Simple interest calculator
Interest on the starting amount only, for any number of years, months and days.
Runs entirely in your browser. Nothing you type is sent anywhere.
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Simple interest—
- Total amount
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- Time used
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- Compounded yearly instead
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- Compounded monthly instead
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How to use the simple interest calculator
Simple interest is P × R × T ÷ 100, where P is the principal, R the yearly rate in percent and T the time in years. Days are counted as a fraction of a 365-day year; some lenders use 360 days, which gives slightly more interest.
- Enter the principal and the yearly rate.
- Enter the time in years, months and days.
- Read the interest and the total.
- Compare with compound interest below the result.
Questions
Where is simple interest used?
Many short personal loans, some car loans, and interest on overdue bills are worked out this way. Bank deposits and most home loans compound instead.
How do I find the rate if I know the interest?
Rate = Interest × 100 ÷ (Principal × Time). Or drag the rate slider until the interest matches.
Why are there sliders under every box?
So you can see cause and effect. Drag the rate, time or amount and the result, chart and comparison update as you move. Type in the box when you need an exact figure.
Is this calculation exact?
It uses the standard formula. Banks and fund houses may round differently, charge fees or deduct tax, so treat the result as a close estimate and confirm with them.