate: 5%
Monthly payments: 1169.18

HELOC Balance: 50,000
HELOC interest rate: 6%

Investments: 50,000
Dividend Yield: 3.5 %
Growth Rate: 3.5%

-Marginal dividend tax rate: 6.46%
-Apply tax refunds, re-borrow and invest.



10 years ago

Hi K,

Why don’t you post some scenarios here because if we can accomplish the calculations with a bit of guidance and no customization, then everyone can benefit and there would be no cost.

I only charged for customized versions of the SM calculator.

Thank you,

10 years ago

Hi K,

Why don’t you post some scenarios here because if we can accomplish the calculations with a bit of guidance and no customization, then everyone can benefit and there would be no cost.

I only charged for customized versions of the SM calculator.

10 years ago

Hi cannon-fodder,

Great spreadsheet, I’ve been using it to compare various smith maneuver options.

I’m interested to pay for some RM scenario calculations. Is that a service you still offer?



10 years ago

Hi cannon-fodder,

Understood. Makes sense (from an investment perspective) to see how additional non-reg dollars could pump it up even further.

Thanks for a great calculator. This takes a lot of the guessing and manual labour out of a complicated strategy.

Now…to wait for my mortgage to reach the end of this term…and waiting is the hardest part…