Interest Calculator
Calculate simple or compound interest and see how your money can grow over time.
Interest Growth
See an estimated year-by-year breakdown of your principal, interest and total amount.
| Year | Principal | Interest Earned | Total Amount |
|---|
What is an Interest Calculator?
An interest calculator helps estimate how much interest may be earned on savings or investments, or charged on money, based on the principal amount, interest rate and time period.
Simple Interest
Simple interest is calculated only on the original principal amount.
SI = (P × R × T) ÷ 100
P = Principal amount
R = Annual interest rate
T = Time in years
Final Amount = Principal + Simple Interest
Compound Interest
Compound interest is calculated on the principal plus accumulated interest. This means previously earned interest can itself earn additional interest.
A = P × (1 + r ÷ n)nt
Compound Interest = A − P
P = Principal
r = Annual interest rate as a decimal
n = Number of compounding periods per year
t = Time in years
Disclaimer: This calculator is provided for educational and financial-planning purposes only. Actual interest may differ because of financial institution rules, taxes, fees, rate changes, compounding conventions, rounding and other terms.