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ROE=I+L/E*(I+U/L)
I:年化的资产回报率（房价涨幅年化率）
L:贷款余额
E:（净资产）
U:租金收益
举例：
买入房价：100万，
投入本金（E）：20万，
贷款（L): 80万，25年，贷款利率2.15%，
月租2000（第一年租金总计24000），年涨幅2%，
地税4500/年，每4年上涨20%,
房价涨幅年化率(I)：5%
第一年年末：
总计还款：$41349.6，其中利息：$16884.37，还本金：$24465.23，贷款余额(L): 年初：$800000，年末：$77534.77
净资产（E):年初：$200000，年末：$224465.23
租金收入：$24000，地税：$4500
租金收益U=24000-16884.37-4500=$2615.63
ROE=I+L/E*(I+U/L)=5%+800000/200000*（5%+2615.63/800000）=26.31%
依次此类推至25年末：
| period | interest | principal | balance | equity | rental income | property tax | rental profit | rental profit / liability | Annualized ROA | liability/equity ratio | ROE |
| Year 0 | $0.00 | $0.00 | $800,000.00 | $200,000.00 | |||||||
| Year 1 | $16,884.37 | $24,465.23 | $775,534.77 | $224,465.23 | $24,000.00 | $4,500.00 | $2,615.63 | 0.33% | 5% | 4.000 | 26.31% |
| Year 2 | $16,355.55 | $24,994.05 | $750,540.72 | $249,459.28 | $24,480.00 | $4,500.00 | $3,624.45 | 0.47% | 5% | 3.455 | 23.89% |
| Year 3 | $15,815.29 | $25,534.31 | $725,006.41 | $274,993.59 | $24,969.60 | $4,500.00 | $4,654.31 | 0.62% | 5% | 3.009 | 21.91% |
| Year 4 | $15,263.35 | $26,086.25 | $698,920.16 | $301,079.84 | $25,468.99 | $4,500.00 | $5,705.64 | 0.79% | 5% | 2.636 | 20.26% |
| Year 5 | $14,699.48 | $26,650.12 | $672,270.04 | $327,729.96 | $25,978.37 | $5,400.00 | $5,878.89 | 0.84% | 5% | 2.321 | 18.56% |
| Year 6 | $14,123.42 | $27,226.18 | $645,043.86 | $354,956.14 | $26,497.94 | $5,400.00 | $6,974.52 | 1.04% | 5% | 2.051 | 17.38% |
| Year 7 | $13,534.92 | $27,814.68 | $617,229.18 | $382,770.82 | $27,027.90 | $5,400.00 | $8,092.98 | 1.25% | 5% | 1.817 | 16.37% |
| Year 8 | $12,933.70 | $28,415.90 | $588,813.28 | $411,186.72 | $27,568.46 | $5,400.00 | $9,234.76 | 1.50% | 5% | 1.613 | 15.48% |
| Year 9 | $12,319.46 | $29,030.14 | $559,783.14 | $440,216.86 | $28,119.83 | $6,480.00 | $9,320.37 | 1.58% | 5% | 1.432 | 14.43% |
| Year 10 | $11,691.94 | $29,657.66 | $530,125.48 | $469,874.52 | $28,682.22 | $6,480.00 | $10,510.28 | 1.88% | 5% | 1.272 | 13.75% |
| Year 11 | $11,050.89 | $30,298.71 | $499,826.77 | $500,173.23 | $29,255.87 | $6,480.00 | $11,724.98 | 2.21% | 5% | 1.128 | 13.14% |
| Year 12 | $10,395.97 | $30,953.63 | $468,873.14 | $531,126.86 | $29,840.98 | $6,480.00 | $12,965.01 | 2.59% | 5% | 0.999 | 12.59% |
| Year 13 | $9,726.90 | $31,622.70 | $437,250.44 | $562,749.56 | $30,437.80 | $7,776.00 | $12,934.90 | 2.76% | 5% | 0.883 | 11.85% |
| Year 14 | $9,043.35 | $32,306.25 | $404,944.19 | $595,055.81 | $31,046.56 | $7,776.00 | $14,227.21 | 3.25% | 5% | 0.777 | 11.41% |
| Year 15 | $8,345.03 | $33,004.57 | $371,939.62 | $628,060.38 | $31,667.49 | $7,776.00 | $15,546.46 | 3.84% | 5% | 0.681 | 11.02% |
| Year 16 | $7,631.60 | $33,718.00 | $338,221.62 | $661,778.38 | $32,300.84 | $7,776.00 | $16,893.24 | 4.54% | 5% | 0.592 | 10.65% |
| Year 17 | $6,902.77 | $34,446.83 | $303,774.79 | $696,225.21 | $32,946.86 | $9,331.20 | $16,712.89 | 4.94% | 5% | 0.511 | 10.08% |
| Year 18 | $6,158.18 | $35,191.42 | $268,583.37 | $731,416.63 | $33,605.79 | $9,331.20 | $18,116.41 | 5.96% | 5% | 0.436 | 9.78% |
| Year 19 | $5,397.52 | $35,952.08 | $232,631.29 | $767,368.71 | $34,277.91 | $9,331.20 | $19,549.19 | 7.28% | 5% | 0.367 | 9.51% |
| Year 20 | $4,620.39 | $36,729.21 | $195,902.08 | $804,097.92 | $34,963.47 | $9,331.20 | $21,011.88 | 9.03% | 5% | 0.303 | 9.25% |
| Year 21 | $3,826.46 | $37,523.14 | $158,378.94 | $841,621.06 | $35,662.74 | $11,197.44 | $20,638.84 | 10.54% | 5% | 0.244 | 8.78% |
| Year 22 | $3,015.37 | $38,334.23 | $120,044.71 | $879,955.29 | $36,375.99 | $11,197.44 | $22,163.18 | 13.99% | 5% | 0.188 | 8.57% |
| Year 23 | $2,186.75 | $39,162.85 | $80,881.86 | $919,118.14 | $37,103.51 | $11,197.44 | $23,719.32 | 19.76% | 5% | 0.136 | 8.38% |
| Year 24 | $1,340.23 | $40,009.37 | $40,872.49 | $959,127.51 | $37,845.58 | $11,197.44 | $25,307.91 | 31.29% | 5% | 0.088 | 8.19% |
| Year 25 | $475.40 | $40,872.49 | $0.00 | $1,000,000.00 | $38,602.49 | $13,436.93 | $24,690.17 | 60.41% | 5% | 0.043 | 7.79% |